Study on the Impact of Foreign Ownership in Mixed Ownership Reform and Appointment of Directors and Executive Officers on Green Innovation of OFDI State-Owned Enterprises
WU Chong，YUE Mengyao，GU Dan，ZHANG Jiaqi
Nanjing University of Information Science & Technology, Nanjing, China
Abstract：From the perspective of reverse technology spillover, based on principal-agent theory, higher-order theory and resource dependence theory, this study focuses on the main research line of equity structure and high-level governance in corporate governance reform, and empirically tests the impact of foreign ownership on green innovation of OFDI SOEs. This study finds that, compared with the ownership of other non-state-owned shareholders, foreign ownership is more conducive to promoting green innovation of OFDI SOEs. The intermediary mechanism test shows that foreign ownership can promote green innovation of OFDI SOEs by foreign-appointed directors and hiring foreign executives. What’s more, compared with the indirect effect of hiring foreign executives at the management level, the indirect effect of the appointment of foreign directors at the decision-making level is significantly enhanced. When investing in the original country of foreign shareholders or foreign executives, the promotion effect of foreign ownership on green innovation of OFDI SOEs is significantly enhanced; The role of foreign ownership in promoting green innovation of OFDI SOEs is more significant in OFDI state-owned enterprises with higher regional marketization level, advanced manufacturing industries and higher degree of internationalization.
吴崇，岳梦瑶，顾丹，张佳奇. 外资参混及董事高管委任对OFDI国有企业绿色创新的影响研究[J]. 管理学报, 2025, 22(3): 472-.
WU Chong，YUE Mengyao，GU Dan，ZHANG Jiaqi. Study on the Impact of Foreign Ownership in Mixed Ownership Reform and Appointment of Directors and Executive Officers on Green Innovation of OFDI State-Owned Enterprises. Chinese Journal of Management, 2025, 22(3): 472-.
