| In recent years,OFDI plays an increasingly important role in the national economy.However,with the development of economy,environmental problems have become increasingly prominent.There have been many media reports that Chinese enterprises have damaged the local ecological environment in the process of overseas investment,and have not paid attention to pollution discharge and governance,which has affected China’s direct foreign investment.At present,both social news and scholars pay more attention to the impact of the host country’s environmental regulations on China’s foreign investment,but seldom consider whether China’s own environmental regulations will make enterprises pay more attention to environmental issues when investing.Therefore,this paper studies the impact of home country’s environmental regulation on China’s foreign direct investment.Firstly,this paper combs the literature of environmental regulation and foreign direct investment,and then explores the relationship between them,hoping to find the relationship between them.On this basis,combined with the development of environmental regulation and foreign direct investment in China,this paper makes theoretical assumptions.In this paper,649 listed companies in the industrial industry with foreign direct investment from 2014 to 2018 are selected to test the relationship between the two through the establishment of regression model between foreign direct investment and three different types of environmental regulations.On this basis,the intangible assets of enterprises are introduced as the adjustment variable to analyze the regulatory effect.In the empirical study of the whole sample,it is found that different types of environmental regulations have different effects on OFDI,and mandatory environmental regulation and informal environmental regulation have a significant negative impact on OFDI,indicating that these two types of environmental regulations will help enterprises to make decisions on foreign direct investment.The incentive environmental policy is the negative impact caused by the government to help enterprises solve the environmental problems.In this case,the cost of continuous development of enterprises in China will be lower than that of foreign direct investment.When considering the regulatory effect of intangible assets of enterprises,both mandatory environmental regulation and incentive environmental regulation will directly affect the assets of enterprises.The greater the proportion of intangible assets in total assets,the less the impact of environmental regulations on the assets of enterprises,so it will negatively regulate the main effect Use the effect.However,because the informal environmental regulation can not directly affect the enterprise assets,the regulatory effect is invalid.After the completion of the above tests,the samples are classified according to the regional differences and industrial pollution levels,and the sub sample test is completed,and the conclusion is basically consistent with the whole sample.Based on the above research,this paper puts forward suggestions on the development of environmental regulation and foreign direct investment of industrial enterprises in China.On the one hand,enterprises should improve their own strength and enhance their sense of social responsibility with the help of environmental regulations;on the other hand,enterprises should be clear about their investment motives when making foreign direct investment,and should not appear speculation in order to avoid domestic environmental regulations. |
