Research On The Influence Mechanism Of Chinese Multinational Enterprises’ Green Investment

There are two main modes for emerging economy enterprises to establish overseas investment: Cross-border M &A and Greenfield investment.In recent years,the scale and quantity of Chinese enterprises’ greenfield investment abroad has been considerable.However,the existing researches mainly focus on cross-border M &A,ignoring the explanation of the driving factors of Greenfield investment.The contradiction between this theory and practice has aroused thinking.Based on this,this paper attempts to explore the influencing factors and driving mechanism behind the choice of green investment model.Based on the theoretical framework of strategic "triangle",this paper uses the method of fuzzy set qualitative comparative analysis(fsqca)to analyze 151 green land investment and cross-border M &A events of Chinese manufacturing listed enterprises during 2001-2018,respectively exploring the enterprise technology intensity,enterprise internationalization experience,cultural distance,host country system quality,enterprise ownership and host country economic growth,These six antecedent variables have a joint impact on the green investment decision-making mechanism of Chinese enterprises and the interaction between the variables.The conclusions of this paper are as follows:(1)there are three ways to drive enterprises to choose green investment mode.That is,the green investment of "advantage utilization type" caused by the rich international experience of enterprises and the state-owned status,the green investment of "system avoidance type" caused by the distant cultural distance and the poor institutional quality of host countries,and the green investment of "market utilization type" caused by the economic growth of host countries and the international experience of enterprises.(2)Under certain conditions,there is an alternative relationship between the status of state-owned enterprises in the advantage utilization type and the economic growth of host countries in the market utilization type.This study reveals three path mechanisms of Greenfield investment,alleviating the conflicts of previous research ideas;innovatively using QCA to explain the establishment mode of emerging economies,enriching the research tools and interpretation ideas in the field of strategic decision-making of foreign direct investment;applying the theoretical framework of "strategic triangle" in the field of strategic management,expanding the application in the field of international business in the future.In addition,this paper also puts forward constructive practical suggestions for the enterprises and the government,so as to protect the "going out" of Chinese enterprises.