利用Panel Data模型和时间序列模型对我国各地区外商直接投资与环境规制之间的关联机制作了实证分析。计量结果显示,环境规制确实对我国各个地区引进外资具有一定影响,而且这种影响呈现为负效应,“污染天堂假说”在一定程度上存在。当然,影响外商直接投资的决定因素主要是地理区位、经济发展水平和市场化进程,而劳动力成本也逐渐成为外商企业投资选址时考虑的因素。该研究结果具有重要的政策含义,即在中国各个地方政府在引进外资时,FDI对当地环境的负面影响需要逐渐引起各级地方政府在环境保护和政策制定过程中一定程度的关注。
Employirig Panel data model and time series model, the paper posjtively studies the correlation relationship between foreign direct investment (FDI) and environmental regulations. Econometric results show that environmental regulations undoubtedly has certain effects on each region' s attracting foreign capital in China, and the effects are negatively. Environmental "pollution heaven hypothesis" does exist to some extent in China. Of course, the determinative factors in FDI are geographic location, course of economic marketization and economic development level while higher labor costs deter new foreign firm entry. These findings have significant implications for policymakers, as the negative impact of flow of FDI has to be taken into the governmental pohcymaking and environmental protection.