企业对外直接投资对母国环境污染的影响：本地效应与空间溢出

The Impact of Outward Foreign Direct Investment on Environmental Pollution in Home Country: Local and Spatial Spillover Effects

本文基于2005—2016年中国上市公司对外直接投资数据,同时匹配地级及以上城市PM2.5等污染数据,采用面板空间滞后模型等方法,实证检验企业对外直接投资对母国本地环境污染的影响及其作用机制。研究结果发现:企业对外直接投资增加会显著改善本地城市的空气污染水平,同时会减少本地城市向周边城市的污染溢出。企业对外直接投资对本地环境污染的抑制作用受到城市规模、对外投资方式和城市污染程度的差异性影响。进一步的机制检验表明,企业多元化投资战略整合了上下游资源,提高生产经营效率的同时降低了能耗水平;在国内环保标准不断提高的新形势下,部分传统制造业通过产业转移的方式降低了本地污染排放;企业还通过对外直接投资逆向技术溢出获得节能减排的生产技术和管理经验,从而改善了本地环境质量。在剔除直辖市、更换控制变量、将因变量替换为水污染以及传统的空气污染物、扩大城市覆盖面以及考虑内生性等情况下,本文的实证结果仍然稳健。本文深化了企业国际投资与母国环境治理的研究,为促进城市的绿色发展提供了不同的思路和政策建议。

Based on OFDI data of Chinese listed companies from 2005 to 2016,this paper matches the PM2.5 pollution data of prefecture and above cities,and utilizes panel spatial lag model to empirically test the impact and mechanism of enterprises’OFDI on home country.It is found that OFDI will significantly reduce the environmental pollution level of local cities,and at the same time reduce the pollution spillover of local cities to surrounding cities.The suppression effect of enterprises’OFDI on local environmental pollution is affected by the differences in urban scale,urban pollution level and foreign investment mode.Enterprises’diversified investment strategy,which integrates upstream and downstream resources,can improve the efficiency of production and operation while reducing the energy consumption level.Under the new situation of stricter domestic environmental protection standards,some traditional manufacturing industries have reduced local pollution emissions through industrial transformation.Enterprises also gain managerial and technical experience of energy saving and emission reduction in production through reverse technology spillover from OFDI,contributing to better environmental quality.The empirical results are still robust in the case of eliminating municipalities,replacing control variables,replacing air pollution with water pollution,expanding city coverage,and considering endogeneity.This paper strengthens the research of international investment and environmental governancein China,and provides different ideas and policy suggestions for promoting the green development of cities.