This study utilizes data from Shanghai and Shenzhen A-share listed companies from 2011 to 2021 to explore the impact of foreign shareholding on the development of a low-carbon economy and the underlying mechanisms. Findings show that foreign shareholding significantly reduces corporate carbon emissions and promotes corporate environmental responsibility and low-carbon transformation. The paper further investigates how foreign shareholding reduces carbon emissions by increasing corporate investments in environmental protection and driving green innovation. Foreign participation is found to improve the efficiency of corporate resource allocation and innovation capabilities, allowing for continuous improvements in low-carbon technologies and production processes. The study also examines the effect of corporate environmental strategies and green technology advancement on the relationship between foreign shareholding and carbon emissions, revealing the heterogeneity of foreign investment impacts on low-carbon development under different corporate environments and capabilities.

中文翻译：

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跨境资本流动与低碳经济发展：考察外资持股的影响


本研究利用 2011 年至 2021 年上海和深圳 A 股上市公司的数据，探讨了外资持股对低碳经济发展的影响及其潜在机制。研究结果显示，外资持股显著减少企业碳排放，促进企业环境责任和低碳转型。本文进一步研究了外资持股如何通过增加企业对环境保护的投资和推动绿色创新来减少碳排放。研究发现，外资参与可以提高企业资源配置效率和创新能力，从而不断改进低碳技术和生产流程。该研究还考察了企业环境战略和绿色技术进步对外资持股与碳排放之间关系的影响，揭示了不同企业环境和能力下外资对低碳发展影响的异质性。