Research On The Impact Of Foreign Direct Investment On China’s Green Total Factor Productivity

With the construction of ecological civilization gradually stepping into the fast lane,the examination standard of input-output efficiency of production factors continues to improve.As an important component of capital elements,the utilization efficiency and effect of foreign direct investment has always been the focus of academic research.In the high-quality development path of green circular economy,exploring the impact of foreign direct investment on green total factor productivity is the only way to accurately release capital vitality and improve the quality and efficiency of overall economic development.Therefore,taking foreign direct investment and green total factor productivity as the starting point,this paper calculates the level of green total factor productivity in China and local areas based on environmental technology model,SBM direction distance function and ml productivity index.Combined with the regional structure distribution of foreign direct investment,this paper deeply explores the impact of foreign direct investment on green total factor productivity through fixed effect model and threshold effect model.At the same time,considering the regional differences in the orientation of economic development and the quality of foreign capital introduction,through the heterogeneity analysis of the eastern,central and western regions,this paper further discusses the regional impact of foreign direct investment on green total factor productivity,in order to provide decision support for improving the quality of foreign direct investment and China’s green total factor productivity.According to the impact mechanism of foreign direct investment on green total factor productivity under income effect,structure effect,technology spillover,economies of scale and environmental regulation,taking the sample data of prefecture level cities from 2004 to 2016 as an example,this paper deeply explores the impact of foreign direct investment on green total factor productivity by constructing fixed effect and threshold effect models.The study found that foreign direct investment has a significant positive role in promoting green total factor productivity,which verifies the "pollution halo" hypothesis to a certain extent.It shows that with the continuous promotion of the construction process of ecological civilization,the access threshold of foreign direct investment is also increasing,and it is more inclined to invest in low pollution high-tech industries.However,due to the heterogeneity of regional development,driven by the "industrial location relocation",the central and western regions have gradually become the "pollution refuge" of backward enterprises,which hinders the improvement process of green total factor productivity.In addition,based on the test results of the threshold effect,this paper finds that when factors such as technological progress and financial development level cross the threshold value,the promoting effect of foreign direct investment on green total factor productivity is significantly improved,and when the government intervention factor crosses the threshold value,the promotion effect of foreign direct investment on green total factor productivity has been inhibited.Finally,from the perspective of improving the foreign investment introduction mechanism,coordinating regional coordinated development,building regional balanced development and actively encouraging technological innovation,this paper puts forward policy suggestions for the coordinated development of foreign direct investment and China’s green total factor productivity,so as to provide guidance and reference for government decisionmaking.