School of Public Economics & Administration, Shanghai University of Finance & Economics, Shanghai, 200433, China.
School of Business, Nanjing Normal University, Nanjing, 210023, China.
J Environ Manage. 2024 Nov;370:122991. doi: 10.1016/j.jenvman.2024.122991. Epub 2024 Oct 23.
In the context of sustainable development, green rules and standards have been incorporated into the international investment system. The specific advantages driving outward foreign direct investment (OFDI) by emerging market enterprises have also undergone profound changes. Green financing plays an important role in promoting green transformation and may become a new type of competitive advantage driving OFDI by firms. Based on legitimacy theory, we explore the impact of green financing on OFDI by emerging market firms. Using data from Chinese A-share listed companies from 2008 to 2021, we find that green financing significantly promotes corporate OFDI. Improving ESG levels, alleviating financing constraints and expanding production scale are the main channels. The positive effects of green financing on OFDI are more pronounced in heavily polluting industries, capital-intensive enterprises and state-owned enterprises. This study confirms the positive impact of green financing on OFDI earlier, and also provides useful inspiration and reference for emerging market countries to improve the green financial system and actively promote global green and sustainable development.
在可持续发展的背景下，绿色规则和标准已经被纳入国际投资体系。推动新兴市场企业对外直接投资（OFDI）的具体优势也发生了深刻变化。绿色融资在推动绿色转型方面发挥着重要作用，可能成为企业推动 OFDI 的一种新型竞争优势。基于合法性理论，我们探讨了绿色融资对新兴市场企业 OFDI 的影响。利用 2008 年至 2021 年中国 A 股上市公司的数据，我们发现绿色融资显著促进了企业的 OFDI。提高 ESG 水平、缓解融资约束和扩大生产规模是主要途径。绿色融资对 OFDI 的积极影响在污染严重的行业、资本密集型企业和国有企业中更为明显。本研究较早地证实了绿色融资对 OFDI 的积极影响，也为新兴市场国家完善绿色金融体系、积极推动全球绿色可持续发展提供了有益的启示和借鉴。
