外资持股对OFDI国有企业绿色创新的影响研究——来自中国工业上市公司的微观证据
吴崇，岳梦瑶，陈美花
（南京信息工程大学 商学院，江苏 南京210044）
摘要：在绿色科技水平与发达国家差距显著的背景下，通过治理结构变革和OFDI技术寻求战略的协同创新赋能已成为国企高质量发展的关键所在。本文选用沪深两市工业企业中混改后“走出去”的国有上市公司作为样本，创新性地从“分散制衡”和“深入治理”两个角度出发，考察外资持股融合性和深入度对OFDI国企绿色创新的影响机理。研究发现：相比外资持股融合性，外资持股深入度对OFDI国企绿色创新的促进作用显著增强。异质性分析方面，外资持股对OFDI国企绿色创新的积极影响主要作用在投资强环境规制东道国的国企、高污染行业的国企以及非控股型的国企。作用机制方面，相比外资持股融合性，东道国创新水平在外资持股深入度和OFDI国企绿色创新之间的中介作用显著增加；相比命令型环境规制，市场型环境规制对外资持股和OFDI国企绿色创新两者关系的正向调节显著增强。本研究从逆向技术溢出视角探讨了外资持股促进国企绿色创新的实现路径，揭示了构建“融”“深”新型外资股东合作关系及优势互补对激发国企绿色创新的重要作用，有助于国企的绿色创新战略决策和国家激励政策的优化。
主要研究结论：本文的研究结果表明：第一，相比外资持股融合性的“分散制衡”，外资持股深入度的“深入治理”对OFDI国企绿色创新的促进作用显著增强。第二，外资持股对OFDI国企绿色创新的积极影响主要作用在投资强环境规制东道国的国企、高污染行业的国企以及非控股型的国企。第三，相比外资持股融合性的“分散制衡”，外资持股深入度的“深入治理”，可以促成外资股东技术、资金和信息要素的比较优势发挥，可以更好地开发和利用东道国高水平稀缺资源和基础条件，促进OFDI国企绿色知识和技术的消化和吸收。第四，随着国内环境规制尤其是灵活性市场型环境规制程度的提高，外资持股对国企OFDI先进技术寻求及其绿色创新效率的作用显著增加。
Research on the impact of foreign ownership on green innovation of OFDI state-owned enterprises:Micro-evidence from Chinese industrial listed companies
Wu Chong, Yue Mengyao, Chen Meihua
(School of Business, Nanjing University of Information Science and Technology, Nanjing 210044, Jiangsu, China)
Abstract:After experiencing rapid economic growth, China′s green and low-carbon transformation and development is now in an urgent stage. However, the foundation of our independent innovation is relatively weak, especially there is still a significant gap between our green technology level and that of developed countries. It is important for SOEs to improve their innovation level through governance structure reform to fulfill their mission of promoting green and low carbon transformation. With the development of China′s OFDI in recent years, the relationship between OFDI and domestic technological progress has been discussed theoretically and empirically. Unfortunately, most studies on the relationship between OFDI and enterprise technological innovation do not consider the strategic position of SOEs and ecological environmental factors. Combined with the objective of this paper, how do foreign ownership and its driving factors promote OFDI reverse green technology spillover of SOEs? The answer to this question is of great theoretical and practical significance for utilizing foreign ownership′ governance effect and complementary advantages and promoting the green innovation ability of SOEs.
This paper innovatively integrates the relationship among foreign ownership, internationalization process and SOEs′ green innovation into a research model, and takes the "decentralized checks and balances" and "in-depth governance" as different representations of the role of foreign ownership. On this basis, the paper takes Chinese hybrid OFDI state-owned listed industrial companies in Shanghai and Shenzhen as samples to study the impact of foreign ownership on OFDI SOEs′ green innovation. The research finds that: (1) Comparing with the integration level with foreign ownership, the participation degree of foreign ownership plays a more active role in OFDI SOEs′ innovation. (2) The positive effect above mentioned is stronger in host country with high environmental regulation level, non-state holding enterprises and high pollution industries. (3) Comparing with the integration level with foreign ownership, the mediating effect of host country′s innovation level is significantly enhanced on the participation degree of foreign ownership. (4) With the increasing degree of environmental regulation, especially market-based environmental regulation, the relationship between foreign ownership and SOEs′ innovation is increased significantly. From the perspective of reverse technology spillover, this paper discusses the realization path of foreign ownership in promoting SOEs′ green innovation, reveals the important role of building a new type cooperative relationship of "integration" and "deep" with foreign shareholder partnership and complementary advantages in stimulating SOEs′ green innovation, which is conducive to the strategic decision-making of SOEs′ green innovation and the optimization of national incentive policies.
By verifying the impact of foreign ownership on the effectiveness of OFDI SOEs′ green innovation, this paper provides a new study perspective for mixed ownership reform and useful references for the current policy design of SOE reform and green low-carbon transformation: Based on the above findings, this paper proposes the following management implications. Firstly, the synergy of the comparative advantages of foreign shareholders should be well exploited. In addition, comparing to the complementary function of higher ownership dispersion degree after foreign shareholders′ entry, SOEs should take good advantage of higher foreign ownership participation level to create a more conducive internal and external innovation environment for the technology-seeking strategic decisions and reverse technology spillovers. Secondly, the pivotal role of the investment location should be actively developed to take advantage of the situation. SOEs should make good use of foreign shareholders to choose the host country, which has more complementary innovation resources to support the upgrading of SOEs′ technological development trajectories and enhance the effect of their reverse technology spillovers. Thirdly, the moderating effect of compatible domestic environmental regulatory incentives should be fully utilized. With the role of foreign shareholders with mature green innovation awareness and technology development experience, SOEs can enhance their overseas technology search and innovation exploration in response to environmental regulations, thereby enhancing the absorption and transformation of advanced green technologies and knowledge.
Key words:outward foreign direct investment (OFDI); mixed ownership; foreign ownership; green innovation
引用本文：吴崇,岳梦瑶,陈美花.外资持股对OFDI国有企业绿色创新的影响研究——来自中国工业上市公司的微观证据[J].科研管理,2023,44(9):60-70.
转自：“科研管理”微信公众号
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