【摘要】 作为国际投资领域的前沿问题之一,理解信息对于外商直接投资(FDI)的影响至关重要,然而由于"信息"因素具有难以被捕捉、识别以及内生性等问题,使得对二者之间进行因果推断变得格外困难。鉴于此,本文以中国2007年出台的环境信息披露制度作为一个天然外生冲击,并基于2004—2013年286个地级市与2004—2010年微观企业数据构造准自然实验,使用双重差分法和三重差分法系统评估信息披露对该地区FDI流入的影响。结果发现:环境信息披露显著阻碍了地区整体FDI的流入,并且存在着明显的时滞及长期性;同时,阻碍作用在地区外资饱和度与环境规制强度上呈现出递增规律,即随着外资饱和度与规制强度的提高,环境信息披露对地区FDI的阻碍作用也将越强;此外,环境信息披露对流入本地的FDI具有显著性影响,增强了污染型企业的市场退出与清洁型企业的投资增加,促进外资结构的生态转型与优化。本文基于环境信息披露对外资企业成本、投资、创新和转移等潜在影响机制的考察来对以上现象进行合理解释,并利用工具变量、反事实分析等稳健性检验方法对实证结果进行验证。研究结论对于当前环境治理与进一步利用外资提供了现实可行路径,并为外资结构转型提供了新的思路。更多还原

【Abstract】 As one of the frontier issues in the field of international trade and investment, understanding the impact of information flow on FDI inflows is crucial. However, due to the fact that the "information" factor is difficult to be captured and identified, as well as other endogenous problems, it is difficult to achieve causal inference between the two. However, the environmental information announcement system promulgated by China in 2007 has provided an excellent opportunity and condition for exploring the impact of local information announcement on FDI inflows as a natural exogenous impact. In this paper, a quasi-natural experiment is constructed using data from 286 Chinese prefecture-level cities from 2004 to 2013 and micro-enterprise levels from 2004 to 2010. The effect of local information announcement on FDI inflows in the region is estimated using the DID and DDD methods. As a result, it was found that the disclosure of environmental information hinders local FDI inflows, and this effect has obvious time lag and long-term nature; this hinderance effect shows an increasing law on the saturation of foreign capital in the region and the intensity of environmental regulation. That is, with the increase of the degree of saturation and regulation of foreign capital, the environmental information publicity has a stronger impediment to regional FDI; At the same time, this impact can significantly cause the adjustment of FDI location, which can promote the strategic adjustment of local FDI inflows, causing the market withdrawal of polluting industries and attracting the entry of clean industries, so as to achieve the optimization and substitution effect of the industry’s ecological structure. This paper explains the underlying impact mechanism of information announcement on the cost, investment, innovation, and transfer of foreign-funded enterprises, and uses a large number of robustness tests such as instrumental variable and counterfactual methods to consolidate and confirm the above results. The research conclusions provide a realistic and feasible path for current environmental governance and further utilization of foreign capital, and lay a new way of thinking for the transformation of foreign capital structure.更多还原