Environmental regulation,hidden economy,and China's outward foreign direct investment

The need to balance economic growth and its environmental impact continues to be a serious issue in China.As environmental regulation in China increases in importance,it is critical to understand how it impacts economic growth drivers such as outward foreign direct investment(OFDI)to formulate effective policies.One consideration should be the hidden economy,which can weaken the effects of environmental regulation on OFDI.This study investigates the scale of the hidden economy in 30 provinces and province-level municipalities in China in the period 2004 to 2015.The study uses the multiple indicators and multiple causes(MIMIC)model and the systematic generalized method of moments(GMM)test to analyze the impact of environmental regulation and the hidden economy on China's OFDI.The results show that stronger environmental regulation promotes OFDI.However,the hidden economy inhibits China's OFDI,as the positive effects of environmental regulation that drive OFDI are distorted.From a regional perspective,stronger environmental regulation promotes OFDI as well,while the hidden economy inhibits it.The interaction between environmental regulation and the hidden economy also inhibits it significantly.

Impact of China’s outward foreign direct investment on environmental pollution in the home country

In the context of economic globalization and increasingly tight resource and environmental constraints,the environmental effect of open economy has been highly concerned by the academic community.With the implementation of the“Going Global”campaign and the“Belt and Road Initiative”,China’s OFDI has been expanding.What is the impact of the rapid growth of OFDI on the home environment?How can China improve the quality and level of OFDI in order to promote domestic green development under the dual context of constructing a new dual circulation development pattern and advocating green development?These questions deserve further discussion.Most of the existing literature focuses on the empirical interpretation of OFDI’s home country environmental effect by using linear models,while few involve nonlinear models.The literature on the important role of financial development in home country and the threshold effect of OFDI on home country environment is even less common.In view of this,based on the mechanism of argumentation and propositional inference,this paper calculated the environmental pollution index of 30 provinces in China from 2003 to 2017 by using China’s provincial panel data of these years and selecting industrial waste water,industrial waste gas,industrial SO_(2),and industrial soot emissions and industrial solid waste production amount index.Then,this paper empirically studied China's OFDI home environment of financial development threshold effect by constructing financial development as the threshold variables panel threshold model.The results showed that:①China’s OFDI had a significant impact on the environment of the home country,based on the level of financial development of the home country.When China’s financial development level was lower than the first threshold value,China’s OFDI had a significant restraining effect on environmental pollution in the home country.When China’s financial development level crossed the first threshold value but did not exceed the second threshold value,China’s OFDI significantly enhanced its inhibiting effect on environmental pollution in its home country.When China’s financial development level was higher than the second threshold value,the inhibiting effect of China’s OFDI on environmental pollution in the home country was further enhanced.②In the sample period,the financial development level of most provinces in China was not high.Only a few provinces with high financial development level had a strong inhibiting effect on environmental pollution in their home country,and the provinces with a high degree of coupling and coordination between OFDI and financial development tended to have a low level of environmental pollution.Accordingly,this paper proposes to optimize the financial service environment of OFDI,improve the green technology content of OFDI,and strengthen the original innovation and re-innovation ability of green technology.

Foreign direct investment and environmental pollution:A fiscal decentralization perspective

Based on the panel data of 272 prefecture-level cities in China from 2003 to 2017,this study used the comprehensive index of environmental pollution to measure local environmental pollution,and employed the panel simultaneous equation to analyze the relationship between fiscal decentralization,foreign direct investment,and environmental pollution.The results showed that environmental pollution has the characteristics of time inertia and positive spatial spillover;fiscal decentralization and local government competition have a significant“race to bottom”effect on environmental pollution;and with the increase of fiscal decentralization,environmental quality will deteriorate.In the interaction between foreign direct investment and environmental pollution under the system of fiscal decentralization,foreign direct investment aggravates environmental pollution.Meanwhile,if the environmental pollution in a given region is serious,the willingness of foreign investors to invest therein is lessened to a certain extent.Based on the conditions in China,certain policy suggestions are put forward to increase environmental quality,such as building a comprehensive performance assessment mechanism that includes environmental quality,optimizing the decentralization system,and raising the threshold of foreign investment access.

Provisional Regulations on Directing Foreign Investment

Article 1 These regulations are formulated according to the rules of the State Law on foreign investment and the requirements of industrial policies to direct foreign investment, ensuring that it adapts to the programmes of China’s national economy and social development and protecting the legal rights and interests of investors.

Tax Burden,Institutional Environment and Foreign Direct Investment Flow:From the Perspective of Asymmetric International Tax Competition

The global economic uncertainty is mounting.Governments need to respond with supporting measures for long-term external environment changes as they lower tax burden to attract working capital.Based on the asymmetric tax competition theory,this paper constructs a theoretical model of tax burden,institutional transaction costs and FDI flow.It is found that one country’s strength of institutional environment makes its equilibrium tax rate higher than that of another within certain limits of market size.Based on the data of 199 countries and regions from 2005 to 2018,this paper conducts an empirical analysis,proving that favorable institutional environment narrows the negative impact of tax burden on FDI fl ow.Moreover,it is showed that in small-market,low-income countries and regions,tax burden level has a larger negative impact on foreign direct investment(FDI)when institutional environment produces no positive impact;in large-market,high-income countries,the negative impact of tax burden is relatively weak but the institutional environment shows largely positive impact.This paper contributes some policy recommendations on how to make use of and improve institutional environment to meet challenges and impacts of the international economic climate.

Influence of local environmental target constraints on enterprise OFDI

By collecting the environmental target constraints in the annual government work report of prefecture-level cities,this paper studies its impact on local enterprises’OFDI.The main conclusions are as follows:(1)Both direct and indirect constraints have a significant positive impact on enterprises’OFDI,and the degree of direct constraints is stronger than that of indirect constraints.(2)Environmental target constraints of local governments will affect corporate OFDI behavior by affecting production costs,local economic development level and local openness,and(3)There are regional heterogeneity and investment type heterogeneity in the impact of environmental goal constraints on corporate OFDI.The suggestions are as follows:government departments can appropriately strengthen the constraint intensity of environmental targets and formulate specific restraint rules for industries with different levels of pollution,so as to effectively make use of the technology spillover effects brought about by OFDI to promote the upgrading of domestic industrial structure.When making OFDI,enterprises should clarify the investment motivation,strengthen corporate social responsibility,and make use of technology spillover effect to promote the upgrading and development of home country industry while being beneficial to their own development.

对外直接投资与企业环保投资——杠杆效应还是挤出效应?

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。

区域一体化与企业绿色创新——基于长三角城市经济协调会扩容的准自然实验

在推进新时代区域协调发展战略实施和推动企业绿色转型的双重背景下,区域一体化的绿色创新效应究竟如何是一个值得探讨的问题。以2004—2021年A股上市公司为研究样本,以长三角城市经济协调会扩容为准自然实验,采用双重差分法检验了长三角城市群一体化对企业绿色创新的影响效应及其机理。研究发现:(1)区域一体化促进了企业绿色创新水平的提升,这一促进效应体现在降低企业成本和释放市场需求空间上。(2)企业异质性检验结果表明,相比于劳动密集型企业而言,资本及技术密集型企业对于区域一体化政策的绿色创新效应更加敏感。(3)机制检验结果表明,区域一体化一方面吸引了外商直接投资的流入,通过资金及技术溢出效应提高企业绿色创新水平;另一方面增强了环境规制力度,通过创新补偿效应提升企业绿色创新意愿。研究结论丰富了区域一体化微观经济后果研究和企业绿色创新影响因素的文献,同时也为如何实现生态环境保护与经济高质量发展的双重红利提供了重要启示。

基于异质性环境规制视角下FDI对碳排放的影响研究

本文利用2000-2015年我国30个省区面板数据,运用面板模型和门槛模型估计方法,考察异质性环境规制下FDI对碳排放的影响研究,得出如下结论:第一,在不考虑环境规制情况下,FDI与碳排放总量呈现正相关;第二,在命令控制型环境规制下,FDI整体不利于中国的碳排放事业,且在较高的环境规制水平下,环境规制的约束力已经完全失去作用,FDI对碳排放的促进作用呈现恶性增加;第三,在市场激励型环境规制下,FDI与碳排放之间呈现一种“U”型关系,随着环境规制的强度不断上升,FDI对碳排放由抑制作用转变为促进作用,本质上是市场激励型环境规制约束作用失效;第四,在公众自愿型环境规制下,FDI整体增加了中国碳排放总量,且随着公众自愿型环境规制的强度增加,FDI对碳排放的促进作用加强。

农业绿色先行与外商投资优化

在全球经济一体化和环境可持续发展的背景下,外商投资对区域经济发展至关重要。国家农业绿色发展先行区政策作为一项重要举措,对于试点地区吸引外商投资至关重要。该研究基于2015—2021年中国286个地级市数据,其中包括71个试点城市,采用多时点双重差分法验证该政策对试点地区吸引外商投资的影响效应。研究发现,该政策能显著促进试点地区吸引外商投资,特别是在胡焕庸线东南半壁地区和普通地级市等地区效果更为显著。机制检验结果显示,该政策主要通过科研投入机制和环境改善机制来吸引外商投资。这些结果可为进一步推动农业绿色发展先行区政策提供重要参考。

What Is the Role of FDI in Environmental Pollution？---Evidence ti＇om China

This paper analyzes the distribution patterns and spatial dynamic transitions of foreign direct investment （FDI） and pollution from 2000 to 2009 in China＇s provinces by using the comprehensive pollution index （CEPI） and exploratory spatial data analysis. Findings suggest that FDI as well as environmental pollution in our provinces exists an obvious spatial autocorrelation, both of them have remarkable characteristics of path dependence and form different accumulation areas. Currently, the accumulations of highlevel FDI correspond to low-level environmental pollution, while the accumulations of low-level FDI are associated with high-level environmental pollution. Furthermore, the authors have empirically analyzed the impact of FDI on China＇s environmental pollution by spatial error model （SEM） and spatial lag model （SLM） respeetively. Findings suggest that the geographical clustering of FDI has a positive impact on China＇s environment, in general, ＂Pollution Haven Hypothesis＂ is invalid in China. In addition, there are remarkable differences in the impact of FDI on environmental pollution due to different sources, the foreign capital from offshore financial centers has significantly alleviated pollution in China while that from developed countries in East Asia and the West has played an insignificant role in environmental pollution.

环境规制、外商直接投资与绿色经济高质量发展

选取2012—2021年中国30个省级面板数据,实证分析环境规制对绿色经济高质量发展的传导机制、影响效应及地区异质性。结果表明:环境规制对绿色经济高质量发展存在显著正向促进作用,且具有积极空间溢出效应。进一步分析发现,环境规制促进绿色经济高质量发展具有区域异质性;外商直接投资在环境规制与绿色经济高质量发展的影响机制中发挥重要中介作用;门槛检验结果发现,环境规制对绿色经济高质量发展的影响存在非线性关系。基于此,提出完善环境规制政策、差异化引入外商直接投资、统筹全国环境规制空间布局等建议。

环境污染是否阻碍了外资结构绿色转型?

基于城市层面和微观企业层面的数据,本文以大气逆温和政府环境治理作为环境污染的工具变量,探讨污染对外资结构绿色优化的影响。研究结果表明:环境污染与外资流入之间存在明显的倒“U”型关系,但这种倒“U”型关系仅表现在中西部地区,东部地区污染的加重会减少外资的持续流入;污染主要加重了清洁型外资的流出,从而不利于地区外资结构绿色优化调整;人才流失和效率损失是清洁型外资出走的重要原因。政府环境治理在治污中发挥着重要作用,“先污染后治理”的发展道路不利于地区引资结构绿色转型,环境治理一定程度上能够促进外资结构的绿色优化调整。

基于环境规制视角分析外商直接投资对中国碳排放污染的影响

21世纪以来,中国外商直接投资流入规模逐年增加,2020年首次超过美国成为了最大外资流入国。外商直接投资流入伴随着污染转移、技术转移与结构转移,对中国碳排放产生了复杂影响。外商直接投资流入是否增加了中国的碳排放环境负荷,日趋严格的环境规制是否改变这一效应,为回答以上问题,将环境规制作为调节变量,基于1998−2017年省级面板数据,使用空间杜宾模型分析外商直接投资对中国碳排放的影响。研究发现:一定规模内的外商直接投资流入在中国整体上呈现出“污染光环”效应,即减少了碳排放,到达拐点后会呈现为相反的增排效应;外商直接投资流入对相邻地区碳排放的溢出效应大于对本地区碳排放的直接效应,作用方向分别呈现为倒U型和U型;环境规制的调节作用主要表现为反作用力,缓冲碳排放量的猛增与猛减。

外商直接投资对河北省碳排放的影响研究——“污染光环”抑或“污染天堂”

外商直接投资(FDI)是经济增长的关键要素,河北省在大力引入外资推动经济发展经济的同时,会对本地区碳排放产生一定的作用,厘清二者之间的影响机理,对河北省顺利实现双碳目标具有较高参考价值。首先,选取河北省内各地市的相关数据作为研究对象,运用固定效应模型对FDI与碳排放之间的内在联系进行论证,结果表明:河北省FDI与碳排放存在显著的正相关,城市创新能力提升可有效缓解FDI对碳排放的促进作用。其次,运用面板门槛模型,以政府干预和人口密度为门槛变量,发现FDI对碳排放强度存在显著的政府干预双门槛效应和人口密度单门槛效应。最后,在河北引进外资的过程中,要提高准入门槛,同时注重城市创新力培养和高级人才队伍建设,推动本省FDI与节能减排协调发展。

制度差异、营商环境与对外直接投资

基于2006—2020年我国对97个国家和地区进行直接投资的数据,考察制度差异对我国对外直接投资的影响以及营商环境的调节作用,并将制度差异与营商环境的细分因素相结合来讨论投资企业在面临制度差异的情况下,营商环境各子因素的作用。研究结果表明,制度差异与我国对外直接投资呈负相关关系,而东道国较好的营商环境能够有效缓解其负向作用,这种影响对东道国非“一带一路”沿线国家及未与我国签订双边投资协定的国家更为显著。此外,在对东道国营商环境的具体分析中,文章发现保护少数者投资、跨境贸易和破产处理便利度能够有效提升企业投资意愿,而信贷便利度则会因东道国较大的竞争力导致企业投资意愿下降。因此,企业应全面地考察东道国的营商情况,做到合理决策、精准投资。

中国FDI环境效应的再检验

改革开放以来,外商直接投资(FDI)的涌入为中国经济发展注入了新活力,并成为中国经济高速增长的重要引擎之一。然而,随着康菲石油渤海漏油事故、江苏启东王子造纸排污和阿玛尼污染投诉等涉外污染事件报道频出,学术界对于FDI涌入可能带来的负面环境效应表现出一定担忧。现有文献多聚焦于整体层面的FDI环境效应检验,而对其区域差异及原因产生机制的系统探究并不多见。为此,本文从理论判断和命题推演出发,利用2003—2014年中国省际面板数据,以改进熵值法拟合环境污染综合指数,并构建普通面板模型,实证检验了FDI流入对中国环境污染的影响及其区域差异。结果表明,总体而言,"污染光环"假说在中国基本成立,即FDI流入在一定程度上改善了中国环境质量,但不同地区FDI的环境效应有所不同,其主要表现为沿海和内陆地区FDI具有显著的"污染光环"效应,且前者强于后者,而沿边地区FDI具有不明显的"污染天堂"效应。在此基础上,构造面板门槛模型,进一步系统考察了FDI对中国环境污染影响的4种主要吸收能力因素的门槛效应。门槛回归结果表明,FDI对中国环境污染的影响显著存在基于经济发展、环境规制、人力资本和金融发展水平的双门槛效应。经济发展、人力资本和金融发展水平越高,FDI的"污染光环"效应越明显,而适度的环境规制才更有利于FDI环境技术溢出的发挥。基于此,本文建议应进一步全方位地提高对外开放水平,一如既往地积极引进并监督FDI;同时地方政府也需认清地区发展的不平衡性,进而采取差异化的引资政策。

异质型环境规制背景下双向FDI对绿色经济效率的影响

中共十九大报告强调,要推进绿色发展,强化环境保护制度。在“一带一路”倡议推进大背景下,中国对外开放重点在于实现“走出去”与“引进来”的结合。鉴于此,以双向FDI和绿色发展的关系作为逻辑起点,探讨不同类型环境规制背景下双向FDI对中国省级绿色经济效率的影响机制。研究结果表明:不同环境规制强度下双向FDI对绿色经济效率的影响是非线性的。当环境规制强度较低时,由于“污染天堂”与“底线竞赛”等现象存在,双向FDI会降低中国地区绿色经济效率;当环境规制强度较高时,由于“污染光环”效应以及寻找新“污染天堂”的需要,双向FDI合力促进高技术、轻污染产业集聚的形成,从而通过结构优化途径促进中国绿色经济效率提升。因此,未来我们在全面深化对外开放的过程中,要重视引导双向FDI形成合理布局,特别是应该强化环境规制,因地制宜完善环境保护政策,激励双向FDI以减少污染损害,从而使得双向FDI从“数量”型向“质量”型转变。

内生的环境规制:“污染天堂假说”在中国的再检验

"污染天堂假说"认为,环境规制的变化会导致污染密集型产业从环境规制较严的国家转移到环境规制较松的国家。"污染天堂假说"虽然存在理论上的合理性,但在经验分析中却无法获得充分的证据支持,究其原因主要有两个方面:一是环境规制变量本身的内生性会干扰检验结果的稳健性;二是经验分析中往往忽略了"要素禀赋"因素对外商直接投资流入的影响。因此,引入"要素禀赋"作为解释变量,同时考虑环境规制的内生性,本文重点从行业角度对"污染天堂假说"在我国是否成立进行再检验。本文选取2001-2008年我国36个工业行业的面板数据,采用面板固定效应模型和随机效应模型进行估计,并利用工具变量法克服环境规制变量的内生性。经验分析的结果表明:在将环境规制视为严格外生变量时,"污染天堂假说"在我国不成立,影响外商直接投资流入我国的主要决定因素是我国较低的资本劳动比;而一旦将环境规制视为内生变量,则实证分析的结果表明"污染天堂假说"在我国也是成立的。

外商投资与国际贸易对中国沿海地区资源环境的影响

论文从定性描述和定量描述的角度,分别对外商投资和国际贸易对沿海地区的资源环境影响进行分析。通过研究发现,尽管在产值总量上,外商投资和国际贸易对沿海地区的资源压力和环境污染做出“贡献”,但是从弹性系数角度,外商投资和国际贸易对地区资源压力和环境污染的影响在逐渐减缓,表明外商投资和国际贸易并不是导致我国沿海地区资源环境压力加大的“罪魁祸首”,反而是减缓这种压力的主要贡献力量。但是,不可否认,在我国接受经济全球化影响的早期阶段,由于部分地区急于吸引外资,以及我国环境管理体系的不完善,的确在某些方面,外资和外贸对沿海地区的资源和环境造成了负面影响。