负责任的对外投资:三重维度与企业所有权优势研究

如何使对外投资企业出得去、走得稳,在国际竞争中实现高质量发展,是新发展格局下负责任的大国对外投资面临的新课题。基于Elkington“三重底线”原则,认为对外投资绩效、与东道国的环境协调和社会责任履行是对外投资高质量发展的三重维度,并利用2010—2019年中国A股上市公司对外投资数据实证检验了企业所有权优势与中国对外投资高质量发展三重维度的关系。研究发现,企业所有权优势的提升总体上显著促进了与东道国的环境协调和社会责任履行。机制检验发现,企业所有权优势通过提升对外投资绩效促进了与东道国的环境协调。异质性分析发现,企业所有权优势的环境协调效应和社会责任履行效应在不同所有制性质、不同生产效率、不同投资地域的企业之间存在一定差异。因此,引导企业主动提升对外投资高质量发展的三重维度水平,加大企业所有权优势的培育和提升,引导对外投资企业向“专精特新”发展,是负责任的对外投资未来需要关注的重点。

Responsible Overseas Investment:Three Dimensions and Enterprise Ownership Advantages

How to enable overseas investment; enterprises to expand their presence, progress steadily, and achieve high-quality development in international competition is a new task for responsible major countries to invest abroad under a new pattern of development. Based on the Triple Bottom Line principle of Elkington, this paper holds that overseas investment performance, environmental coordination and social responsibility fulfillment with host countries are three dimensions of high-quality development of overseas investment, and empirically examines the relationship between enterprise ownership advantages and the three dimensions by using the overseas investment data of Chinese A-share listed companies from 2010 to 2019. The results show that the improvement in enterprise ownership advantages significantly facilitates environmental coordination and social responsibility fulfillment with host countries in general. The mechanism test reveals that enterprise ownership advantages improve the environmental coordination with host countries by enhancing overseas investment performance. Heterogeneity analysis shows that the effects of enterprise ownership advantages on environmental coordination and social responsibility fulfillment with host countries are different among enterprises with different ownership nature, different production efficiency and different investment regions. Therefore, the future directions lie in guiding enterprises to take the initiative to improve the three dimensions of high-quality development of overseas investment, fostering and improving enterprise ownership advantages, as well as directing the development of overseas investment enterprises toward specialization, refinement, uniqueness and innovation. 