With the development of economic globalization, culture is a key factor supporting the sustainability of foreign direct investment (FDI), especially for multinational enterprises. This paper takes the Chinese capital market as a sample and, combined with interviews with managers of international joint-venture securities (IJVS), finds that the culture of participants formed in developed and emerging capital market has a significant impact on the performance of IJVS. Using the degree of price fluctuation to measure the risk culture of each capital market, this paper observes that the risk culture in the Chinese capital market is significantly stronger than that of developed countries. This paper also finds that the stronger the risk culture IJVS shareholders have, the better they can adapt to the environment of the Chinese capital market and the better the performance they can achieve. Furthermore, risk culture distance, calculated by the risk culture differences between foreign shareholders and Chinese capital market, are significantly negatively correlated with IJVS performance and efficiency.

Based on mainland China's provincial OFDI and carbon emissions data from 2003 to 2018, this paper applied a panel fixedeffects model and spatial econometric model to empirically test whether China's OFDI can be a powerful tool to achieve the "carbon neutrality" target. The empirical results indicate that China's OFDI significantly increases carbon emissions, but this effect has temporal and spatial differences. After incorporating spatial factors into the analysis, the impact of OFDI on carbon emissions differs when modelled by different spatial weight matrices. The green effect of OFDI has the problem of poor channels. It is impossible to achieve energy savings and emission reduction by promoting green technology innovation, improving the rationalization of the industrial structure or reducing energy consumption. The test results of the moderating effect indicate that the development of green finance can weaken the positive effect of OFDI on emissions.