Research On The Home Country Energy Consumption Effect Of China’s ODI From The Perspective Of Financial Development

Since the reform and opening up,China’s economy has developed rapi dly and become the world’s second largest economy,but at the same time,energy consumption has increased dramatically,and China has become the world’s largest energy consumer.With the increasingly tight energy supply,the contradiction between energy de mand and energy supply has become increasingly prominent in China’s rapid economic development.As an important way to promote China’s economic transformation and upgrading,outward foreign direct investment(ODI)will have an important impact on energy consumption.At the same time,ODI as an international capital activity,the financial development of home country has constructed the first risk barrier and has an important impact on its investment scale,efficiency and home country effect.However,existing research has paid little attention to the impact of ODI on home country’s energy consumption and the impact of financial development.In view of this,this paper is the first systematic research the home country energy consumption effects of ODI in developing countries from the perspective of financial development in theory,and enriches relevant discussions on the relationship between ODI and energy consumption in terms of experience,and the research conclusions and policy implications have important theoretical and practical significance for optimizing ODI strategy of China,enhancing financial development service capabilities,and achieving energy conservation goals.Based on the basic theories of international investment theory,financial development theory and existing related research,this paper forms the topic selection and research content framework,and follows the general thought of research problem of "Propose problem→Theoretical analysis→Empirical test→ Policy implications" to study on the impact of ODI on home country’s energy consumption.The main research contents as follows:Firstly,according to the realistic background of China’s economic development and the existing theoretical research background,the core issues of this paper are clearly defined: The mechanism by which ODI affects the home country’s energy consumption in developing countries,the moderating mechanism of home country financial development in the process of ODI affecting the home country’s energy consumption,Clarifying the mechanism of China’s ODI affecting home country’s energy Consumption and the moderating effect of financial development.Secondly,under the guidance of the problem,this paper first constructs a general equilibrium model of ODI affecting the home country’s energy consumption under the open economy.It uses mathematical derivation to analyze the mechanism of the impact of ODI on the home country’s energy consumption,and finds that ODI affects home country’s energy consumption mainly through technical e ffect,structural effect and scale effect.Secondly,on the basis of the mechanism model,this paper analyzes the general mechanism of ODI affecting the country’s country energy consumption through the logical derivation system,the mechanism of ODI’s impact on home country’s energy consumption in developing countries based on the heterogeneity of host countries.Finally,based on the mechanism of ODI’s home country energy consumption effect and the basic functions of financial development,this paper analyzes the moderating mechanism of financial development in the home country energy consumption effect of ODI.Then,in the empirical test section,this paper according to the mechanism of ODI’s impact on the home country’s energy consumption of developing countries and the moderating mechanism of financial development,based on the analysis of the typical factual characteristics of ODI and energy consumpt ion in China,around the empirical test logic of "Existence → Moderateness → Heterogeneity",based on the panel data model,structural equation model,mediation effect model and other leading edge measurement analysis methods,the impact of China’s ODI on the home country’s energy consumption and the existence of mechanism and the moderating effect of financial development are tested.Existence is to test the existence the impact of China’s ODI on the home country energy consumption and the impact mechanism.Through inspection,it is found that ODI is one of the factors leading to the increase of total energy consumption in China.At the same time,ODI is also conducive to the improvement of China’s energy consumption structure and energy efficiency;ODI affects China’s energy consumption mainly by its structural effect and scale effect,and the technical effect channel is not smooth.Moderateness is to test the moderating effect of China’s financial development on the home county energy consumption effect of China’s ODI.Through inspection,it is found that financial development has a moderating effect in the stage of China’s ODI product the home country "three effects".Specifically,the scale of financial development has positive moderating effect to the home country "three effects" of ODI.The efficiency of financial development has a positive moderating effect to the home country structural effect and scale effect of ODI.The structure of financial development has a positive moderating effect to the home country technical effect of ODI,and has a interference moderating effect to the home county structural effect of ODI.In the stage of energy consumption affected by ODI’s home country "three effects",financial development mainly plays a positive role in the scale effect mechanism.Heterogeneity is based on the heterogeneity of the host country to test the differences in the impact of China’s ODI on the home country’s energy consumption and the moderating mechanism of financial development.Through inspection,it is found that China’s inverse gradient ODI has promoted the improvement of China’s energy consumption structure;the scale of China’s financial development has a positive moderating effect in the technical effect of the inverse gradient ODI.The efficie ncy of financial development is more fully moderating effect in the process of gradual gradient ODI affecting China’s energy consumption through the scale effect mechanism,but the financial development structure does not have any moderating effect on the stage of energy consumption affected by home country "three effects" of China ’s inverse gradient ODI and gradient ODI.At last,based on the theoretical analysis of the home country energy consumption effect of ODI in developing countries and the financial development moderating mechanism,the investigation of the typical facts of the ODI,energy consumption and financial development in China,and the conclusion of empirical test,this paper proposes policy recommendations in four areas: accelerate the strategic assets seeking-type ODI for developed countries;optimize the industry layout of ODI and realize the multiple optimization of ODI industry structure,home country industry structure and energy consumption structure;strengthen international exchanges and cooperation,and enhance the ability of independent innovation and technology transformation;improve the quality of financial development and enhance financial support.