| 摘要: |
| “双碳”目标下股权结构如何影响企业可持续发展是一个重要议题。基于2011－2022年A股制造业上市公司的数据，采用双向固定模型，研究股权结构、融资约束、数字化转型与企业可持续发展之间的关系。实证结果表明，股权集中度与企业可持续发展有负向影响，而股权制衡度与企业可持续发展有正向影响。机制分析显示，融资约束在股权集中度与企业可持续发展间起遮掩效应，股权集中度过高阻碍数字化转型及可持续发展，股权制衡度则反之；异质性分析表明，股权集中度对企业可持续发展的负向作用在非国企、非高科技、非重污染及东部和中部地区企业更强，而股权制衡度对企业可持续发展的正向作用在非国企、非高科技、非重污染及东部和中部地区企业更显著。政府和企业均应重点关注股权结构优化，鼓励股权分散以降低集中度，增强股权制衡度，从而促进企业数字化转型，缓解融资约束，推动企业可持续发展。同时，对非国有企业、非高科技企业、非重污染企业以及东部和中部地区企业给予更多支持，以增强其可持续发展能力。 |
| 关键词: 关键词：股权结构；可持续发展；融资约束；数字化转型 |
| DOI： |
| 分类号:F270.7；F272.91 |
| 基金项目:基金项目：甘肃政法大学校级科研创新项目“甘肃省新能源产业高质量发展的路径研究”（GZF2024XZD19）。 |
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| The Influence of the Ownership Structure on the Sustainable Development of Enterprises——Dual Path Analysis Based on Digital Transformation and Financing Constraints |
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YANG Yong-jie,WANG Li-xin
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（Gansu University of Political Science and Law,School of Business）
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| Abstract: |
| How the equity structure affects the sustainable development of enterprises under the “dual carbon” target is an important issue. Based on the data of A-share manufacturing listed companies from 2011 to 2022, a bidirectional fixed model is adopted to study the correlation between equity structure, financing constraints, digital transformation, and sustainable development of enterprises. The empirical results indicate that equity concentration is negatively correlated with corporate sustainable development, while equity balance is positively correlated with corporate sustainable development. Mechanism analysis shows that financing constraints have a masking effect between equity concentration and sustainable development of enterprises. Excessive equity concentration hinders digital transformation and sustainable development, while equity balance is the opposite; Heterogeneity analysis shows that the negative correlation between equity concentration and sustainable development is stronger in non-state-owned enterprises, non high-tech enterprises, non heavily polluting enterprises, and enterprises in the Middle East. The positive correlation between equity balance and sustainable development is more significant in non-state-owned enterprises, non high-tech enterprises, non heavily polluting enterprises, and enterprises in the eastern and central regions. Both the government and enterprises should focus on optimizing equity structure, encouraging equity diversification to reduce concentration, enhancing equity balance, promoting digital transformation of enterprises, alleviating financing constraints, and promoting sustainable development. At the same time, provide more support to non-state-owned enterprises, non high-tech enterprises, non heavy polluting enterprises, and enterprises in the eastern and central regions to strengthen their sustainable development capabilities. |
| Key words: Key words：Equity Structure;Sustainable Development;Financing Constraints;Digital Transformation |
