Institutional Pressure、green Knowledge And Ambidexterity Reconstruction Strategy Of Multinational Enterprises

MNEs are constantly reconstructing their global strategies as global systems evolve,especially in emerging economies with rapid institutional changes.Since the1990 s,with the continuous improvement and development of China’s economic level,China’s environmental system has undergone major changes.From taking GDP as the first indicator of government officials’ performance appraisal,to the government’s introduction of two control areas,emission rights trading,carbon market trading and environmental protection interviews,to the integration of environmental protection into the official assessment system and the use of systematic financial systems and legal systems to standardize and guide the green development of enterprises.China has formed a new green system with the core concept of "Lucid waters and lush mountains are invaluable assets".The evolution of China’s green system as the largest emerging economy is interacting with multinational companies in complex ways and promoting their global strategic restructuring.How to sort out and verify the major theoretical propositions and empirical facts of the strategic reconstruction behavior of multinational companies in response to the evolution of emerging market countries in the situation of the evolution of China’s green system is the core work to be carried out in this paper.This paper first answers a theoretical question: What kind of strategic choices will the evolution of the country system from the perspective of the production chain lead to multinational enterprises? Can this strategic choice be jointly answered by elements of traditional theory? In order to answer this question,this paper integrates the production facts of the global value chain of multinational companies by taking institutional theory as the core perspective,incorporates the main logic of ambidexterity strategic views,and integrates the "pollution paradise hypothesis" and the "Porter effect hypothesis" to form the propositional structure and theoretical basis of research.From the theoretical perspective of this paper,the evolution of China’s green system has formed significant institutional pressure on enterprises through various channels.In the era of global value chain division of labor,due to the extension and segmentation of the production chain,multinational companies can reduce their pollution level by choosing to offshoring the most polluting production links,and can also carry out Porter innovation on the remaining production links at the same time to continue to strengthen the adaptation to the system.Whether multinational companies can obtain green knowledge to effectively reduce their pollution levels through their own development or transmission from home countries will become the core regulator of corporate strategic choices.Under this theoretical logic,the empirical research question to be answered in this article is whether the evolution of China’s green system has formed institutional pressure on multinational companies? In the context of specific institutional evolution,do MNEs reflect the typical behavior of responding by reconstructing their global production links,offshoring specific types of intermediate production,and strengthening innovation? Are there any differences in this behavior in different institutional models,knowledge sources,etc.?In order to answer the above questions,this study focuses on the evolution of China’s green system.Systematically analyzes the impact of environmental system on cross-border offshoring and R&D innovation of multinational enterprises by using a variety of research methods,as well as the regulatory role of green knowledge act at the national level.This study focuses on three typical green systems that have a significant impact on enterprises,namely,the green financial system that poses direct financing pressure on enterprises(green credit policy),and the local green concern that poses informal conceptual institutional pressure on enterprises(the frequency of environmental protection words in the work report of prefecture-level municipal governments),and sustainable legislative systems at the national level(China’s new environmental law).These three systems bring different levels of institutional pressure from the financial,corporate-government relations and legal levels respectively,and vary according to the characteristics of the main body of implementation.Relevant differences deserve the attention of multinational company operators.The ambidexterity reconstruction strategy of multinational enterprises has been deconstructed into pollution offshoring and green innovation(including enterprise R&D investment and the number of green patents)in this study.These two are the integration of the "pollution paradise hypothesis" and the "Porter effect" at the enterprise level from the perspective of the value chain,which also means that enterprises have richer strategic choices from a new perspective.At the same time,in order to form two measurable strategic indicators and the intermediate standard of green knowledge,this paper constructs more reliable and quantifiable variables of pollution offshoring and the measurement of green knowledge through a large amount of data collation,laying the foundation for innovative quantitative experience research on the above propositions.The empirical research part of this paper is mainly divided into three parts: First of all,it studies and analyzes the impact of the pressure of the green financial system(green credit policy)on cross-border offshoring and green innovation of listed companies.From the enterprise level,the impact of environmental pressure on the offshoring of listed companies through financial pressure is analyzed,and the regulatory role of green knowledge at the national level in this impact.Secondly,this study uses the environmental protection words in the work reports of prefecturelevel municipal governments as a measure of the green pressure of local governments.It pays attention to the change of environmental protection concepts of different local governments,and analyzes the impact of informal institutional pressure brought about by this concept on the R&D investment of foreign-funded enterprises.At the same time,the green knowledge level in the home country was introduced as a regulatory variable to analyze the regulatory effect of the green knowledge level.Finally,it focuses on the effects of institutional pressure on the green legal system,especially legislation in the field of sustainable development.Using the new version of the Environmental Protection Law of the People’s Republic of China(New Environmental Protection Law)implemented in 2015 as a policy impact,it analyzes the impact of environmental system pressure on crossborder offshoring of foreign-funded enterprises and the impact of the green knowledge level of foreign-funded enterprises.The main conclusions of this empirical research are as follows:1.The implementation of the green credit policy has a significant contribution to pollution offshoring and green innovation in different industries,but this positive impact has a certain time lag effect,that is,the overall impact effect will not appear until a period of time.The benchmark regression and the results of the robustness test show that the green credit policy has a positive impact on the pollution offshoring of multinational enterprises,and this impact is not affected by other factors such as the year of implementation of the policy,the import structure of enterprises,the trade structure of countries,and the parallel implementation of pilot policies in the carbon emission trading market.Further analysis found that non-stateowned enterprises and enterprises in high-polluting industries(petroleum,chemical,cement,etc.)are more inclined to offshoring pollution after the implementation of the green credit policy.Finally,found that the level of green in exporting countries can significantly affect the outsourcing of enterprises,while enterprises with higher financing constraints are more willing to outsource pollution.2.The government’s green attention plays a positive role in promoting the R&D investment of local foreign-funded enterprises,but it has no significant impact on the pollution outsourcing behavior of foreign-funded enterprises.After introducing the green knowledge level at the national level as a regulatory variable,the government’s green attention has a weak effect on the R&D investment promotion of foreign-funded enterprises with high green knowledge level in their home countries.The results of the robustness test show that whether the green knowledge level at the national level is introduced as an adjustment variable or not,the conclusion of benchmark regression is still robust.Through the heterogeneity analysis results,it can be seen that the green attention of local governments has a strong R&D investment promotion effect on wholly-owned foreign-funded enterprises.After introducing green knowledge at the national level as an adjustment variable,the R&D investment promotion effect on sole proprietorship enterprises is weak.The green attention of local governments has a positive incentive for the R&D investment of enterprises and export-oriented foreign-funded enterprises in the eastern region,but after the introduction of adjustment variables,the R&D investment of the two has been suppressed.The green attention of local governments has a positive incentive for the R&D investment of enterprises whose home country is a high-income country.3.China’s new environmental law plays a significant positive role in promoting the pollution offshoring behavior of multinational enterprises and their own green knowledge level,but this impact has a certain time delay.Under different robustness tests,this positive promotion effect is consistent.Through heterogeneity analysis,it can be seen that the implementation of the new environmental law has a significant positive role in promoting the pollution offshoring behavior and green knowledge growth of wholly-owned enterprises.In addition,the new environmental law has a significant enhancement effect on the offshoring of pollution in non-service enterprises,but it has a significant positive promotion effect on green patents for service enterprises.Finally,the implementation of the new environmental law has significant positive impact in promoting the offshoring of pollution and green patents for enterprises with high-income home country and located in the eastern region.The research provides a new theoretical perspective and empirical evidence for understanding the institutional deepening of emerging economies and the strategic reconstruction of MNEs,and also provides a reliable reference for understanding the common role of the offshoring and innovation of MNEs under different institutional pressure.In the era of global production chain division of labor,MNEs can rely on their own knowledge characteristics to refine and upgrade specific production links to cope with institutional changes,while host countries can also guide enterprises to positive innovation and rational global layout through more refined system design,and stimulate MNEs to make better use of their home countries’ knowledge capabilities.Subsequent policy design and research can take the refined production chain reconstruction strategy of MNEs under institutional pressure as an important consideration,and continue to deepen the relevant research and practice of this accurate institutional evolution interaction model.