Abstract:    To explore the mechanism of promoting enterprises′ green technology innovation from the perspective of enterprise governance is of great theoretical and practical importance. This paper selected China′s A-share listed companies from 2011 to 2020 as samples, and the authors manually collected the data of strategic investors and used the normative and empirical research methods to investigate the impact of strategic investors on enterprises′ green technology innovation. The results showed that the introduction of strategic investors can promote the green innovation behavior of enterprises, especially promote the substantive green technology innovation. The mechanism analysis showed that alleviating financing constraints, enhancing R&D investment, and reducing enterprise risks are important mechanisms for strategic investors to promote enterprise green technology innovation. The heterogeneity analysis showed that the effect of strategic investors on promoting green technology innovation is more significant in state-owned enterprises, enterprises with high capital intensity and enterprises facing low environmental uncertainty. In addition, environmental subsidies can significantly enhance the role of strategic investors in promoting green technology innovation, while environmental regulations inhibit the above effect. This paper has not only expanded the literature on enterprise green innovation and on strategic investors, but also provided enlightenment for promoting the integration of strategic investors with the behavior of enterprise green innovation.

Key words: strategic investor, green technological innovation, substantive innovation