Abstract
Clarifying the impact effect and mechanism of green transformation on enterprises' OFDI helps to promote the upgrading of national industrial structure, the high-quality development of the regional economy, and the improvement of enterprises' market economic power, and plays a positive role in China's active integration into the world economy and the promotion of the road of reform and opening up. Based on the data of listed enterprises in the Cathay Pacific CSMAR database from 2005 to 2022 and the data on green transformation of each prefecture-level city, we constructed a fixed-effects regression analysis model to explore the impact effect of green transformation on enterprises' outward foreign direct investment. It is found that (1) green transformation has a significant promotion effect on enterprises' OFDI. (2) The conclusion still holds after conducting robustness tests. (3) Green transition promotes OFDI through green market development, green technological innovation, and alleviation of financing constraints. (4) Government green subsidies and openness to the outside world positively regulate the promotion effect of green transition on OFDI. (5) Green transformation has a stronger role in promoting OFDI from eastern and state-owned enterprises. This paper provides a micro-basis for promoting OFDI by relying on the policy background of green transition, which is an important revelation for improving the quality of green economy and realizing a high level of open economy.
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