利润驱动还是创新驱动?——排污权交易机制与中国企业对外直接投资

被引：13

作者：

綦建红

张志彤

机构：

[1] 山东大学经济学院

来源：

产业经济研究 | 2021年 / 02期

关键词：

排污权交易机制; 对外直接投资; 多期双重差分模型; 利润驱动; 创新驱动;

D O I：

10.13269/j.cnki.ier.2021.02.002

中图分类号：

F832.51 []; F125 [对外经济关系]; X196 [环境经济学];

学科分类号：

1201 ; 020204 ; 0201 ; 020105 ; 02 ; 020106 ;

摘要：

采用2000—2018年中国A股上市公司数据,运用多期双重差分模型实证检验了排污权交易机制对中国企业对外直接投资(OFDI)的影响、传导渠道及其调节机制。估计结果表明:排污权交易机制的实施显著促进了中国企业OFDI,且这一结论在平行趋势检验、安慰剂检验、工具变量法、Heckman两步法等检验后依然稳健;与国有企业和重污染地区企业相比,非国有企业和轻污染地区企业更易受政策驱动,并且企业更倾向于选择环境管制严格的东道国进行投资;尽管排污权交易机制会缩减企业利润,但能有效激励企业研发创新,故排污权交易机制对中国企业OFDI的促进作用由二者共同驱动,且创新驱动大于利润驱动;地区环境立法和执法越严格,排污权交易机制对中国企业OFDI的促进作用就越明显。研究结论厘清了排污权交易机制对企业OFDI的影响机理,对有关部门制定环保政策和合理配置资本有所裨益。

引用

页码：15 / 29

页数：15

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