环境规制是否抑制了外商直接投资的流入?

Does Environmental Regulation Restrain FDI Inflow?

基于中国工业企业数据库、中国环境数据库和国泰安城市数据库的匹配数据,采用赫克曼(Heckman)两阶段模型,本文研究了环境规制对外商直接投资(FDI)流入的影响及作用机制。研究结果表明:环境规制对企业的FDI决策和FDI数量均具有显著的负向影响,并且对污染行业企业的负向影响更大、更明显;无论是港澳台投资还是外商投资,环境规制都对其引资决策和引资数量产生了显著的负向影响,并且对外商投资的负向影响更大、更明显;环境规制对私营企业、中西部地区企业、劳动密集型企业、低生产率企业、小规模企业和高融资约束企业的引资行为具有更大、更明显的负向影响;金融危机后,环境规制对FDI的负向影响增强;环境规制通过生产成本效应抑制了FDI的流入,并通过创新激励效应促进了FDI的流入,并且生产成本效应明显大于创新激励效应。

Based on the matched data of the China industrial enterprise database,the China environment database and the CSMAR city database,this paper uses the Heckman two-stage model to study the impact and mechanism of environmental regulation on the foreign direct investment(FDI)inflow.The results show that:environmental regulation has a significantly negative impact on FDI decisions and FDI quantity of enterprises,and has a significantly greater negative impact on enterprises in polluting industries.Whether it is investment from Hong Kong,Macao and Taiwan or foreign investment,environmental regulation has an obvious negative impact on FDI decisions and FDI quantity,which is more significant on foreign investment.Besides,environmental regulation has a greater negative impact on the investment behavior of private enterprises,enterprises in central and western regions,labor-intensive enterprises,low-productivity enterprises,small-scale enterprises and enterprises with high financing constraints.After the financial crisis,the negative impact of environmental regulation on FDI is enhanced;environmental regulation inhibits the FDI inflow through the production cost effect,which is significantly greater than the innovation incentive effect,and promotes the inflow through the innovation incentive effect.