Study On The Impact Of Two-Way FDI Synergy On Green Total Factor Productivity

With the rapid development of economic globalization,foreign direct investment and outward direct investment have entered into a new normal development process,and especially since the beginning of "One Belt,One Road","bring in" and "go out" go hand in hand.The scale of two-way FDI is expanding,and both developments are moving toward a more coordinated state.At present,the development state of China’s economy is shifting from high speed to the transformation state of high quality,and realizing the green transformation of the economy is the inevitable way to break the rough economic development mode.The development of two-way FDI is not only the inevitable result of the development of international direct investment when the economic level reaches a certain level,but also one of the important driving forces for the green development of the economy,which can promote the high-quality and sustainable development of the economy by improving the technology level.Therefore,studying the impact of two-way FDI on green economic development is of great practical significance to further implement the strategy of "importing" and "going out" and promote the green and sustainable development of domestic economy in the future.This paper investigates the impact of two-way FDI synergy on green total factor productivity,covering four aspects:(1)theoretically analyzing the impact of two-way FDI synergy development on green total factor productivity and the mechanism of action.(2)The interaction between IFDI and OFDI is examined by using the PVAR model,and the degree of two-way FDI synergy is measured by drawing on the physical coupling model;the green total factor productivity of China is measured based on the non-expected output super-efficiency SBM-GML model.(3)The spatial autocorrelation test is applied to analyze the spatial aggregation effect of two-way FDI synergy and green total factor productivity,and the spatial effect of these two is studied with the spatial Durbin model,based on which the heterogeneity of the spillover effect is further analyzed in three regions,namely,East,Central and West.(4)The moderating effect model is used to test the moderating effect of human capital level on the green economic effect of two-way FDI synergy,and further,the threshold model is used to analyze the threshold effect of two-way FDI synergy on green economic development in depth.It is found that(1)the two-way FDI synergistic development affects green total factor productivity through the paths of scale effect,structural effect,technology effect and spatial effect.(2)From 2006 to 2020,China’s green total factor productivity showed an overall Ushaped growth trend,and the decline in 2020 was obvious,showing a single-factor driven growth situation led by technological progress;the significant interaction between IFDI and OFDI,two-way FDI synergy showed an overall inverted U-shaped change trend.The twoway FDI synergy shows an unbalanced distribution of East > Central > West,and green total factor productivity shows a trend of East > West > Central.(3)Green total factor productivity and two-way FDI synergy have significant positive spatial autocorrelation,and the correlation increases year by year;further,two-way FDI synergy under the spatial Durbin model is beneficial to both local green total factor productivity and neighboring regions’ green total factor productivity,environmental regulations,etc.hinder local and neighboring regions’ green total factor productivity growth,and the economic development level has a siphoning effect on neighboring regions’ green economic development.R&D investment and trade openness are only beneficial to local green economy development,but have no significant effect on green economy development in neighboring regions;based on regional heterogeneity,the finding of positive spillover effect of two-way FDI synergy on green total factor productivity is found to exist only in eastern and western regions,but does not hold in central China;(4)Human capital positively moderates the enhancing effect of two-way FDI synergy on green economic development,and it has a single threshold effect,and the effect of two-way FDI synergy on green total factor productivity shows a weakly insignificant to positive and significantly enhancing change process as the level of human capital increases.