资源科学 ›› 2019, Vol. 41 ›› Issue (11): 2043-2058.doi: 10.18402/resci.2019.11.08

• 资源与环境经济 • 上一篇    下一篇

中国双向FDI的环境效应

韩永辉1,2, 李子文3, 张帆1, 申晨4()   

  1. 1. 广东外语外贸大学广东国际战略研究院,广州 510420
    2. 中国社会科学院世界经济与政治研究所,北京 100732
    3. 广东金融学院金融与投资学院,广州 510521
    4. 浙江理工大学经济管理学院,杭州 310018
  • 收稿日期:2019-03-25 修回日期:2019-07-22 出版日期:2019-11-25 发布日期:2019-12-03
  • 通讯作者: 申晨
  • 作者简介:韩永辉,男,广东佛山人,博士,副教授,博导,主要研究方向为世界经济与产业政策。E-mail: hanyonghui2006@foxmail.com
  • 基金资助:
    国家自然科学基金项目(71603060);国家自然科学基金项目(71873041);广东省自然科学基金项目(2017A030313422);广东省软科学研究计划项目(2019A101002100);2019 年度全国统计科学研究项目(2019LY88)

Environmental effects of bidirectional FDI in China

HAN Yonghui1,2, LI Ziwen3, ZHANG Fan1, SHEN Chen4()   

  1. 1. Guangdong Institute of International Strategy, Guangdong University of Foreign Studies, Guangzhou 510420, China
    2. Institute of World Economy and Politics, Chinese Academy of Social Sciences, Beijing 100732, China
    3. School of Finance and Investment, Guangdong University of Finance, Guangzhou 510521, China
    4. School of Economics and Management, Zhejiang University of Science and Technology, Hangzhou 310018, China
  • Received:2019-03-25 Revised:2019-07-22 Online:2019-11-25 Published:2019-12-03
  • Contact: SHEN Chen

摘要:

中国外商直接投资(Inward Foreign Direct Investment,IFDI)和对外直接投资(Outward Foreign Direct Investment,OFDI)(两者简称“双向FDI”)在建设高水平开放型经济战略中有着举足轻重的作用。本文基于中国具备国际直接投资东道国和母国双重身份的现状,以1995—2015年双向FDI和污染物排放的时序数据为样本,使用协整分析、误差修正模型和脉冲响应函数,实证检验中国双向FDI与环境三者的关系。结果显示:①短期内,IFDI能促进环境质量的提升,OFDI则对环境改善体现为抑制效应,双向FDI的综合环境效应为正向;②长期内,IFDI抑制了环境质量的持续提升,而OFDI则有显著的推动环境改善效应,双向FDI的综合环境效应为负向;③从动态冲击看,双向FDI都会将自身所受外部冲击传递至环境质量的变化,IFDI对环境的冲击影响为负向,而OFDI对环境的冲击影响为正向。④区分劳动资源密集型和资本技术密集型产业之后,双向FDI在短期和长期均呈现出较为明显的产业异质性效应。新时代下,厘清双向FDI与环境的关系对中国深化全面对外开放战略、制定“为我所用”的国际投资政策、协同“引进来”和“走出去”发展、实现可持续绿色发展和建设生态文明,具有重要的理论和现实意义。

关键词: 外商直接投资, 对外直接投资, 环境效应, 协整分析, 误差修正模型, 中国

Abstract:

China’s inward foreign direct investment (IFDI) and outward foreign direct investment (OFDI) play an important role in the strategies of building a high level and open economy. Based on the present situation of China’s dual identity as the host country and home country, this study took the time-series data of bidirectional FDI and pollutant emission from 1995 to 2015 as a sample and used threshold cointegration, error correction model, and pulse response function to test the relationship between China’s bidirectional FDI and environment quality. The results show that: (1) In the short term, IFDI promoted the improvement of environment, but OFDI had an inhibitory effect on the environmental improvement; (2) In the long term, IFDI inhibited the continuous improvement of the environment, while OFDI had a significant effect on promoting the environmental improvement; (3) From the perspective of dynamic impact, bidirectional FDI will transfer their external shocks to the change of environment quality, but the response to IFDI is negative, and the response to OFDI is positive. (4) After differentiating labor and resource-intensive industries from capital and technology-intensive industries, bidirectional FDI shows obvious heterogeneous effects across industries in both the short term and the long term. In the new era of development, it is of great theoretical and practical significance to clarify the relationship between bidirectional FDI and environment in order for China to deepen the overall opening-up strategy, formulate the international investment policy of “for our use,” coordinate the development of “bringing in” and “going out,” and realize sustainable green development and build ecological civilization.

Key words: inward foreign direct investment (IFDI), outward foreign direct investment (OFDI), environmental effect, cointegration analysis, error correction model, China