作为拉动国民经济发展的重点欧亿·体育（中国）有限公司，制造业企业在对外直接投资项目中占有 很高的比例，在OFDI活动中具有一定的典型性。对外直接投资活动（OFDI） 是制造业企业提升创新能力的有效途径之一，在此过程中，企业通过知识技术的 逆向转移从外界吸收知识以提高自身的创新水平。受国内绿色发展政策的驱动和 环保宣传的号召，这种知识的逆向转移过程中也可能包含着绿色技术的转移，最 终对企业的绿色创新有所影响。本文聚焦于制造业，基于企业微观特征的异质性 角度对OFDI和绿色创新的关系加以分析。 本文以 1857家制造业企业2010-2018年的非平衡面板数据为样本，利用倾 向得分匹配法（PSM）验证对外直接投资对企业绿色创新的促进影响，并使用普 通最小二乘法（OLS）探讨了东道国、投资动机、环境规制等企业异质性通过 OFDI对绿色创新的影响。实证研究表明：企业的对外直接投资活动可以显著促 进其绿色创新的发展。此外，对较低政治、经济水平东道国的投资、生产销售的 投资动机、较严的环境规制、国企的所有制类型和机械电子欧亿·体育（中国）有限公司均能使企业通过 OFDI显著促进绿色创新绩效。这一研究结果对于政策制定者和企业加强绿色创 新的实践和改善环境管理具有一定的启示。 关键词：制造业企业；对外直接投资；绿色创新；异质性 III ABSTRACT As a key industry to drive the development of national economy, manufacturing enterprises account for a high proportion of Chinese ofdi projects, which is typical in the case study of OFDI activities. OFDI is one of the effective ways for manufacturing enterprises to improve their innovation ability. In this process, enterprises absorb knowledge from the outside world through the reverse transfer of knowledge and technology to improve their innovation level. Driven by domestic green development policies and the call of environmental protection propaganda, the reverse transfer of knowledge may also involve the transfer of green technology, which will eventually affect the green innovation of enterprises. This paper focuses on the manufacturing industry and analyzes the relationship between OFDI and green innovation based on the heterogeneity of enterprise micro-characteristics. Based on the unbalanced panel data of 1857 manufacturing enterprises from 2010 to 2018, this paper verifies the promoting effect of OFDI on enterprises' green innovation by the propensity score matching (PSM). In addition, OLS was used to explore the influence of enterprise heterogeneity such as host country, investment motivation and environmental regulation on green innovation through OFDI. The empirical study shows that the OFDI activities of enterprises can significantly promote the development of green innovation. In addition, investment in the host country with low political and economic level, investment motivation for production and sales, stricter environmental regulation, ownership type of state-owned enterprises and mechanical and electronic industry can significantly promote green innovation performance through OFDI. This research result has certain enlightenment for policy makers and enterprises to strengthen the practice of green innovation and improve environmental management.