关键词: 对外直接投资, 混合所有制, 外资持股, 绿色创新

Abstract:    After experiencing rapid economic growth, China′s green and low-carbon transformation and development is now in an urgent stage. However, the foundation of our independent innovation is relatively weak, especially there is still a significant gap between our green technology level and that of developed countries. It is important for SOEs to improve their innovation level through governance structure reform to fulfill their mission of promoting green and low carbon transformation. With the development of China′s OFDI in recent years, the relationship between OFDI and domestic technological progress has been discussed theoretically and empirically. Unfortunately, most studies on the relationship between OFDI and enterprise technological innovation do not consider the strategic position of SOEs and ecological environmental factors. Combined with the objective of this paper, how do foreign ownership and its driving factors promote OFDI reverse green technology spillover of SOEs? The answer to this question is of great theoretical and practical significance for utilizing foreign ownership′ governance effect and complementary advantages and promoting the green innovation ability of SOEs.This paper innovatively integrates the relationship among foreign ownership, internationalization process and SOEs′ green innovation into a research model, and takes the "decentralized checks and balances" and "in-depth governance" as different representations of the role of foreign ownership. On this basis, the paper takes Chinese hybrid OFDI state-owned listed industrial companies in Shanghai and Shenzhen as samples to study the impact of foreign ownership on OFDI SOEs′ green innovation. The research finds that: (1) Comparing with the integration level with foreign ownership, the participation degree of foreign ownership plays a more active role in OFDI SOEs′ innovation. (2) The positive effect above mentioned is stronger in host country with high environmental regulation level, non-state holding enterprises and high pollution industries. (3) Comparing with the integration level with foreign ownership, the mediating effect of host country′s innovation level is significantly enhanced on the participation degree of foreign ownership. (4) With the increasing degree of environmental regulation, especially market-based environmental regulation, the relationship between foreign ownership and SOEs′ innovation is increased significantly. From the perspective of reverse technology spillover, this paper discusses the realization path of foreign ownership in promoting SOEs′ green innovation, reveals the important role of building a new type cooperative relationship of "integration" and "deep" with foreign shareholder partnership and complementary advantages in stimulating SOEs′ green innovation, which is conducive to the strategic decision-making of SOEs′ green innovation and the optimization of national incentive policies.By verifying the impact of foreign ownership on the effectiveness of OFDI SOEs′ green innovation, this paper provides a new study perspective for mixed ownership reform and useful references for the current policy design of SOE reform and green low-carbon transformation: Based on the above findings, this paper proposes the following management implications. Firstly, the synergy of the comparative advantages of foreign shareholders should be well exploited. In addition, comparing to the complementary function of higher ownership dispersion degree after foreign shareholders′ entry, SOEs should take good advantage of higher foreign ownership participation level to create a more conducive internal and external innovation environment for the technology-seeking strategic decisions and reverse technology spillovers. Secondly, the pivotal role of the investment location should be actively developed to take advantage of the situation. SOEs should make good use of foreign shareholders to choose the host country, which has more complementary innovation resources to support the upgrading of SOEs′ technological development trajectories and enhance the effect of their reverse technology spillovers. Thirdly, the moderating effect of compatible domestic environmental regulatory incentives should be fully utilized. With the role of foreign shareholders with mature green innovation awareness and technology development experience, SOEs can enhance their overseas technology search and innovation exploration in response to environmental regulations, thereby enhancing the absorption and transformation of advanced green technologies and knowledge.

Key words: outward foreign direct investment (OFDI), mixed ownership, foreign ownership, green innovation