An Empirical Study On The Impact Of FDI On Green Total Factor Productivity Under The Condition Of Economic Policy Uncertainty

The 2021 World Investment Report points out that the global economy has declined to varying degrees due to the impact of COVID-19 at the beginning of 2020.The global economic growth rate has declined by 3.5%,and global outbound investment has also declined from $1.5 trillion to $1 trillion,a decline of 35%,the lowest level since 2005.In order to stimulate economic growth and mitigate the impact of the epidemic,governments around the world have taken relevant macroeconomic control measures.However,frequent policy changes have brought difficulties to domestic market entities,leading to uncertain expectations of the overall prospects of economic policies in the market.When foreign investors anticipate and observe uncertainty,it may change current direct investment decisions and reduce capital flows internationally.Whether this will affect the green Total factor productivity impact path of foreign direct investment provides a clearer theoretical path and policy recommendations for China to issue an adaptive Glasnost under high economic policy uncertainty.This thesis aims to study the impact of foreign direct investment on urban green Total factor productivity under the uncertainty of economic policies.In order to achieve this goal,this paper combines theoretical analysis and empirical analysis,first combs the relevant theories among economic policy uncertainty,foreign direct investment and green Total factor productivity,and then analyzes the mechanism of foreign direct investment on green Total factor productivity under economic policy uncertainty.Then,by establishing a fixed effect model and using the balanced Panel data of 275 Prefecture-level city in China from2007 to 2020,this paper explores whether the economic policy uncertainty of different cities in China will affect the marginal impact of foreign direct investment on urban green Total factor productivity,and further discusses the regional heterogeneity of the above impacts.Through theoretical analysis and empirical research,this paper aims to reveal the impact mechanism of economic policy uncertainty on foreign direct investment and urban green Total factor productivity,and provide relevant suggestions for policy makers to promote the improvement of green Total factor productivity and sustainable economic development.The results show that:(1)There is an obvious positive relationship between foreign direct investment and green Total factor productivity,that is,when the actual utilization of foreign direct investment in cities increases,urban green Total factor productivity increases significantly.(2)After introducing the regulatory effect of economic policy uncertainty,it exhibits a positive marginal effect on the green total factor productivity effect of foreign direct investment.This marginal effect may exhibit heterogeneity due to differences in the characteristics of urban areas.(3)The increase of economic policy uncertainty will positively affect the Mesomeric effect brought by environmental regulation and R&D investment.In the intermediary effect of industrial structure,economic policy uncertainty plays a role entirely through the intermediary effect of industrial structure.