环境监管约束“硬化”、外商撤资和外资结构绿色升级

Tightening Environmental Regulation,Foreign Capital Divestment and Green Upgrading of the Foreign Investment Structure

在中国环境监管力度不断增强的同时,外商投资企业撤资的规模也呈不断扩大的趋势。本文以“十一五”规划中减排目标的约束收紧为准自然实验考察了环境监管对外商撤资的影响。研究结果表明,环境监管约束“硬化”的确导致了外商撤资,但这一效应仅在短期存在,政府的环境治理基础设施建设能有效减缓外商撤资;环境监管约束“硬化”虽然使部分存量外资撤离,但并不会影响外资的流入,而且有助于从整体上推动外资结构绿色升级。此外,来自环境监管较严格国家(地区)和污染强度较高行业的外资对监管“硬化”的反应更加敏感。

While regulatory environmental oversight in China has been continuously strengthened,the scale of foreign direct divestment has also been showing an increasing trend.Considering the mandatory emission reduction target constraints reinforced by the Eleventh Five-Year Plan(2006-2010),this paper examines the impact of environmental regulation on foreign divestment.The results of the study demonstrate that“tightening”environmental regulatory constraints leads to foreign direct divestment,but this effect is only significant in the short term,and the construction of government environmental governance infrastructure can effectively mitigate this effect.Although the“tightening”of environmental regulatory constraints significantly increases foreign direct divestment,it does not affect the inflow of foreign capital,and helps to promote the green upgrading of the industrial structure of foreign direct investment as a whole.Further research indicates that foreign investment from countries with stricter environmental regulations and industries with higher pollutant intensity are more sensitive to the“tightening”of environmental regulation.