【摘要】 在经济高质量发展背景下，探究投资者的绿色投资效率与被投资者的绿色经济发展间的因果效应具有重要意义。为此，本文估计并分析2009—2021年我国对51个“一带一路”沿线国家的绿色投资效率以及沿线国家的绿色经济发展情况。进一步地，本文实证检验绿色投资效率对绿色经济发展的影响，并进行异质性分析与机制路径讨论。研究发现：“一带一路”倡议提出后，绿色投资效率的提升对绿色经济发展存在促进效应，该促进效应在绿色“一带一路”建设提出后的期间内进一步强化；绿色投资效率的提升对绿色经济发展的促进效应存在产业结构、资源禀赋以及绿色倾向层面的异质性，但资源禀赋的异质影响在绿色“一带一路”建设提出后的期间内显著削弱；绿色投资效率的提升可通过推动绿色创新–公司治理–绿色营销的企业行为路径与绿色补贴–污染税收–专利保护的政府管制路径加速绿色经济发展；绿色经济发展主要表现在生产效率的提升，生产效率的持续提升则依赖于有效的技术水平提高。上述结论在通过一系列稳健性检验后依旧可靠。本研究有助于厘清我国对“一带一路”沿线国家绿色投资效率与这些国家绿色经济发展间的联系，并为深入推进绿色“一带一路”建设、实现绿色经济转型提供实证依据。更多还原

【Abstract】 Studying casual effect between green investment efficiency(GIE) of investors and green economic development(GED) of investees has an important meaning in the context of high quality of economic development. Therefore, this paper estimates and analyzes GIE of China towards 51 countries along the “Belt and Road”(B&R countries) and GED of these B&R countries from 2009 to 2021.Furthermore, this paper empirically tests effect of GIE on GED and heterogeneity and mechanism paths of this effect. We get following findings. Firstly, the promotion of GIE has a positive effect on GED since the proposal of the “Belt and Road”, and this positive effect further strengthens since the proposal of the green “Belt and Road”; Secondly, the positive effect of promotion of GIE on GED has heterogeneity in industrial structure, resource endowment, and green preference, influence of heterogeneity of resource endowment weakens since the proposal of the green “Belt and Road”; Thirdly, the improvement of GIE can accelerate GED through promoting corporate behaviors(e.g., green innovation, governance of corporate, and green marketing) and government regulations(e.g., subsidies towards green behaviors, additional tax towards pollution behaviors, and protection about patents); Fourthly, GED mainly performs promotion of production efficiency, and sustainable promotion of production efficiency relies on effective progress of technology. Above conclusions are still reliable after a series of robust tests. This paper is helpful to analyze the relation between GIE of China towards B&R countries and GED of B&R countries, and provide empirical evidence for improving construction of green “Belt and Road” and realizing transformation of green economy.更多还原