外资参混及董事高管委任对OFDI国有企业绿色创新的影响研究  

Study on the Impact of Foreign Ownership in Mixed Ownership Reform and Appointment of Directors and Executive Officers on Green Innovation of OFDI State-Owned Enterprises

作　　者：吴崇 岳梦瑶 顾丹 张佳奇 WU Chong;YUE Mengyao;GU Dan;ZHANG Jiaqi(Nanjing University of Information Science&Technology,Nanjing,China)

机构地区：[1]南京信息工程大学商学院,南京市210044

出　　处：《管理学报》2025年第3期472-482,共11页Chinese Journal of Management

基　　金：国家社会科学基金资助项目(24BGL039);江苏省社会科学基金资助项目(23EYB003)。

摘　　要：在逆向技术溢出视域下,基于委托代理理论、高阶理论和资源依赖理论,围绕公司治理改革中股权结构和高层治理逐层深入的研究主线,实证检验外资参混对OFDI国企绿色创新的影响。研究发现,相比其他非国有性质股东参混,外资参混更有利于促进OFDI国企绿色创新。中介机制检验发现,外资参混可以通过外资委派董事、任用外籍高管促进OFDI国企绿色创新,且相较于经营层任用外籍高管的间接作用,决策层外资委派董事的间接作用显著增强;当投资外资股东或外籍高管来源国时,外资参混对OFDI国企绿色创新的促进作用显著增强;外资参混对OFDI国企的绿色创新促进作用,在较高地区市场化水平、先进制造行业和较高国际化程度的OFDI国企中更加显著。From the perspective of reverse technology spillover,based on principal-agent theory,higher-order theory and resource dependence theory,this study focuses on the main research line of equity structure and high-level governance in corporate governance reform,and empirically tests the impact of foreign ownership on green innovation of OFDI SOEs.This study finds that,compared with the ownership of other non-state-owned shareholders,foreign ownership is more conducive to promoting green innovation of OFDI SOEs.The intermediary mechanism test shows that foreign ownership can promote green innovation of OFDI SOEs by foreign-appointed directors and hiring foreign executives.What’s more,compared with the indirect effect of hiring foreign executives at the management level,the indirect effect of the appointment of foreign directors at the decision-making level is significantly enhanced.When investing in the original country of foreign shareholders or foreign executives,the promotion effect of foreign ownership on green innovation of OFDI SOEs is significantly enhanced;The role of foreign ownership in promoting green innovation of OFDI SOEs is more significant in OFDI state-owned enterprises with higher regional marketization level,advanced manufacturing industries and higher degree of internationalization.

关 键 词：逆向技术溢出 混合所有制改革 外资持股 绿色创新 

分 类 号：C93[经济管理—管理学]