对外直接投资与企业环保投资——杠杆效应还是挤出效应?

Outward foreign direct investment and corporate environmental protection invest-ment:leverage effect or crowding-out effect?

对外直接投资(OFDI)是提高企业环保投资的重要因素。该研究以A股上市企业2010—2020年数据作为样本,利用PSM‑DID方法实证检验对外直接投资对企业环保投资的影响及其机制。研究结果显示:①对外直接投资显著促进了企业的环保投资,多种稳健性检验证明该结论的可靠性。②机制检验发现,对外直接投资一方面可以通过提高企业的环境责任和利润两个机制来促进企业的环保投资,另一方面也能够通过加剧企业融资约束机制来减少企业的环保投资。其中,环境责任提升机制和利润提升机制的正向影响大于融资约束加剧机制的负向影响。③从投资动机差异来看,商贸服务型和当地生产型的对外直接投资对企业环保投资的影响显著为正,技术研发型和资源开发型的对外直接投资对企业环保投资的影响不显著。进一步机制检验发现,由于技术研发型和资源开发型的对外直接投资无法提高企业的利润,最终无法提高企业的环保投资。④从投资东道国差异来看,对发达国家的对外直接投资对企业环保投资的影响显著为正,对发展中国家的对外直接投资对企业环保投资的影响不显著。进一步机制检验发现,由于对发展中国家的对外直接投资不能有效提升企业的环境责任,最终也无法提升企业的环保投资。⑤进一步研究发现,对外直接投资对企业环保投资的促进作用,不仅体现在提高整体投资的“杠杆效应”,也体现在挤出其他投资(非环保投资)的“挤出效应”。该研究为中国企业利用对外直接投资提高环保投资,实现绿色发展提供了重要的经验证据。

Outward foreign direct investment(OFDI)is an important factor in increasing corporate investment in environmental protection.This study used the data of A-share listed companies from 2010 to 2020 as a sample and employed the PSM-DID method to empirically test the impact of OFDI on corporate environmental protection investment and its mechanisms.The research results showed that:①OFDI significantly promoted corporate environmental protection investment,and various robustness tests proved the reliability of this conclusion.②The mechanism test found that OFDI could promote corporate environmental protection investment through two mechanisms:improving corporate environmental responsibility and profit,and reducing environmental protection investment by exacerbating corporate financing constraints.Among them,the positive impact of the mechanisms of environmental responsibility enhancement and profit enhancement outweighed the negative impact of exacerbating financing constraints.③In terms of differences in investment motives,the impact of business service-type and local production-type OFDI on corporate environmental investment was significantly positive,while the impact of technology R&D-type and resource development-type OFDI on corporate environmental investment was not significant.Further mechanism tests found that since technology R&D-type and resource development-type OFDI could not improve corporate profits,they ultimately could not enhance corporate environmental protection investment.④From the viewpoint of differences in investment host countries,the impact of OFDI to developed countries on corporate environmental investment was significantly positive,whereas the impact of OFDI to developing countries on corporate environmental investment was not significant.Further mechanism tests found that since OFDI to developing countries could not effectively enhance corporate environmental responsibility,it ultimately could not boost environmental investment.⑤Further research found that the promotion effect of OFDI on corporate environmental protection investment was reflected not only in the‘leverage effect’of improving the overall investment but also in the‘crowding-out effect’of crowding out other investments(non-environmental protection investment).This study provides important empirical evidence for Chinese enterprises to use OFDI to increase environmental protection investment and achieve green development.