东道国环境规制促进了企业高风险跨国投资吗?——基于企业生命周期的视角

Do Host Countries’Environmental Regulations Promote High Risk Multinational Investment of Enterprises?Based on the Perspective of Enterprise Life Cycle

基于企业生命周期理论,从微观视角切入研究东道国环境规制对企业跨国投资风险决策的影响。利用2013—2018年中国A股上市公司样本,对东道国环境规制如何影响不同生命周期阶段的企业跨国投资风险决策进行实证分析。研究发现,总体上东道国环境规制会显著促进企业高风险跨国投资,且对成长期和成熟期企业的正向影响更显著。不同行业和产权性质的企业在不同生命周期阶段,面对东道国环境规制时的风险决策也有所不同。在影响机制上,策略性绿色技术创新在东道国环境规制促进企业高风险跨国投资的作用中起到正向调节作用,且在成熟期阶段调节作用更强。

Based on the theory of enterprise life cycle,this paper studies the impact of environmental regulations of host countries on the risk decision-making of multinational investment from a micro perspective.Using samples of Chinese A-share listed companies from 2013 to 2018,this paper empirically analyzes how environmental regulations in host countries affect multinational investment risk decision-makings of firms at different stages of their life cycles.It is found that in general,environmental regulations of host countries can significantly promote the high-risk multinational investment of enterprises,and the positive effect is more significant on enterprises at growth and maturity stages.Different industries and enterprises with different property rights have different risk decision-making when facing the environmental regulation of host countries at different stages of their life cycle.In terms of the influence mechanism,strategic green technical innovation plays a positive moderating role in the promotion function of host countries’environmental regulation on enterprise high-risk multinational investment,and the moderating role is stronger in the maturity stage.