环境标准软联通与企业对外直接投资:来自国际环境认证的研究视角

Soft Connections of Environment Standards and Corporate OFDI:A Research Perspective from International Environmental Certification

文章选取国际环境认证这一环境标准软联通方式作为研究视角,运用沪深A股上市公司2007~2020年的经验证据,探讨了其对企业对外直接投资的影响。研究发现,国际环境认证能够促进企业对外直接投资,企业通过国际环境认证来进行环境标准软联通有助于其“走出去”。进一步分析影响机制发现,国际环境认证不仅有助于通过改善企业环境绩效以降低环境壁垒,还有助于通过缓解企业融资约束来降低资金壁垒,从而促进企业对外直接投资。截面分析发现,当投资国家为“一带一路”国家、行业特质为重污染、市场竞争为高程度、产权性质为民营时,国际环境认证更能促进企业对外直接投资。研究结论揭示了国际环境认证视角下环境标准软联通的对外直接投资效应,拓展了企业对外直接投资的制度因素研究,为政府推进环境标准软联通、企业实现“走出去”提供了决策参考。

Promoting soft connections of environmental standards is a key initiative in building a new system of open economy.This paper selects international environmental certification among an soft linkage approach of environmental standards as a research perspective,and explores its impact on enterprises′outward foreign direct investment(OFDI)using empirical evidence of Shanghai and Shenzhen A-share listed companies from2007to2020.The study finds that international environmental certification can promote OFDI,suggesting that international environmental certification is a way for enterprises to soft-link environmental standards and help them to"go global".Further,the analysis of the impact mechanism reveals that international environmental certification not only helps to reduce environmental barriers by improving firms′environmental performance,but also helps to reduce financial barriers by alleviating firms′financing constraints,thus promoting OFDI.Finally,it is found that international environmental certification is more effective in promoting OFDI when the country of investment is the Belt and Road countries,the industry is heavily polluted,the market competition is in a high level,and the nature of property rights is private.The findings of this study reveal the effect of international environmental certification on OFDI,expand the study of institutional factors of OFDI,and provide a reference for the government to promote the soft linkage of environmental standards and enterprises to"go global".