环保处罚下的企业行为:“迎难而上”还是“避走他乡”?——来自对外直接投资的经验证据

Enterprise Behaviors under Environmental Punishments: Rise to the Challenges or Away from Home? Empirical Evidence from OFDI

基于手工搜集整理的公众环境研究中心(IPE)公布的环保处罚数据和独特的企业对外直接投资数据,文章考察了环保处罚对企业对外直接投资的影响。研究发现,环保处罚越重,即企业环保处罚次数越多、处罚金额越大,对外直接投资规模越小;环保处罚主要通过减少企业长期贷款,从而降低企业对外直接投资水平;环境规制下企业绿色创新和企业社会责任的增加,会进一步挤出企业对外直接投资;环保处罚对企业对外直接投资中的绿地投资和跨国并购均存在抑制效应,且对绿地投资的抑制效应更强。研究表明,虽然短期内环境规制会对企业“走出去”产生不利影响,但从长期来看,环境规制带来的绿色创新和社会责任投资促使企业在国际市场上获得更多竞争优势,从而对企业“走出去”产生积极影响。

Based on the data of environmental punishments provided by the Institute of Public and Environmental Affairs(IPE) and the unique data of OFDI, this paper investigates the impact of environmental punishments on OFDI. This paper finds that the more times of environmental punishments and the more amount of environmental penalties, the smaller scale of enterprises’ OFDI. The environmental punishments reduce the level of OFDI mainly by reducing the long-term loans. The increase of corporate green innovation and corporate social responsibility under environmental regulations will further crowd out OFDI. The environmental punishments have an inhibiting effect on both the greenfield investment and cross-border mergers and acquisitions(M&A) in OFDI, and the inhibiting effect on greenfield investment is stronger. The results show that although environmental regulation has a negative impact on enterprises’ going global in the short term, green innovation and socially responsible investment brought by environmental regulation will enable enterprises to gain more competitive advantages in the international market in the long term, which has a positive effect on enterprises’ going global.