【作者】 刘畅；

【导师】 蒋为；

【作者基本信息】 西南财经大学 ， 国际商务（专业学位）， 2022， 硕士

【摘要】 近年来,随着中国对外开放步伐加快及“走出去”战略的发展,中国企业对外直接投资规模呈现出快速增长势头。中国世界级工厂地位不断攀升,然而该阶段国内也伴随着粗放的制造业扩张,国家面临的环境污染压力到达高峰,对外直接投资所带来的经济增长与环境污染之间的矛盾越来越大。因此本文深入研究中国企业OFDI,并针对不同动机OFDI对母国环境所造成的不同影响分类讨论,同时对环境规制在其中所形成的调节效应进行具体分析,从而扩展中国企业对外直接投资对母国环境污染影响的研究范围及理论边际。本文结合时代背景,即在对外直接投资趋势存量与流量双增但所带来的环境污染问题位于高位的情况下,敲定了本文选题及其意义,总结研究思路方法、创新和不足之处;收集并处理对外直接投资流量与存量的数据,加以图表形象化描述中国OFDI与环境污染现状与未来发展趋势,然后通过理论综述与传导机制相结合的方式,综合分析并深入剖析提出本文的主要假设,如:企业OFDI导致母国环境污染、市场寻求型企业进行OFDI相较于研发创新型会导致母国环境恶化、母国地方环境管制在OFDI与企业环境污染关系中具有显著负向调节作用等。之后本文通过倾向得分匹配和DID方法,进行研究设计和实证检验,运用2004-2012年中国工业企业对外直接投资的面板数据,验证中国企业中不同动机的OFDI对母国环境污染的影响、及环境规制在其中发挥调节效应强弱的假设。最后,本文基于以上的理论分析与实证检验,梳理并总结了相关研究结论,结合发展中国家对外直接投资发展的新趋势,尝试提出相应的政策建议。本文通过相关实证研究发现:首先,中国企业OFDI行为将增加企业的化学需氧量,导致母国环境恶化;其次,本文通过对不同类型的OFDI行为加以区分和研究,认识到不同动机的OFDI行为对环境污染所造成的影响有较大差异性,主要表现为市场寻求型OFDI将增加企业化学需氧量,提升母国环境污染水平,而其他业务(如研发创新型)对化学需氧量的增加并无显著影响;最后,本文结合中国地方化的环境管制等进行分析研究,认识到母国地方化环境管制软约束在企业OFDI导致母国环境污染过程中具有显著的负向调节作用,即母国地方环境管制越强(弱),企业更加重视(轻视)其生产活动的环境绩效,企业OFDI对母国环境污影响更弱(强)。本文的创新之处在于将对外直接投资研究视角放在发展中国家东道国,采取微观工业数据进行分析,同时从母国的环境规制的角度,分析其中的调节机制,同时通过文本分析区分不同的对外投资动机,并对不同动机下的对外直接投资对环境污染的异质性影响进行分析。本文的缺点来自于行业数据的样本量暂不全面,同时文章没有分析其他动机的OFDI结果不显著的原因与机理,未能对中国企业对外直接投资过程中的行业分布差异进行更为细致的研究。最后本文根据研究结论给到以下建议:强化绿色技术创新,助力对外直接投资产业结构升级;基于不同动机对外直接投资,制定差异化引导政策;加强政策引导与环境规制软约束,削弱投资造成的环境污染难题等,在通过对外直接投资发展经济的同时,努力实现环境的绿色可持续发展。更多还原

【Abstract】 In recent years,with the accelerated pace of China’s opening to the outside world and the development of the "going out" strategy,the scale of foreign direct investment by Chinese enterprises has shown a rapid growth momentum.The status of China’s world-class factories continues to rise.However,at this stage,with the extensive expansion of the manufacturing industry,the pressure on the country’s environmental pollution has reached its peak,and the contradiction between economic growth and environmental pollution brought about by foreign direct investment has become more and more serious.Therefore,this paper deeply studies the OFDI of Chinese enterprises,and discusses the different impacts of different motivations of OFDI on the environmental pollution of the home country.Research scope and theoretical margins of pollution impacts.Combining the background of the times,that is,under the circumstance that the stock and flow of foreign direct investment are both increasing,but the environmental pollution problem caused by it remains high,the topic and significance of this paper are finalized,and the research ideas,methods,innovations and methods are summarized.Weaknesses: collect and process data on the flow and stock of foreign direct investment,and visualize the current situation and future development trend of China’s OFDI and environmental pollution with charts,and then comprehensively analyze and in-depth analysis through a combination of theoretical review and transmission mechanism.The main hypotheses of this paper are put forward,such as corporate OFDI leads to environmental pollution in the home country,market-seeking enterprises conducting OFDI will lead to the deterioration of the home country environment compared with R&D and innovation,and local environmental regulation in the home country has a significant negative moderating effect on the relationship between OFDI and corporate environmental pollution.Wait.Afterwards,through propensity score matching and DID method,this paper conducts research design and empirical testing,and uses panel data of Chinese industrial enterprises’ outward foreign direct investment from 2004 to2012 to verify the impact of different motivations of OFDI in Chinese enterprises on environmental pollution in the home country and environmental regulation.The hypothesis in which the strength of the moderating effect is exerted.Finally,based on the above theoretical analysis and empirical test,this paper sorts out and summarizes the relevant research conclusions,and tries to put forward corresponding policy suggestions in combination with the new trends in the development of foreign direct investment in developing countries.Through relevant empirical research,this paper finds that: First,Chinese companies’ OFDI behaviors will increase the chemical oxygen demand of enterprises and lead to the deterioration of the home country’s environment;The impact of environmental pollution is quite different,mainly because the marketseeking OFDI will increase the chemical oxygen demand of enterprises and raise the level of environmental pollution in the home country,while other businesses(such as R&D and innovation)will not increase the chemical oxygen demand.Finally,this paper analyzes and studies the localized environmental regulation in China,and realizes that the soft constraint of localized environmental regulation in the home country has a significant negative moderating effect in the process of corporate OFDI leading to environmental pollution in the home country,that is,the local environmental regulation in the home country.The stronger(weak),the more companies pay attention to(disregard)the environmental performance of their production activities,and the weaker(stronger)the company’s OFDI has on the home country’s environmental pollution.The innovation of this paper is that it puts the research perspective of foreign direct investment on the host country of developing countries,adopts microindustrial data for analysis,and at the same time conducts a classification discussion on foreign direct investment,and studies the regulatory role of environmental regulation in emerging countries.However,the shortcoming of this paper comes from the fact that the sample size of the industry data is not comprehensive,and at the same time,it fails to conduct a more detailed study on the industry distribution differences in the process of Chinese enterprises’ OFDI.Finally,based on the research conclusions,this paper gives the following suggestions: strengthen green technology innovation to help upgrade the industrial structure of foreign direct investment;formulate differentiated guidance policies for foreign direct investment based on different motivations;strengthen policy guidance and soft constraints of environmental regulation to weaken the environment caused by investment Pollution problems,etc.,while developing the economy through foreign direct investment,strive to achieve green and sustainable development of the environment.更多还原