环境规制与FDI非均衡增长研究
发布时间：2019-06-27 17:29
【摘要】：改革开放以来，随着经济全球化进程的进一步加快，我国外商直接投资获得了长足的发展，并成为推动中国经济高速增长的一个重要引擎。然而，大量外资的涌入也带来了一系列的环境问题。为了实现利润最大化，外资企业通过产业转移和外部成本内部化的方式增强国际竞争力，，并将污染密集型产业转移至环境规制相对较松的发展中国家。而在经济发展和政治晋升的双重压力下，国内的地方政府也不惜以牺牲环境为代价，大力引进一些低技术水平、高污染高能耗的外资企业，使得中国本已脆弱的生态环境更趋恶化。近几年来基于可持续发展理念，政府投入了大量的资金用于污染治理，制定了一系列政策法规加强环境保护监管。但与发达国家相比，由于我国的环境保护意识不强、投入不足、执法力度不够，因而环境规制水平相对较低，落实力度也存在较大的差异，环境规制与FDI选址的关系引起了诸多学者的广泛关注。基于FDI非均衡增长的事实特征，本文分别从FDI的地区分布、行业结构、投资方式、来源地结构、技术水平提升五个角度全面分析了环境规制对FDI非均衡增长的影响，并试图回答以下几个问题：我国的环境规制水平对FDI选址是否存在显著的影响？如果存在，具体的影响渠道或影响机制是什么？环境规制是否造成了FDI在我国地区、行业、来源地、利用外资方式、技术进步等方面的非均衡增长？严格的环境规制是否会刺激外资企业通过技术创新来弥补遵循成本呢？针对以上问题，本文进行了深入探讨。 由于我国各省之间尤其是相邻各省之间的市场及贸易联系非常紧密，因此本文在省级面板模型中纳入空间第三方效应，着重考察本地区及周边地区环境规制水平的变化是如何通过影响外资企业的生产成本及其创新能力来影响FDI在我国的区位分布？研究结果显示：环境规制对FDI区域分布的影响呈U型，东部地区的环境规制水平高于中西部地区，同时，东部地区的环境规制拐点也远高于中西部地区。而周边地区环境规制对FDI的影响呈倒U型，东中西部周边地区倒U型曲线的拐点都远低于当地U型曲线的影响，各地环境规制水平基本处于倒U型曲线的右边。环境规制及其它传统影响因素对FDI区域分布的影响均存在空间第三方效应，且这种效应在东中西部地区表现出不同的特征，这更加全面的解释了影响我国FDI区域分布的因素。 关于环境规制与FDI产业非均衡增长问题，本文通过建立一个三要素、两产品的理论模型，将环境作为一种新型要素投入企业生产经营活动，比较分析环境规制引起的要素边际成本上升对外资行业选择的影响效应。在此基础上，利用2001-2010年我国35个制造业细分行业的面板数据实证检验了环境规制水平对FDI行业进入的影响。研究结果表明：环境规制与FDI行业分布之间呈U型曲线关系，目前绝大部分行业已跨越U型曲线拐点，环境规制所带来的先动优势和创新补偿效应占主导地位；行业内工资水平的提高、产品差异化程度的加强、技术水平的提升和利润率的增加均对FDI具有正向促进作用，但这一影响在清洁型行业和污染型行业中存在差异；滞后一期的FDI与其当期之间存在显著的正向关系，前一期的FDI存量会通过示范效应和推动效应引起外商在该行业投资的增加，FDI行业进入具有明显的路径依赖特征。 鉴于环境规制下绿地投资、跨国并购两种不同投资方式面临的风险及预期收益不同，因而也将影响到外资企业的生产决策。为此，本文通过建立外资投资选择模型对非均衡增长问题进行研究，并在此基础上进一步构建计量模型，实证检验了环境规制对不同投资方式下FDI的影响。理论及实证结果显示，政府的环境规制水平越高，在等额投资条件下使用绿地投资的外资预期收入将小于跨国并购的预期收入；而绿地投资和跨国并购下的FDI与环境规制之间仍存在U型曲线关系，政府的环境规制行为必须与其它经济政策相配合才能更好地使我国的外资投资结构趋于合理，并且在环境规制严格的条件下，基础设施建设成本的提高确实会增加绿地投资的风险。 考虑到目前我国吸引的FDI具有总量大、增速快，外资来源逐渐转向多元化等特点，而不同来源地的FDI对环境规制政策的敏感程度也存在一定的差异。为此，本文考察了相对环境规制力度变化对不同来源地FDI的影响，实证结果显示我国环境规制的加强会在投资初期提高污染型外资的成本和降低其收益，进而导致FDI的增速放缓，而随着环境规制继续加强，非污染型外资逐渐被吸引。同时投资国与中国之间贸易量越大、地理距离越短、政治往来时间越长、对我国周边国家投资越多、该国货币升值越快，其对华投资的增长也越快。而分样本实证研究则显示，环境规制所引致的发展中国家对华投资变动远大于发达国家，发展中国家外资对环境规制的敏感度要高于发达国家。相较于发展中国家，发达国家FDI的集聚效应更明显，同时该国经济规模与离华远近对其对外投资的限制较小。 已有研究表明，严格的环境规制将提高外资企业的进入壁垒，并影响到外资企业进驻的行业分布及市场集中度等，而外资企业也将对外投资作为获取知识溢出的关键渠道，那么环境规制是否通过影响FDI的进入来提高外资企业的技术进步呢？本文运用制造业35个细分行业的面板数据，将环境规制与FDI的创新活动指标纳入计量模型来实证检验环境规制对FDI技术进步的影响，并重点考察了环境规制如何通过技术引进、自主创新及逆向技术外溢等渠道间接促进FDI技术水平的提升。研究结果表明：外资企业全要素生产率的增长主要来源于技术进步增长，而环境规制通过强化FDI的技术转移或创新激励等间接渠道提高自身技术水平，且不同行业的技术属性使得环境规制效应在研发投入高、行业进入程度高、劳动密集型行业中更为显著，其中高研发投入的FDI明显促进了投入型和效率型技术进步，严格的环境规制成为外资企业积极引入母国绿色生产技术与加强自主研发的重要推动力。FDI的逆向技术外溢效应显著为负，并且这种负向效应在FDI渗透较高、资本投入较低的行业更为突出。最后，本文在上述研究结论的基础上提出了相关的政策建议。
[Abstract]:Since the reform and opening-up, with the further acceleration of the process of economic globalization, the foreign direct investment of our country has made great development, and has become an important engine to promote the high-speed growth of China's economy. However, the influx of a large amount of foreign capital has also brought a series of environmental problems. In order to maximize the profit, the foreign-capital enterprise enhances the international competitiveness by means of the intra-industrial transfer and the internalization of the external cost, and transfers the pollution-intensive industries to the relatively loose developing countries in the environment. At the same time, under the double pressure of economic development and political promotion, local governments at home have also made great efforts to introduce some foreign-funded enterprises with low level of technology and high energy consumption at the expense of the environment, so that the fragile ecological environment in China has become more and more serious. In recent years, based on the concept of sustainable development, the government has invested a lot of funds in the pollution control, and formulated a series of policies and regulations to strengthen the supervision of environmental protection. However, compared with the developed countries, because the environmental protection awareness of our country is not strong, the input is not enough, the law enforcement is not enough, the level of the environment regulation is relatively low, the implementation force also has great difference, the relationship between the environmental regulation and the location of the FDI has caused extensive attention of many scholars. Based on the fact characteristics of the non-equilibrium growth of FDI, this paper comprehensively analyzes the influence of environmental regulation on the non-balanced growth of FDI from the regional distribution, the industry structure, the investment way, the source land structure and the technical level of the FDI, and tries to answer the following questions: Does China's environmental regulation level have a significant impact on the location of FDI? What is the specific impact channel or impact mechanism if present? Whether the environmental regulation has caused the non-balanced growth of the FDI in the region, the industry, the source land, the foreign investment way and the technological progress of our country? Will the strict environmental regulation stimulate a foreign-capital enterprise to make up for the following costs through technological innovation? In view of the above problems, this paper makes a deep discussion. As a result of the close relationship between the provinces of our country, especially between the adjacent provinces, this paper has included the third-party effect in the provincial panel model It should be emphasized that the change of the environmental regulation level in the region and the surrounding area is how to influence the location of the FDI in China by influencing the production cost and the innovation ability of the foreign-capital enterprise. The results of the study show that the influence of environmental regulation on the distribution of FDI is U-shaped, and the environmental regulation in the eastern region is higher than that in the central and western regions, and the inflection point of environmental regulation in the eastern region is much higher than that in the central and western regions. The effect of environmental regulation on FDI in the surrounding area is inverted U-shaped, and the inflection point of the inverted U-shaped curve in the surrounding area is far lower than that of the local U-shaped curve, and the environmental regulation level in all regions is basically in the right of the inverted U-shaped curve. The influence of environmental regulation and other traditional influencing factors on the distribution of FDI has a third-party effect, and this effect shows different characteristics in the central and western regions, which is more comprehensive and explains the influence of the regional distribution of FDI in China. In this paper, by establishing a three-element and two-product theoretical model, the paper puts the environment as a new element into the enterprise's production through the establishment of a three-element and two-product theoretical model. The activity of the camp, the comparison and analysis of the factors of the environmental regulation, the marginal cost of the factors, the shadow of the choice of the foreign capital industry On this basis, using the panel data of China's 35 manufacturing industries in 2001-2010, the paper has tested the environmental regulation level to the FDI industry. The results show that the relationship between the environmental regulation and the distribution of the FDI industry is a U-shaped curve, most of the industry has crossed the U-shaped curve inflection point, the first-mover advantage and the innovation compensation effect brought by the environmental regulation are dominant, and the wages in the industry The improvement of the product differentiation degree, the improvement of the technical level and the increase of the profit rate have a positive effect on FDI, but this effect is different in the clean-type industry and the pollution-type industry, and there is a significant positive correlation between the first-stage FDI and the current period In relation to the relationship, the FDI stock of the first stage will result in the increase of foreign investment in the industry through the model effect and the promotion effect, and the FDI industry will have a clear path. On the basis of the characteristics of green space under the regulation of the environment, the risks and expected income of the two different types of investment in the cross-border M & A are different, and the foreign-capital enterprise will also be affected In this paper, the non-equilibrium growth problem is studied through the establishment of the foreign investment selection model, and the measurement model is further constructed. The result shows that the higher the environmental regulation level of the government, the expected income of the foreign capital invested by the green space under the equal amount of investment will be less than the expected income of the cross-border M & A, and there is still a U between the FDI and the environmental regulation in the greenfield investment and the cross-border M & A The government's environmental regulation should be matched with other economic policies in order to make the investment structure of the foreign capital of our country more reasonable, and under the strict conditions of environmental regulation, the improvement of the construction cost of the infrastructure will certainly increase the green space. The risk of investment is that FDI in China has the characteristics of large total amount, fast growth rate and gradual change of foreign capital, and the sensitivity of FDI to environmental regulation policies of different sources also In this paper, the effect of the change of the relative environmental regulation on the FDI in different sources has been investigated. The empirical results show that the strengthening of the environmental regulation in China will increase the cost of the pollution-type foreign capital and lower its income in the early stage of the investment, thus leading to the slowdown of the growth of FDI, and as the ring The environmental regulation has continued to be strengthened and the non-pollution type The larger the amount of trade between the investment country and China, the shorter the geographical distance, the longer the political contact time, the more investment to the neighboring countries of our country, the faster the currency appreciation of the country, its investment in China The faster the growth of the capital, the empirical study of the sub-sample shows that the change of the investment in China from the developing countries caused by the environmental regulation is much higher than that of the developed countries and the foreign capital of developing countries to the environmental regulation. In comparison with the developing countries, the agglomeration effect of FDI in the developed countries is more obvious, and the economic scale of the country and the distance from China to the other The limitation of investment is small. The existing research shows that the strict environmental regulation will improve the entry barrier of the foreign-capital enterprise and affect the industry distribution and market concentration of the foreign-capital enterprise, and the foreign-capital enterprise will also invest in the foreign capital as an acquisition The key channel of knowledge overflow, whether the environmental regulation is improved by affecting the entry of FDI The paper uses the panel data of 35 sectors of manufacturing industry to integrate the environmental regulation and the innovation activity index of FDI into the measurement model to examine the effect of the environmental regulation on the progress of the technology of FDI. How to promote F indirectly through technology introduction, independent innovation and reverse technology spillovers The results of the research show that the growth of the total factor productivity of the foreign-capital enterprise is mainly from the growth of the technology, and the environmental regulation is the indirect channel such as the technology transfer of the FDI or the innovation incentive. The technology attribute of different industries has made the environmental regulation effect higher in R & D investment, high in the industry, and more prominent in the labor-intensive industry, and the FDI in the high R & D investment obviously promotes the investment The technological progress of the type and efficiency, the strict environmental regulation becomes a foreign-capital enterprise and actively introduces the green production technology and the strengthening of the home country The main driving force of main research and development is that the reverse technology spillover effect of FDI is negative, and this negative effect is higher in FDI and capital investment The lower industry is more prominent. In the end, this paper is based on the conclusions of the above-mentioned research
【学位授予单位】：湖南大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：X32;F832.6
本文编号：2506995
[Abstract]:Since the reform and opening-up, with the further acceleration of the process of economic globalization, the foreign direct investment of our country has made great development, and has become an important engine to promote the high-speed growth of China's economy. However, the influx of a large amount of foreign capital has also brought a series of environmental problems. In order to maximize the profit, the foreign-capital enterprise enhances the international competitiveness by means of the intra-industrial transfer and the internalization of the external cost, and transfers the pollution-intensive industries to the relatively loose developing countries in the environment. At the same time, under the double pressure of economic development and political promotion, local governments at home have also made great efforts to introduce some foreign-funded enterprises with low level of technology and high energy consumption at the expense of the environment, so that the fragile ecological environment in China has become more and more serious. In recent years, based on the concept of sustainable development, the government has invested a lot of funds in the pollution control, and formulated a series of policies and regulations to strengthen the supervision of environmental protection. However, compared with the developed countries, because the environmental protection awareness of our country is not strong, the input is not enough, the law enforcement is not enough, the level of the environment regulation is relatively low, the implementation force also has great difference, the relationship between the environmental regulation and the location of the FDI has caused extensive attention of many scholars. Based on the fact characteristics of the non-equilibrium growth of FDI, this paper comprehensively analyzes the influence of environmental regulation on the non-balanced growth of FDI from the regional distribution, the industry structure, the investment way, the source land structure and the technical level of the FDI, and tries to answer the following questions: Does China's environmental regulation level have a significant impact on the location of FDI? What is the specific impact channel or impact mechanism if present? Whether the environmental regulation has caused the non-balanced growth of the FDI in the region, the industry, the source land, the foreign investment way and the technological progress of our country? Will the strict environmental regulation stimulate a foreign-capital enterprise to make up for the following costs through technological innovation? In view of the above problems, this paper makes a deep discussion. As a result of the close relationship between the provinces of our country, especially between the adjacent provinces, this paper has included the third-party effect in the provincial panel model It should be emphasized that the change of the environmental regulation level in the region and the surrounding area is how to influence the location of the FDI in China by influencing the production cost and the innovation ability of the foreign-capital enterprise. The results of the study show that the influence of environmental regulation on the distribution of FDI is U-shaped, and the environmental regulation in the eastern region is higher than that in the central and western regions, and the inflection point of environmental regulation in the eastern region is much higher than that in the central and western regions. The effect of environmental regulation on FDI in the surrounding area is inverted U-shaped, and the inflection point of the inverted U-shaped curve in the surrounding area is far lower than that of the local U-shaped curve, and the environmental regulation level in all regions is basically in the right of the inverted U-shaped curve. The influence of environmental regulation and other traditional influencing factors on the distribution of FDI has a third-party effect, and this effect shows different characteristics in the central and western regions, which is more comprehensive and explains the influence of the regional distribution of FDI in China. In this paper, by establishing a three-element and two-product theoretical model, the paper puts the environment as a new element into the enterprise's production through the establishment of a three-element and two-product theoretical model. The activity of the camp, the comparison and analysis of the factors of the environmental regulation, the marginal cost of the factors, the shadow of the choice of the foreign capital industry On this basis, using the panel data of China's 35 manufacturing industries in 2001-2010, the paper has tested the environmental regulation level to the FDI industry. The results show that the relationship between the environmental regulation and the distribution of the FDI industry is a U-shaped curve, most of the industry has crossed the U-shaped curve inflection point, the first-mover advantage and the innovation compensation effect brought by the environmental regulation are dominant, and the wages in the industry The improvement of the product differentiation degree, the improvement of the technical level and the increase of the profit rate have a positive effect on FDI, but this effect is different in the clean-type industry and the pollution-type industry, and there is a significant positive correlation between the first-stage FDI and the current period In relation to the relationship, the FDI stock of the first stage will result in the increase of foreign investment in the industry through the model effect and the promotion effect, and the FDI industry will have a clear path. On the basis of the characteristics of green space under the regulation of the environment, the risks and expected income of the two different types of investment in the cross-border M & A are different, and the foreign-capital enterprise will also be affected In this paper, the non-equilibrium growth problem is studied through the establishment of the foreign investment selection model, and the measurement model is further constructed. The result shows that the higher the environmental regulation level of the government, the expected income of the foreign capital invested by the green space under the equal amount of investment will be less than the expected income of the cross-border M & A, and there is still a U between the FDI and the environmental regulation in the greenfield investment and the cross-border M & A The government's environmental regulation should be matched with other economic policies in order to make the investment structure of the foreign capital of our country more reasonable, and under the strict conditions of environmental regulation, the improvement of the construction cost of the infrastructure will certainly increase the green space. The risk of investment is that FDI in China has the characteristics of large total amount, fast growth rate and gradual change of foreign capital, and the sensitivity of FDI to environmental regulation policies of different sources also In this paper, the effect of the change of the relative environmental regulation on the FDI in different sources has been investigated. The empirical results show that the strengthening of the environmental regulation in China will increase the cost of the pollution-type foreign capital and lower its income in the early stage of the investment, thus leading to the slowdown of the growth of FDI, and as the ring The environmental regulation has continued to be strengthened and the non-pollution type The larger the amount of trade between the investment country and China, the shorter the geographical distance, the longer the political contact time, the more investment to the neighboring countries of our country, the faster the currency appreciation of the country, its investment in China The faster the growth of the capital, the empirical study of the sub-sample shows that the change of the investment in China from the developing countries caused by the environmental regulation is much higher than that of the developed countries and the foreign capital of developing countries to the environmental regulation. In comparison with the developing countries, the agglomeration effect of FDI in the developed countries is more obvious, and the economic scale of the country and the distance from China to the other The limitation of investment is small. The existing research shows that the strict environmental regulation will improve the entry barrier of the foreign-capital enterprise and affect the industry distribution and market concentration of the foreign-capital enterprise, and the foreign-capital enterprise will also invest in the foreign capital as an acquisition The key channel of knowledge overflow, whether the environmental regulation is improved by affecting the entry of FDI The paper uses the panel data of 35 sectors of manufacturing industry to integrate the environmental regulation and the innovation activity index of FDI into the measurement model to examine the effect of the environmental regulation on the progress of the technology of FDI. How to promote F indirectly through technology introduction, independent innovation and reverse technology spillovers The results of the research show that the growth of the total factor productivity of the foreign-capital enterprise is mainly from the growth of the technology, and the environmental regulation is the indirect channel such as the technology transfer of the FDI or the innovation incentive. The technology attribute of different industries has made the environmental regulation effect higher in R & D investment, high in the industry, and more prominent in the labor-intensive industry, and the FDI in the high R & D investment obviously promotes the investment The technological progress of the type and efficiency, the strict environmental regulation becomes a foreign-capital enterprise and actively introduces the green production technology and the strengthening of the home country The main driving force of main research and development is that the reverse technology spillover effect of FDI is negative, and this negative effect is higher in FDI and capital investment The lower industry is more prominent. In the end, this paper is based on the conclusions of the above-mentioned research
【学位授予单位】：湖南大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：X32;F832.6
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