Research On The Promotion Of Green Technology Innovation By Chinese Enterprises’ Outward Foreign Direct Investment

The report of the 20 th National Congress of the Communist Party of China pointed out that it is necessary to build a Chinese-style modernization of harmonious coexistence between man and nature,and adhere to the path of civilized development with sustainable development and good ecology.Green technology has the characteristics of low carbon,sustainability and high efficiency.Improving the level of green technology innovation of enterprises is conducive to both environmental and economic benefits.Under the strategic background of promoting high-level opening up and building a new development pattern of “dual circulation”,China’s outward foreign direct investment(OFDI)is booming,and the scale of overseas investment is expanding day by day.Many scholars have studied the relationship between OFDI and green technology innovation,but have not yet reached a consistent conclusion.By combing the relevant literature on outward foreign direct investment,green technology innovation and executive risk preference,combined with classical theories such as dynamic competition theory,organizational learning theory and high-level echelon theory,this paper selects Shanghai and Shenzhen A-share listed companies with more than one foreign direct investment experience from 2010 to 2021 as the research object,and uses the two-way fixed effect model to empirically test the impact of Chinese enterprises’ OFDI on green technology innovation and the moderating effect of executive risk preference on the relationship between the two,and further analyzes the heterogeneity of enterprise property rights,enterprise scale,executive academic background and executive financial background.The results show that:(1)Chinese enterprises’ OFDI has a significant positive effect on green technology innovation,which can promote both substantive green technology innovation and strategic green technology innovation;(2)Executive risk preference has a positive moderating effect,which strengthens the positive impact of OFDI on green technology innovation,substantive green technology innovation and strategic green technology innovation;(3)The promotion effect of state-owned enterprises’ outward foreign direct investment on green technology innovation and substantive green technology innovation is slightly stronger than that of non-state-owned enterprises;(4)Outward foreign direct investment of large enterprises can significantly promote green technology innovation,substantive green technology innovation and strategic green technology innovation.Small and medium-sized enterprises only have a significant role in promoting strategic green technology innovation and the effect is weaker than that of large enterprises;(5)When executives have academic background or financial background,Chinese enterprises’ OFDI has a stronger role in promoting green technology innovation,substantive green technology innovation and strategic green technology innovation.Based on the above research conclusions,this paper puts forward corresponding countermeasures and suggestions:(1)Stimulate the role of executives in promoting green technology innovation,moderately cultivate executives’ risk-taking spirit,and optimize the composition of senior management team members;(2)Give full play to the role of the government in promoting green technology innovation,promote high-quality outward foreign direct investment of Chinese enterprises,and optimize the subsidy policy for green technology innovation.