自愿性环境规制下的对外直接投资:基于绿色工厂的证据  

Voluntary Environmental Regulation and Outward Foreign Direct Investment:Quasi-Experimental Evidence from China's Green Factories

作　　者：唐岑岑 邓建鹏 鲍晓华 Tang Cencen;Deng Jianpeng;Bao Xiaohua

机构地区：[1]上海财经大学商学院,200433

出　　处：《世界经济》2025年第4期28-56,共29页The Journal of World Economy

基　　金：国家自科基金面上项目(72473095);国家马工程重大项目(2024MZD032);上海市科委软科学研究项目(24692116200)的资助。

摘　　要：自愿性环境规制政策能否规避强制性环境规制政策下的污染跨境转移现象,是一个值得深入探究的议题。本文考察了自愿性环境规制政策与企业对外直接投资之间的因果关系。研究发现,企业进入绿色工厂名单能显著提高其对外直接投资,且经过一系列检验后结果依然成立。机制分析表明,企业在进入绿色工厂名单后,获得的政府补助能有效缓解企业的融资约束;同时,“国家级绿色示范工厂”称号的信号效应降低了东道国政府与企业间的信息不对称,促进了向环境监管程度高的国家进行对外直接投资。绿色制造政策对非国有企业的对外直接投资,企业的绿地投资和高污染行业的绿地投资促进作用更明显。通过提高符合环境标准企业的对外直接投资,自愿性环境规制政策降低了“污染天堂假说”的可能性。本文为中国推动制造业绿色转型,实现高质量发展提供了经验证据和启示。The externality of ecological systems renders government intervention essential for effective environmental governance. Yet, prevailing mandatory environmental regulations frequently result in pollution displacement to regions with weaker regulatory regimes. Recently, growing numbers of nations have implemented voluntary environmental regulation policies, whereby governments or authorised bodies incentivise firms to participate willingly. Such policies prompt firms to signal their environmental social responsibility proactively while reducing information asymmetries with stakeholders. Consequently, participating firms typically demonstrate greater competitiveness than nonparticipating counterparts, exhibiting higher propensity for outward foreign direct investment(OFDI)and thereby diminishing cross-border pollution transfer risks.Building upon these theoretical foundations, this study investigates corporate OFDI behaviour under voluntary environmental regulation policies. Specifically, the analysis employs the “Made in China 2025” policy, implemented by the Ministry of Industry and Information Technology(MIIT) in 2016, as a quasi-natural experiment, using a multi-period difference-in-differences(DID) design to assess green manufacturing policies' impact on corporate OFDI. The analysis reveals three key findings.First, firms listed as green factories exhibit a statistically significant 13.3% increase in OFDI stock relative to non-listed counterparts. Second, this promotional effect operates through two distinct mechanisms: government subsidies and signalling effects. Policy-derived subsidies and preferential terms alleviate firms' financing constraints, while the “National Green Demonstration Factory” designation reduces information asymmetries with host-country regulators, particularly facilitating investment in environmentally stringent markets. Third, heterogeneity analysis demonstrates stronger policy effects for non-state-owned firms and greenfield investments, especially within high-pollution industr

关 键 词：自愿性环境规制 绿色工厂 对外直接投资 污染天堂假说 

分 类 号：F42[经济管理—产业经济]