Research On The Efficiency Of China’s Green Investment In Countries Along The "Belt And Road"

With the deepening of global economic integration,the issue of environmental pollution caused by outward investment is receiving more and more attention from countries around the world.Since the "Belt and Road" initiative was proposed,green investment has become a new trend in China’s foreign direct investment.China’s investment in clean energy and renewable energy has increased from US$27.94 billion to US$104.95 billion.However,most countries still have the problem that economic development affects the ecological environment.Therefore,it is of great significance to explore how to improve the efficiency of green investment and study its impact mechanism to promote green investment in countries along the route.Based on foreign investment and other related theories,this paper selects 37 countries along the "Belt and Road" from 2010 to 2019 as research objects.First,a three-stage SBM-DEA model with non-expected output is used to measure green investment efficiency,and the GML index is used to decompose green investment efficiency,based on which the characteristics and drivers of green investment efficiency in different countries are analysed.Second,using the Tobit model to study the impact of GDP,ur,tech,indu,FDI and sq on the efficiency of green investment.Finally,using the dynamic panel threshold model,the nonlinear relationship between OFDI and green investment efficiency is investigated.The main conclusions are as follows:(1)From 2010 to 2019,the green investment efficiency of countries along the "Belt and Road" showed an overall upward trend,but most countries are still inefficient,with low scale efficiency being the main reason for efficiency values not reaching DEA effectiveness;(2)In 2010-2013,the improvement of technical efficiency of countries along the "Belt and Road" led to the improvement of green investment efficiency.In 2013-2016,technological progress promoted the improvement of green investment efficiency,and in 2016-2019,both technological progress and technical efficiency have promoted the improvement of green investment efficiency;(3)GDP,technological level and institutional quality are significantly positively correlated with green investment efficiency,urbanization rate and industrial structure are significantly negatively correlated with green investment efficiency,and the degree of external openness has a negative but insignificant effect on the efficiency of green investment;(4)There is a single threshold effect of OFDI on the efficiency of green investment based on the level of environmental regulation.The positive contribution of OFDI to green investment efficiency increases with the intensity of environmental regulation in countries along the "Belt and Road".(5)There is a single threshold effect of OFDI on the efficiency of green investment based on the level of economic development.When GDP≤3986.36,OFDI inhibits green investment efficiency,but this effect is not significant.When GDP>3986.36,OFDI significantly promotes green investment efficiency.