中文摘要：

以环保投资的经济-环境-民生综合绩效为着眼点,运用DEA-Tobit两阶段框架在核算比较环保投资综合绩效的基础上,进一步分析了影响环保投资从投入到产出的黑箱中的各种经济、社会及政策因素。研究表明：（1）在2003~2012年十年间,中国环保投资的经济-环境-民生综合绩效普遍偏低,并且呈现逐年递减的趋势。其中,东部地区最高,西部地区次之,而中部地区最低。（2）制度因素和结构因素是影响环保投资综合绩效的关键,以GDP为核心的财政分权考评机制和依赖于重工业的经济增长模式造成了综合绩效低下及区域差异。因此,从深层次上打破体制性瓶颈,改变中国式分权的激励结构,促进产业结构优化升级,是提高中国综合绩效可以考虑的突破口。

英文摘要：

From the perspective of the comprehensive performance of economy - ecology - livelihood of environment protection investment, and based on calculating and comparing the com- prehensive performance of environment protection investment by using DEA- Tobit two stage framework, the paper analyzes the economic, social and political factors of the black box which in- fluences environment protection investment from the input to the output. The research shows that： （1） in the ten years from 2003 to 2012, the comprehensive performance of economy -ecology - livelihood of environment protection investment is generally low and tends to decrease year by year. The performance is the highest in eastern regions, followed by western regions, and the per- forrnance is the lowest in central region. （2） Institutional and structural factors are the key influ- encing factors of the comprehensive performance of environment protection investment. The low comprehensive performance and the regional differences are due to the appraisal mechanism of fis- cal decentralization with GDP as the core, and the economic growth model depending on heavy in- dustry. Therefore, we must break the system bottleneck from the deep, change the incentive struc- ture of Chinese style decentralization, and promote the optimization and upgrading of the industrial structure to improve the comprehensive performance of China.