Fixed effects test results.

Green innovation is essential for sustainable development, especially in China’s Specialized-Refined-Differentiated-Innovative (SRDI) enterprises. Family-owned SRDI firms, in particular, have attracted attention due to their de-familization strategies and their influence on green innovation. Our study analyzes panel data from 2016 to 2021 for listed SRDI family firms to investigate how de-familization in management rights and ownership impacts green innovation. Using socio-emotional wealth (SEW) theory and a fixed-effects model, we find that de-familization significantly negatively affects green innovation, with corporate governance serving as a mediating factor. Digital transformation moderates these negative effects, while market concentration exacerbates them. These impacts are more pronounced in firms before being designated as "Little Giants," those receiving higher government subsidies, those located in eastern regions, or those not classified as major polluters. This research provides actionable insights for SRDI family firms to strategically manage de-familization, optimize resource allocation, implement customized governance strategies, and promote sustainable growth.绿色创新对于可持续发展至关重要，尤其针对中国的专精特新（Specialized-Refined-Differentiated-Innovative, SRDI）企业。其中家族控股的专精特新企业，因其去家族化战略及其对绿色创新的作用而备受关注。本研究选取2016至2021年上市家族专精特新企业的面板数据，探究管理权与所有权维度的去家族化对企业绿色创新的影响。基于社会情感财富（socio-emotional wealth, SEW）理论与固定效应模型，本研究发现：去家族化会对绿色创新产生显著负向影响，公司治理在此过程中发挥中介作用。数字化转型可缓解该负向效应，而市场集中度则会加剧该负面影响。上述影响在以下四类企业中更为显著：尚未获评专精特新"小巨人"称号的企业、获得较高政府补贴的企业、位于东部地区的企业，以及未被列为重点排污单位的企业。本研究可为家族专精特新企业提供切实可行的实践启示，助力其战略性管控去家族化进程、优化资源配置、实施定制化治理策略并推动可持续增长。