对外直接投资的动机差异如何影响母公司绿色创新  

How Motivational Differences in OFDI Affect the Green Innovation of the Parent Company

作　　者：范红忠[1] 刘洋[2] 魏新彦 Fan Hongzhong;Liu Yang;Wei Xinyan

机构地区：[1]华中科技大学经济学院 [2]湖北经济学院 [3]华中农业大学经济管理学院

出　　处：《南方经济》2024年第6期120-137,共18页South China Journal of Economics

基　　金：国家社会科学基金一般项目“基于互利共赢的中美双边对外直接投资的贸易效应”(19BJL107);国家社会科学基金一般项目“开放型经济新体制、全球价值链重塑与中国出口质量升级研究”(17BJL108)资助。

摘　　要：对外直接投资(OFDI)是推动母公司绿色创新发展的重要因素,投资动机是分析跨国企业OFDI影响的一个基本角度。文章以A股上市企业2008—2019年数据作为样本,根据海外子公司的经营范围手工整理了企业对外直接投资的动机,利用PSM-DID方法实证检验不同投资动机下对外直接投资如何影响母公司绿色创新。结果发现:(1)整体上对外直接投资显著促进了母公司绿色创新,多种稳健性检验证明该结论的可靠性;(2)区分OFDI动机的研究发现,商贸服务型OFDI和当地生产型OFDI对母公司绿色创新均有显著的促进作用,技术研发型OFDI和资源开发型OFDI对母公司绿色创新的影响均不显著;(3)机制检验发现,商贸服务型OFDI通过规模经济效应和绿色竞争效应两种途径来促进母公司绿色创新,当地生产型OFDI通过提高利润、资本配置效应和环境合规效应三种途径来促进母公司绿色创新。技术研发型OFDI无法增加企业研发投入,进而难以促进母公司绿色创新。资源开发型OFDI不能提高企业利润,进而对母公司绿色创新的促进作用不显著。文章为中国政府制定针对性的OFDI政策来促进母公司绿色创新,实现中国绿色发展提供了重要的经验证据。Outward foreign direct investment(OFDI)is an important factor in promoting the development of green innovation of parent companies,and investment motivation is a basic angle to analyze the impact of OFDI of multinational enterprises.Taking the 2008—2019 data of A-share listed enterprises as a sample,this paper manually organizes the motives of OFDI ac-cording to the business scope of overseas subsidiaries,and empirically tests how OFDI affects the green innovation of the par-ent company under different investment motives by using the PSM-DID method.The research conclusions are as follows.(1)Overall OFDI significantly promotes the parent company's green innovation,and a variety of robustness tests prove the reliabil-ity of this conclusion.(2)The research that distinguishes the motivation of OFDI finds that both commercial and service OFDI and local production OFDI significantly promote the parent company's green innovation,while technology R&D OFDI and re-source development OFDI have insignificant effects on the parent company's green innovation.(3)The mechanism test finds that commercial and service OFDI promotes the parent company's green innovation through both the economy of scale effect and the green competition effect,while local production OFDI promotes the parent company's green innovation through the profit return effect,the capital allocation effect and environmental compliance effects.Technology R&D OFDI cannot increase R&D investment of enterprises,which makes it difficult to promote green innovation of the parent company.Resource devel-opment OFDI cannot increase enterprise profits,and thus does not have a significant effect on the promotion of green innova-tion in parent companies.This paper provides important empirical evidence for the Chinese government to formulate targeted OFDI policies to promote parent companies'green innovation and realize China's green development.

关 键 词：对外直接投资 绿色创新 投资动机 

分 类 号：F125[经济管理—世界经济]