QFII持股与企业绿色技术创新

企业如何走好新型工业化绿色创新发展道路已成为重要的现实问题。由于绿色技术创新过程中存在资金供求双方信息不对称和代理问题，发展合格境外机构投资者(QFII)成为重要选择。本文基于我国A股2010—2020年上市公司的相关数据研究QFII持股对企业绿色技术创新的影响路径与作用机制。研究结果表明：QFII持股对企业绿色技术创新存在正向驱动效应，且QFII持股通过增强社会责任感、提高环保投资效率两条路径显著提升企业绿色技术创新水平。约束型与激励型环境规制均可在QFII持股与绿色技术创新之间产生正向调节效应。本文为提升我国企业绿色技术创新能力开拓了新的激励机制，同时为我国QFII制度改革与企业提高创新绩效提供一定的理论和经验依据。

QFII Shareholding and Enterprise Green Technology Innovation

How to take the new industrial green innovation development road has become an important practical problem. The development of qualified foreign institutional investors (QFII) has become an important choice due to the information asymmetry and agency problems between capital supply and demand in the process of green technology innovation. Based on the relevant data of China''s A-share listed companies from 2010 to 2020, this paper studies the impact path and mechanism of QFII shareholding on enterprises'' green technology innovation. The results show that QFII shareholding has a positive driving effect on enterprises'' green technology innovation, and QFII shareholding significantly improves enterprises'' green technology innovation level through enhancing social responsibility and improving environmental protection investment efficiency. Both restrictive and incentive environmental regulations can produce positive regulatory effects between QFII shareholding and green technology innovation. This paper opens up a new incentive mechanism for improving the green technology innovation ability of Chinese enterprises, and provides a certain theoretical and empirical basis for the reform of China''s QFII system and the improvement of enterprises'' innovation performance.