Research On The Impact Of China’s Foreign Direct Investment On Green Technology Innovation Of Enterprises

In the context of the reconstruction of the international political and economic structure,outward foreign direct investment(hereinafter referred to as “OFDI”)has become an important way for China to participate in foreign economic exchanges along with the implementation of the“Going Global”strategy.At the same time,as the global environment continues to deteriorate,the goals of “carbon peaking” and“carbon neutrality”proposed by the National People’s Congress in 2021 have received extensive attention,and green technology innovative enterprises will be supported and will achieve long-term development.Therefore,this dissertation explores the impact and mechanism of China’s OFDI on enterprises’ green technology innovation and puts forward practical policy suggestions,which will help test the green effect of OFDI,broadening the channels for realizing green technology innovation,and promoting China’s green development.This dissertation firstly sorts out the literature on OFDI and green technology innovation of enterprises,then introduces the development status of China’s OFDI and green technology innovation of enterprises,and explores the mechanism of the two and puts forward research hypotheses.This dissertation analyzes the mechanism by which enterprises’ OFDI affects green technology innovation from the aspects of R&D technology spillover effect,production efficiency improvement effect and financing constraint mitigation effect,and expounds that enterprises’ OFDI can have a sustainable impact on green technology innovation through the above effects.Secondly,this dissertation selects the panel data of listed companies from 2005 to 2019 as the research sample,establishes a progressive difference-in-difference model to explore whether the OFDI of enterprises can improve their level of green technology innovation,and explores the deep-level influence mechanism between the two through the mediation effect model.Then the heterogeneity analysis is carried out according to the degree of pollution of enterprises,investment destination,enterprise ownership,green patent type and investment motivation.The results show that the OFDI of enterprises can significantly improve their green technology innovation level,and the effect is sustainable.The results of heterogeneity analysis show that the positive role is more significant in clean industry enterprises,state-owned enterprises,high-income countries or regions,green utility model patents,business service,local production and technology development enterprises.The further analysis found that,after excluding unobservable factors,OFDI of enterprises can also increase their attention to green patent acquisition,thereby realizing green technology innovation;at the same time,after enterprises obtain green technology innovation through foreign direct investment,they can significantly improve its social and environmental performance.Finally,based on the above conclusions,this dissertation provides targeted suggestions on how to better conduct China’s OFDI to promote enterprises to realize green technology innovation and practice the concept of green development.