"国家队"持股与企业环保违规OACHSSCD

In recent years,frequent corporate environmental violations have not only adversely affected corporate reputations but also caused significant harm to the public and natural environment.Based on data from Shanghai and Shenzhen A-share listed companies spanning 2015 to 2023,this study employs empirical analysis to investigate the relationship between the shareholding ratio of the"National Team"(state-affiliated institutional investors)and corporate environmental violations,while elucidating its underlying mechanisms.The findings reveal that"National Team"shareholdings significantly inhibit corporate environmental violations.Further analysis demonstrates that such shareholdings mitigate corporate financing constraints and agency problems,thereby curbing environmental violations.Additionally,the restraining effect of"National Team"shareholdings on environmental violations is more pronounced in non-state-owned enterprises,smaller-sized companies,and firms not audited by the Big Four accounting firms.This study enriches research on corporate environmental non-compliance governance,contributing to further exploration of the economic implications of"National Team"shareholdings.It provides empirical insights for corporate green development and government decision-making.