The Impact Of OFDI On The Level Of Green Technology Innovation Of Enterprises

China’s economy is transforming from a high-speed growth stage to a high-quality growth stage,and many enterprises choose to invest directly abroad in order to increase their market scale or reduce production costs,increasing the frequent flow of resources between domestic enterprises and overseas markets.At the same time,greenhouse gas emissions such as carbon dioxide are increasing.From the actual contemporary situation in China,it is still being notoriously difficult to take up the two major responsibilities of economic development and energy saving and emission reduction at the same time.In this context,enterprises need to overcome various investment barriers to acquire knowledge and technology from external markets to improve their own innovation level,and to absorb and transform them into new knowledge and technology,and this knowledge acquisition and absorption process is likely to contain knowledge and technology about green innovation,which ultimately has an impact on the level of green technology innovation of enterprises.Therefore,this thesis focuses on exploring the relationship between OFDI and enterprises’ green technology innovation level,and clarifying the influence path between them.A large number of studies have shown that OFDI has an impact on green innovation,but most of them focus on the economic efficiency and motivation of green technology innovation,and there is less research on the construction of the index system of green technology innovation level of enterprises.Therefore,the reasonable construction of a concrete and quantifiable index system of enterprises’ green technology innovation level is of great significance for implementing carbon reduction and emission reduction and achieving sustainable development,and is also the basis for studying the relationship between OFDI and enterprises’ green technology innovation level.To this end,this thesis uses A-share listed companies from 2003-2017 as the research sample,comprehensively composes the indicators related to enterprise green technology innovation from the micro level,and constructs the index system of enterprise green technology innovation level from four aspects: green technology input,green technology innovation output,green technology innovation environment,and sustainable innovation.On this basis,PSM-DID is utilized to verify verify the impact of OFDI on the level of green technological innovation,and further explore the moderating effect of environmental regulation and the mediating effect of learning absorption capacity and financing constraints.The final empirical findings are as follows: first,from the analysis of the assignment results of the entropy method,the level of green technology innovation of enterprises is increasing year by year from 2003-2017,among which OFDI enterprises have a higher level of green technology innovation capability than non-OFDI enterprises,and it grows faster.Secondly,OFDI can effectively enhance the quality of green technological innovation of enterprises.Third,by doing robustness tests through parallel trend tests,changing the sample interval,adding city fixed effects,replacing the explanatory variables and lagging the explanatory variables,the results of this thesis are still regarded as robust.Fourth,by group testing,the degree of improvement of enterprises’ green technology innovation capacity when OFDI is made to developed countries or regions is lower than that when OFDI is made to developing countries or regions;the efficiency of enterprises’ green technology innovation level is higher than that of non-state-owned enterprises when stateowned enterprises perform OFDI;OFDI enterprises in the central and western regions have a higher impact on enterprises’ green technology innovation level The degree of influence of OFDI enterprises in the central and western regions exceeds that of the eastern regions.Fifth,using environmental regulation as the moderating variable,it is found that under strict environmental regulation conditions,enterprises will assume environmental responsibility and execute OFDI to improve their own level of green technology innovation capability;using learning and absorption capacity and financing constraints as the mediating variables,OFDI enterprises improve the efficiency of green technology transfer by learning advanced green knowledge from overseas and reasonably allocate funds to alleviate endogenous financing and exogenous financing.With this broadening of the green progress path,the green technology innovation level of enterprises can be enhanced with the highest efficiency.Combined with the research findings,this thesis suggests the following policy measures: first,the positive role of foreign direct investment should be recognized,support and encourage domestic enterprises to explore overseas markets,accelerate the construction of carbon trading market,and promote sustainable green development;second,under the emphasis on green technology innovation,the leading position of enterprises should be emphasized,the internal technology research and development team of enterprises should be strengthened,and the deep integration of "industry-university-research" should be promoted.Third,strengthen the role of state-owned enterprises as "vane",lock and actively seek new development direction,and lead non-state-owned enterprises to take the initiative to green development;Fourth,carry out policies and assistance to the central and western regions and regions with disadvantages in green technology innovation level.Fourthly,policy inclination and assistance to the central and western regions and regions with disadvantageous level of green technology innovation.