Research On The Impact Of Outward Foreign Direct Investme On Enterprise Green Innovation

The extensive development mode in the past has brought serious pollution to the environment.The country has gradually attached importance to the development of green economy and achieved the coordinated development of economy and environment.Green innovation of enterprises is an important way to realize the development of green economy,and outward foreign direct investment is the main means for enterprises to acquire and absorb green innovation knowledge and technology from the outside.Under this background,this paper uses the methods of literature analysis,theoretical and empirical analysis,and comparative analysis,on the basis of summarizing the relevant literature and theories in the field of outward foreign direct investment and enterprise green innovation,to deeply explore the impact effect and mechanism of outward foreign direct investment on enterprise green innovation,so as to provide a reference for reasonable evaluation of the economic effect of foreign direct investment and sustainable promotion of enterprise green innovation.The main research contents and conclusions are as follows:First of all,it briefly describes the theories related to outward foreign direct investment,green innovation and other theories related to this study.At the same time,it systematically combs the relevant research results at home and abroad from three aspects: the research progress of the economic effects of outward foreign direct investment,the research progress of the influencing factors of green innovation,and the research progress of the relationship between outward foreign direct investment and green innovation,providing theoretical basis and literature support for the development of this study.In addition,it briefly introduces the current situation of outward foreign direct investment and green innovation of enterprises.According to the comprehensive analysis,the economic effects of outward foreign direct investment and the influencing factors of green innovation have always been the focus of academic attention.The research on the combination of outward foreign direct investment and green innovation is mostly based on the macro level and has not reached a unified research conclusion.So,this paper from a micro perspective,conducts an in-depth study of the impact of outward foreign direct investment on green innovation and its mechanism,and further analyzes the impact of different heterogeneity factors on the relationship between them,and puts forward relevant research hypotheses.Secondly,this paper selects the data of outward foreign direct investment of A-share listed enterprises from 2008 to 2020 as a sample,and uses the fixed effect model to empirically test the relationship between outward foreign direct investment and green innovation of enterprises.On the basis of this benchmark regression model,this paper introduces the R&D investment and the overseas background of senior executives,and constructs the mediation effect model and the moderation effect model respectively.The empirical results show that there is a significant causal effect between outward foreign direct investment and enterprise green innovation,and outward foreign direct investment has a positive role in promoting enterprise green innovation;R&D investment plays an intermediary role between foreign direct investment and enterprise green innovation;The overseas background of senior executives is positively regulating the relationship between foreign direct investment and green innovation of enterprises.Thirdly,in the further study,according to the industry type heterogeneity,enterprise nature heterogeneity,investment location heterogeneity and green innovation type heterogeneity,the impact of different heterogeneity factors on the relationship between outward foreign direct investment and enterprise green innovation was investigated.The results show that outward foreign direct investment has a significant differential impact on green innovation of enterprises.outward foreign direct investment from non-heavily polluted industries,advanced manufacturing industries,state-owned enterprises and enterprises in developed countries(regions)has a significant role in promoting green innovation of enterprises,while outward foreign direct investment from heavily polluting industries,non-advanced manufacturing industries,non-state-owned enterprises and enterprises investing in developing countries(regions)does not significantly promote green innovation.In addition,the green innovation of enterprises is further divided into substantive green innovation and superficial green innovation,and the role of outward foreign direct investment in promoting substantive green innovation is greater than that of superficial green innovation.The comprehensive research results show that outward foreign direct investment has effectively promoted the green innovation ability of enterprises,which is more significant in non-heavy pollution industries,advanced manufacturing industries,state-owned enterprises,enterprises in developed countries(regions)and green substantive innovation.Increasing investment in research and development and increasing the proportion of overseas background executives are important ways to play the green innovation effect of outward foreign direct investment.Based on the above research results,relevant policy recommendations are put forward from the aspects of encouraging enterprises to make direct investment abroad,issuing R&D incentive policies,implementing the introduction plan of overseas talents and optimizing investment location selection,to provide a new perspective and open up a new path for sustainable promotion of enterprises’ green innovation.