【摘要】 基于沪深两市A股高污染行业上市企业2009—2019年的统计数据,本文研究了FDI与东道国企业环保投资的关系,考察了二者关系的作用机理,并探讨了内外部治理环境对二者关系的异质性影响。研究结果表明,FDI与东道国企业强制性环保投资负相关,与主动性环保投资正相关,在控制了内生性问题的影响后,该结论依旧稳健。进一步研究发现,技术能力和创新意愿是FDI影响东道国企业环保投资的中介路径;股权结构和政治关联具有调节效应,股权制衡对FDI与强制性(主动性)环保投资的负向(正向)关系具有促进作用,但政治关联对二者之间的关系具有约束效应。本文的研究为中国资本市场政策完善与企业环保投资决策优化提供了经验证据和决策参考。更多还原

【Abstract】 Based on the statistical data of A-share high-pollution listed enterprises in China from 2009 to 2019, this paper studied the relationship between FDI and host-country enterprise environmental protection investment, examined the mechanism of the relationship, and further explored the moderating effect of the internal and external governance environment on the above relationship. The results show that FDI is negatively correlated with host-country enterprise mandatory environmental investment and positively correlated with active environmental investment. The conclusion remains robust after the controlling for endogeneity issues. Further research illustrates that technological capability and innovation willingness are the intermediary pathways for FDI to affect host-country enterprise environmental protection investment. Moreover, ownership structure and political connections have moderating effect. Specifically, check-and-balance ownership structure will promote the negative(positive) relationship between FDI and mandatory(active) environmental protection investment, while political connections will restrain the above-mentioned negative(positive) relationship. This study provides empirical evidence and decision reference for the improvement of capital market policies and the optimization of enterprise environmental investment decisions in China.更多还原