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QFII持股与企业绿色技术创新

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企业如何走好新型工业化绿色创新发展道路已成为重要的现实问题.由于绿色技术创新过程中存在资金供求双方信息不对称和代理问题,发展合格境外机构投资者(QFII)成为重要选择.本文基于我国A股 2010-2020 年上市公司的相关数据研究QFII持股对企业绿色技术创新的影响路径与作用机制.研究结果表明:QFII持股对企业绿色技术创新存在正向驱动效应,且QFII持股通过增强社会责任感、提高环保投资效率两条路径显著提升企业绿色技术创新水平.约束型与激励型环境规制均可在QFII持股与绿色技术创新之间产生正向调节效应.本文为提升我国企业绿色技术创新能力开拓了新的激励机制,同时为我国QFII制度改革与企业提高创新绩效提供一定的理论和经验依据.
QFII Shareholding and Enterprise Green Technology Innovation
How to take the new industrial green innovation development road has become an important practical problem.The development of qualified foreign institutional investors(QFII)has become an important choice due to the information asymmetry and agency problems between capital supply and demand in the process of green technology innovation.Based on the relevant data of China's A-share listed companies from 2010 to 2020,the impact path and mechanism of QFII shareholding on enterprises' green technology innovation was studied.The results show that QFII shareholding has a positive driving effect on enterprises' green technology innovation,and QFII shareholding significantly improves enterprises' green technology innovation level through enhancing social responsibility and improving environmental protection investment efficiency.Both restrictive and incentive environmental regulations can produce positive regulatory effects between QFII shareholding and green technology innovation.It opens up a new incentive mechanism for improving the green technology innovation ability of Chinese enterprises,and provides a certain theoretical and empirical basis for the reform of China's QFII system and the improvement of enterprises' innovation performance.

environmental uncertaintyqualified foreign institutional investorenterprise green technology innovationgreen innovation performance

凌鸿程、凌晓红

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江西财经大学应用经济学院, 南昌 330044

江西财经大学金融学院, 南昌 330044

环境不确定性 合格境外机构投资者 企业绿色技术创新 绿色创新绩效

中国博士后科学基金面上资助项目江西省教育厅科学技术研究项目江西省高校人文社会科学研究项目江西省博士后择优资助项目

2022M711427GJJ210534JJ222132021KY33

2024

10.12404/j.issn.1002-980X.J23082105

技术经济
中国技术经济学会

技术经济

CSTPCDCHSSCD北大核心
影响因子：0.896
ISSN：1002-980X
年,卷(期)：2024.43(1)
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