高管海外背景与企业绿色技术创新

Executives'Overseas Backgrounds and Corporate Green Technology Innovation

企业绿色技术创新是在微观企业层面迈向绿色发展的必由之路,如何促进企业绿色技术创新成为值得研究的重大现实课题。本文以2010—2020年中国A股上市公司为研究样本,实证分析了高管海外背景对企业绿色技术创新的影响及其内在影响机制。研究结果表明:高管海外背景对企业绿色技术创新产生显著的驱动作用,在考虑可能存在的内生性问题后研究结果依然稳健;高管海外背景主要通过增加企业研发投入、提高企业社会责任表现和增强企业风险承担能力三条路径提高企业绿色技术创新绩效;约束型环境规制与激励型环境规制均在企业高管海外背景与企业绿色技术创新之间发挥正向调节作用。异质性分析结果表明,高管海外背景对企业绿色技术创新驱动效应在国有企业、重污染行业和市场化程度低的企业中更为明显。本文为如何促进企业转向以绿色可持续发展为导向的创新驱动发展战略提供新的研究视角,为制定合理的企业高管聘任决策,实现企业高质量发展具有重要的实践意义。

Green technology innovation is an important lever and path towards high-quality development,assisting China in building a green manufacturing system and building a modern socialist country in all respects.There has been a large amount of research on the factors that affect the implementation of green technology innovation strategies by enterprises,but there is still room for further studies.The overseas backgrounds of executives can enhance the ability of enterprises to acquire and transform external innovation resources.The green awareness and green orientation of company strategic decision-makers determine whether enterprises can engage in green technology innovation-oriented business investment activities.Based on this,this article takes listed companies in China's A-share market from 2010 to 2020 as research samples,constructs a theoretical framework for green technology innovation research in enterprises from the perspective of strategic decision-making,and studies the impact of executives'overseas backgrounds on corporate green technology innovation and its internal mechanism.The research results indicate that firstly,executives'overseas backgrounds have a significant driving effect on corporate green technology innovation,and the results are still valid after considering potential endogeneity issues.Secondly,executives'overseas backgrounds mainly improve the green technology innovation performance of enterprises through three paths:increasing R&D investment,improving corporate social responsibility performance,and enhancing corporate risk bearing capacity.Thirdly,further research has found that both restrictive and incentive-based environmental regulations play a positive moderating role between the overseas backgrounds of corporate executives and corporate green technology innovation.Fourthly,the results of heterogeneity analysis indicate that the driving effect of executives'overseas backgrounds on corporate green technology innovation is more pronounced in state-owned enterprises,heavily polluting industries,and samples with lower marketization levels.Compared with existing literature,the marginal contributions of this article lies in the following aspects:firstly,starting from the internal driving forces of enterprises and the perspective of executives'overseas backgrounds,this article reexamines the driving factors of sustained development within enterprises;secondly,taking corporate green technology innovation as the research object,it analyzes the mechanism of the impact of executives'overseas backgrounds on corporate green technology innovation;thirdly,this article also examines the boundary effect of executives'overseas backgrounds on corporate green technology innovation through restrictive and incentive-based environmental regulations,enriching empirical research in environmental regulations and green technology innovation.This study to some extent reveals the internal mechanism of the impact of executives'overseas backgrounds on corporate green technology innovation,providing a new research perspective on how to promote enterprises to shift towards innovation driven by green and sustainable development strategies.At the same time,it provides practical inspiration for the government to make reasonable use of environmental regulation policy tools and optimize the appointment decisions of senior management to promote green development in enterprises.