| With the environmental pollution deteriorating and the environmental-protectionawareness enhancing, China has been increasing the investment in environmentalprotection year by year. As one of the important ways to solve environmentalproblems, the investment in environmental protection has been attracting more andmore attention. However, there are some problems encountered by China forinvestment in environmental protection, for example, insufficient scale, unreasonablestructure and limited sources for investment and financing and so on. Under suchunfavorable circumstance, could the investment in environmental protection also playa positive role to the environmental control? In response to this question, an in-depthresearch and analysis was conducted in this paper. And on this basis, the efficiency ofinvestment in environmental protection in different regions of China was evaluated soas to thoroughly understand the environmental protection effect contributed by theinvestment in environmental protection.Based on the analysis of environmental pollution and environmental protectioninvestment in China, this paper investigated the influence mechanism and channelsthat the investment in environmental protection impact on the environmental effect. Itsystematically revealed the mode of action that the investment in environmentalprotection how to reduce the pollutants emission and improve the environmentalquality through scale effect, structure and technical level. Taking the industrial threewastes (waste gas, waste water and waste residue) as research objects and using thepanel data of30provinces in China during2004-2010, this paper conducted anempirical analysis on the dynamical impact of investment in environmental protectionon the pollutants emission with the system generalized method of moments (SGMM).The empirical results showed that the investment in environmental protection couldhave positive impact on the environmental protection in China even under theunfavorable circumstance, but the effect was limited and had a certain lag. Therelationship between economic growth and environmental pollution are notcompletely consistent with the Environmental Kuznets Curve (EKC）in the industrialthree wastes.The second industry accelerate the environmental pollution, but thetechnical progress and FDI have positive impact on the environmental protection.In order to further study the environmental effect produced by investment in environmental protection, this paper referred to input-output idea, viz. takinginvestment in environmental protection as input and taking industrial pollutantsreduction as output, and used super-efficiency data envelopment analysis (DEA) toevaluate the efficiency of investment in environmental protection in different regionsof China. It was found that the eastern region had the highest efficiency of investmentin environmental protection, then in sequence followed by western region, centralregion and northeast region. In response to this phenomenon, this paper also analyzedthe regional differences of efficiency of investment in environmental protection andobtained the conclusions. The eastern region had the highest efficiency may due to itsstrong economic strength, high investment in environmental protection and betterenvironmental awareness. The industry development in western region is relativebackward and the pollutant sources are relative less, thus its natural ecologicalenvironmental is better and high efficiency can be achieved. The lower efficiency ofinvestment in environmental protection in central region and northeast region mayattribute to the serious industrial pollution and the insufficient investment in history,therefore it is difficult to effectively treat the environmental pollution in the shortterm. At the end, according to the reality of environmental pollution and control inChina, some relevant policy recommendations were also presented in this paper interms of how to effectively increase the efficiency and fully play the role ofinvestment in environmental protection. |
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