摘要
绿色工厂认定不仅是驱动企业绿色转型升级的重要抓手,也是推动企业跨越对外直接投资环境壁垒的有效措施。本文从理论层面揭示了绿色工厂认定对企业对外直接投资的影响及作用机制,并基于2011—2021年上市公司数据,以绿色工厂认定这一绿色产业政策为准自然实验,运用双重差分模型识别其对企业对外直接投资的政策净效应及作用机理。研究结果显示:绿色工厂认定可以显著提升企业对外直接投资水平,该结论在一系列稳健性检验后依然成立。此外,绿色工厂认定对企业对外直接投资的促进效应因企业融资约束水平、工业机器人渗透度、绿色管理意识以及企业规模而呈现出异质性。机制检验表明,绿色工厂认定可以通过提升绿色创新水平和助力形成声誉优势两个渠道提升企业对外直接投资水平。进一步分析发现,城市数字经济发展水平提升可以强化绿色工厂认定对企业对外直接投资的促进作用。研究结论为我国持续推动高水平对外开放,促进国内国际双循环新发展格局形成提供了新思路。
Green factory certification has emerged as a pivotal instrument in propelling firms toward green transformation,and also an effective measure to cross environmental barriers associated with outward foreign direct investment(OFDI).This study first explores the theoretical impact and mechanisms through which green factory certification influences OFDI.Utilizing data of listed firms from 2011 to 2021,we employ green factory certification as a quasi-natural experiment within the framework of green industrial policy,applying a difference-in-differences model to determine its net effect on OFDI.The findings reveal that green factory certification significantly boosts firms'OFDI levels,with these results holding across various robustness checks.Furthermore,the impact of green factory certification on OFDI exhibits heterogeneity,influenced by factors such as corporate financing constraints,the adoption of industrial robots,awareness of green management practices,and firm size.Mechanism analyses indicate that green factory certification enhances OFDI by bolstering green innovation capacity and providing a reputational advantage.Additionally,our results suggest that the development of the urban digital economy amplifies the positive effects of green factory certification on OFDI.These insights support China's efforts to enhance global market accessibility and advance the new development pattern of domestic and international dual circulation.
作者
张兵兵
王新燕
曹历娟
ZHANG Bingbing;WANG Xinyan;CAO Lijuan
出处
《国际贸易问题》
CSSCI
北大核心
2024年第12期57-75,共19页
Journal of International Trade
基金
江苏省社会科学基金重大项目“新质生产力与产业深度转型升级研究”(24ZD005)。
关键词
绿色工厂认定
对外直接投资
声誉优势
绿色创新
数字经济
Green Factory Certification
Outward Foreign Direct Investment
Reputational Advantage
Green Innovation
Digital Economy
