环境管制、环境效率与FDI——基于成本视角分析

Environmental Regulation, Environmental Efficiency, and FDI:a Study From the Economic Cost Perspective

环境管制和环境效率均从成本角度影响着FDI的流向,前者通过直接增加外资企业成本,降低投资东道国的环境成本优势,引致FDI外流;后者则直接通过减少非期望产出从而提高外商投资企业的环境成本优势。此外环境效率还通过减少污染物排放影响地区环境管制的强度,进而促使环境管制程度降低,间接影响FDI。本文试图在理论层面证明环境成本是决定外资企业是否转移的重要原因,从经验层面研究环境管制、环境效率对FDI的直接效应和间接效应,结果表明:从直接效应上看,环境管制的加强对FDI表现为消极影响,而环境效率提高则有利于吸引FDI;从间接效应上看,环境效率的提高通过降低环境管制强度间接有利于FDI流入,而这一效用以OLS、FGLS、FE和GMM等四种方法估计分别为0.03%,0.04%,0.04%和0.02%。

From the point of view of economic costs, both environmental reg- ulation and environmental efficiency influence the direction of FDI. Environmen- tal regulation weakens the environmental cost advantage of the host country by increasing foreign enterprises＇ costs of doing business there, while environmen- tal efficiency increases the environmental cost advantage of the host country by decreasing undesirable outputs. In addition, environmental efficiency can also influ- ence the intensity of environmental regulation and thus indirectly influence FDI. This paper tests the effects of environmental regulation, environmental efficiency and FDI. Our results show that, in terms of direct effects, environmental regula- tion has a negative influence on FDI, and environmental efficiency has a positive effect. In terms of indirect effects, environmental efficiency decreases the intensi- ty of environmental regulation and helps attract FDI. The indirect effects are 0.03%, 0.04%, 0.04%, and 0.02% calculated with the OLS method, FGLS method, FE method, and GMM method, respectively.