FDI如何影响企业的绿色全要素生产率?——基于Malmquist-Luenberger指数和PSM-DID的实证分析

How does Foreign Direct Investment Affect the Green Total Factor Productivity of Enterprises? Empirical Analysis Based on Malmquist-Luenberger Index and PSM-DID Model

中国工业企业实现绿色转型升级迫在眉睫,其中,外商直接投资(FDI)对工业企业绿色全要素生产率的影响不容忽视。本文基于Malmquist-Luenberger(ML)指数测算了工业企业的绿色全要素生产率,并进一步采用倾向得分匹配法(PSM)和双重差分法(DID)检验了FDI对企业绿色全要素生产率的净效应。研究结果显示:(1)在样本考察期间,部分典型高耗能、高排放行业的外资企业平均绿色全要素生产率高于内资企业,但整体上,内资企业绿色全要素生产率的年均增速高于外资企业,呈现出明显的赶超态势。(2)总体而言,引入外资有助于促进企业绿色全要素生产率的提高,且促进作用存在一定程度的持续性。(3)深入到区域层面和行业层面发现,与中西部地区相比,FDI主要促进了东部地区企业绿色全要素生产率的增长;与资源类、高耗能类工业相比,机械制造类和轻纺类工业的FDI对绿色全要素生产率的促进作用更为显著。最后,本文进行了安慰剂检验,得到了稳健的研究结论。据此,本文认为,引进外资应因地施策、因行业施策,根据各地区的发展阶段和各行业的生产特点,制定合理的引资政策,促进工业企业实现绿色转型发展。

At present,the extensive development mode of high consumption,high emission and high pollution has been difficult to sustain.Therefore,the green transformation and upgrading of industrial enterprises urgently need to be realized,and the impact of foreign direct investment (FDI) on the green total factor productivity of industrial enterprises cannot be ignored.On the one hand,the international technology spillover effect brought by FDI will provide a new power for the industrial restructuring and promote the growth of the total factor productivity of the host country.On the other hand,FDI also will bring environmental pollution problems to host countries.Therefore,under the new normal situation of China s economic development,it is of great practical significance to study the impact of FDI on green total factor productivity and green industrial transformation from the perspective of technology spillover effect and environmental pollution effect.Based on Malmquist-Luenberger (ML) index,we calculated the green total factor productivity of industrial enterprises,and further tested the net effect of FDI on the green total factor productivity of enterprises by using the propensity score matching (PSM) method and the difference-in-difference (DID) method. Based on the existing research,this paper made a new expansion and extension from three aspects.Firstly,existing literatures mainly studied the impact of FDI on green total factor productivity from the macro level and the medium level,but this paper from the perspective of micro enterprises.In fact,the reason is that the investigation and study at the micro enterprise level can reveal the real impact of FDI on green total factor productivity in a more scientific way.Secondly,in terms of research methods,this paper combined ML index method,PSM and DID method to measured green total factor productivity of enterprises,tested the homogeneity of samples,confirmed the net effect of FDI on green total factor productivity of enterprises,and conducted placebo test on the results under the environmental constraints.Thirdly,in terms of research content,this paper further analyzes the influence characteristics of FDI on enterprises green total factor productivity from multiple aspects,such as hysteresis effect,regional heterogeneity and industry heterogeneity.This paper supplements the existing literatures and provides references for industrial enterprises in different industries and regions in the process of green transformation. The empirical results of this paper show that:(1) The difference of green total factor productivity between domestic enterprises and foreign enterprises in the same industry is obvious.The average value of green total factor productivity of some typical energy-consuming and high-emission industries is obviously higher than that of domestic enterprises,but the growth rate of green total factor productivity of domestic enterprises is higher than that of foreign enterprises.(2) On the whole,the introduction of foreign capital promotes the growth of industrial green total factor productivity,which is sustained and lagging,and eventually shows a downward trend.(3) The results of regional heterogeneity test show that FDI mainly promotes the growth of green total factor productivity of enterprises in the eastern region,while FDI does not significantly promote enterprises green total factor productivity in the central and western regions.(4) The results of industry heterogeneity test show that FDI of machinery manufacturing industry and textile industry has a significant positive effect on green total factor productivity,while FDI of resource industry and energy-consuming industry has no obvious effect on green total factor productivity. Based on the above empirical results,this paper comprehensively considers the rigid constraints of opening to the outside world and resources and environment,in order to further promote the growth of green total factor productivity of industrial enterprises and realize the development of green transformation.This paper puts forward three suggestions.Firstly,we should introduce high-quality green foreign capital and release the positive effect of FDI.Secondly,we should implement a differentiated regional investment policy.Third,differentiated industry investment policies also need to be implemented.