低碳转型影响企业对外直接投资了吗——来自中国低碳试点城市的经验证据  

Does Low-carbon Transition Impact Enterprises'Outward Foreign Direct Investment-Empirical Evidencefrom Chinese Low-carbon CityPilots

作　　者：刘娟[1] 刘梦洁 LIU Juan;LIU Mengjie

机构地区：[1]天津财经大学经济学院

出　　处：《国际贸易问题》2023年第3期53-70,共18页Journal of International Trade

基　　金：国家社科基金一般项目“‘双循环’下开放式创新对中国跨国企业创新质量提升的作用机制与路径研究”(22BGL020);国家自科基金青年项目“中国跨国企业东道国市场制度同构与制度创新策略选择及其实施效果研究”(71702121)。

摘　　要：本文基于2005—2020年上市企业数据及三个批次的低碳试点城市数据,运用双重差分法探究低碳转型对企业对外直接投资的影响效果及路径。研究发现:低碳转型对企业对外直接投资具有显著的激励作用,在经过一系列稳健性及内生性检验后此研究结果依然稳健;考虑了企业层面及对外直接投资特征因素后的分样本回归结果中存在异质性。低碳转型通过边际产业转移、绿色技术创新及数智化要素替代对企业对外直接投资发挥了促进作用。拓展性分析表明,外部环保治理力度在低碳转型对企业对外直接投资的激励作用中发挥了叠加作用。在企业内部“去制造业”的两类方式中,制造业服务化同样发挥显著的叠加作用,“脱实向虚”则呈现出显著的“挤占”作用。本文研究对开放条件下企业绿色转型及双碳目标达成具有重要的政策启示。This paper investigates the impact of low-carbon transition on enterprises'outward foreign direct investment(OFDI)by utilizing the difference-in-differences(DID)method and data from the listed enterprises and three groups of low-carbon pilot cities between 2005 and 2020.The findings suggest that low-carbon transition has a positive influence on OFDI,which remains robust even after conducting various robustness and endogeneity tests.Furthermore,heterogeneity exists in the sub-sample regression results when considering the enterprise-level and OFDI characteristic factors.Low-carbon transition promotes OFDI by encouraging marginal industry transfer,green technology innovation,and digital-intelligent factor substitution.Additional analysis reveals that external environmental governance plays an additivity effect in the incentive effect of low-carbon transition on OFDI.Among the two types of"de-manufacturing"within enterprises,servitization of manufacturing exerts a positive superposition effect,while financialization exhibits a significantly"crowding-out"effect.This study has important policy implications for facilitating the green transition of enterprises and achieving the dual carbon goals in opening up era.

关 键 词：低碳试点城市 对外直接投资 数智化转型 绿色创新 

分 类 号：F125.4[经济管理—世界经济]