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。

Re-examination on the environmental effect of FDI in China

Since reform and opening-up in 1978, foreign direct investment (FDI) has been injecting the vitality for Chinese economy, becoming one important engine promoting Chinese economic growth.However, with the pollution incidents with foreign capital involved been reported, such as the oil leak of Conoco Phillips on Bohai Sea, drain contamination of Oji Paper in Qidong, Jiangsu, and complaint of AMANI`s pollution, the academic circle begins to worry about the negative effect of FDI towards the environment.The current research mainly focuses on the environmental effect of FDI on the whole.There is very little research on the regional difference of the effect and the mechanism of its causes.Therefore, from the theoretical judgment and proposition deduction, this paper constructs common panel model, and makes an empirical analysis of influence of FDI to Chinese environment and its regional diversity by using the provincial panel date of China from 2003 to 2014 and constructing the comprehensive index of environmental pollution with the improved entropy method.The results show that generally, the hypothesis of Pollution Halo is basically established in China, i.e.FDI improves Chinese environment to a certain extent;but the environmental effect of FDI in different regions varies.FDI has a significant Pollution Halo effect in the coastal and inland areas and the former is stronger than the latter.FDI has an unobvious effect of Pollution Heaven in the border area.Further, the threshold effect of FDI based on 4 main absorptive capacity towards Chinese environmental pollution is tested, with the results that FDI has a prominent double threshold effect to Chinese environmental pollution based on economic level, environmental regulation, human resources and financial development.With the levels of economic growth, human resources and financial development rise, the Pollution Halo effect of FDI grows, and a proper environmental regulation is more beneficial for the spillover of FDI environmental technology.The study suggests the local government to raise the level of opening up, introduce and supervise FDI continuously, as well as adopt diversified strategies according to the unbalanced regional development.