摘要
在加快发展绿色转型和持续提高对外开放的背景下,对外直接投资是企业绿色发展和转型升级的重要渠道,影响着企业的生产利润和环保绩效。本文采用2010~2022年上市公司数据,基于面板固定效应模型深入探究对外直接投资影响母国企业低碳转型的程度和机制。实证研究发现企业对外直接投资显著降低了企业碳排放强度,加速了企业低碳转型进程。企业对碳定价东道国的投资显著减少企业碳排放,且对碳交易东道国投资的减排效果强于对碳税东道国投资的减排效果。机制检验显示,对外直接投资通过促进企业结构转型和技术升级实现碳减排,对碳定价东道国投资显著提升了企业低碳技术水平。异质性分析发现,对外直接投资的碳减排作用在大型企业、高科技企业、中东部地区企业更为显著。本文为对外直接投资影响企业低碳转型的机制提供了微观证据,也为企业合理选择国际化战略、促进高质量发展提供了参考。
In the context of accelerating green transformation and continuously opening wider to the world,firms'outward foreign direct investment(OFDI)is an important means for green development and industrial upgrading,influencing firms'production profits and environmental performance.Using Chinese listed company data from 2010~2022 and based on a panel fixed-effects model,this study explores the extent and mechanism of how OFDI affects firms'low-carbon transformation.Empirical research finds that OFDI significantly reduces firms'carbon emission intensity and accelerates firms'low-carbon transformation process.Investment in carbon-pricing host countries significantly reduces the corporate carbon emissions and the emission reduction effect of investment in carbon trading host countries is stronger than that of investment in carbon tax host countries.Mechanism testing indicates that OFDI achieves carbon emission reduction by promoting corporate structural transformation and technological upgrading,and investment in carbon-pricing host countries significantly enhances firms'low-carbon technological levels.Heterogeneity analysis finds that the emission reduction effect of OFDI is more significant in large firms,high-tech firms,eastern and central firms.This paper provides micro evidence for the mechanism of how OFDI affects firms'low-carbon transformation,and also provides references for firms to reasonably choose internationalization strategies and promote high-quality development.
作者
肖慧敏
唐月琪
李子豪
Xiao Huimin;Tang Yueqi;Li Zihao(School of Business Administration,Nanjing University of Finance&Economics,Nanjing 210023,China;School of Business,Nanjing University of Information Science&Technology,Nanjing 210044,China)
出处
《工业技术经济》
CSSCI
北大核心
2024年第12期103-111,共9页
Journal of Industrial Technology and Economy
基金
国家社会科学基金一般项目“数字经济推动中国碳霾协同治理的机制、效应与政策研究”(项目编号:21BJY114)
江苏省高校哲学社会科学项目“创新驱动型跨国并购知识整合机制研究”(项目编号:2022SJYB0284)。
关键词
对外直接投资
碳排放强度
碳定价
低碳技术创新
企业低碳转型
碳交易
碳税
“双碳”目标
outward foreign direct investment
carbon emission intensity
carbon pricing
low-carbon technological innovation
firms'low-carbon transformation
carbon trading
carbon tax
carbon peaking and carbon neutrality goals
