Foreign Direct Investment, Regional Innovation, and Green Economic Efficiency: An Empirical Test Based on the Investigation of Intermediary Effect and Threshold Effect

Retracted: Foreign Direct Investment, Regional Innovation, and Green Economic Efficiency: An Empirical Test Based on the Investigation of Intermediary Effect and Threshold Effect

[This retracts the article DOI: 10.1155/2021/7348599.].

Does digital inclusive finance affect the urban green economic efficiency? New evidence from the spatial econometric analysis of 284 cities in China

Digital inclusive finance has an essential impact on improving the urban green economy efficiency by demonstrating environmental friendliness in agglomerating factors and promoting the flow of factors. Based on the panel data of 284 cities in China from 2011 to 2020, this paper uses the super-efficiency SBM model with undesirable outputs to measure the urban green economy efficiency. Then, the fixed effect model and spatial econometric model of panel data are used to empirically test the impact of digital inclusive finance on urban green economic efficiency and its spatial spillover effect, and the heterogeneity analysis is carried out. This paper draws the following conclusions. (1) The average value of urban green economic efficiency of 284 Chinese cities from 2011 to 2020 is 0.5916, showing a "high in the east and low in the west." In terms of time, it showed a rising trend year by year. (2) Digital financial inclusion and urban green economy efficiency have a high spatial correlation, both showing "high-high" and "low-low" agglomeration characteristics. (3) Digital inclusive finance significantly impacts urban green economic efficiency, especially in the eastern region. (4) The impact of digital inclusive finance on urban green economic efficiency has a spatial spillover effect. In the eastern and central regions, digital inclusive finance will inhibit the improvement of urban green economic efficiency in adjacent cities. In contrast, it will promote urban green economy efficiency in the western regions in adjacent cities. (5) The coverage and depth of digital inclusive finance significantly affect the urban green economy efficiency, while the level of digitization has yet to show a significant effect. This paper puts forward some suggestions and references for promoting the coordinated development of digital inclusive finance in various regions and improving urban green economic efficiency.

Pollution heaven or pollution halo? Assessing the role of heterogeneous environmental regulation in the impact of foreign direct investment on green economic efficiency

As the main engine of the global economy, China has been attracting increasing foreign direct investment (FDI) since the 1980s. The frequent occurrence of pollution incidents by multinational companies and the continuous deterioration of the environment have prompted China to attach importance to environmental regulations and attempt to avoid the potential pollution heaven effect of FDI on green development. To assess the effectiveness of these environmental regulations, this paper investigates the moderating effect of environmental regulation, in particular, the heterogeneous environmental regulatory tools, on the relationship between FDI and green economic efficiency. In addition, the spatial performance of these moderating effects is examined through the spatial Durbin model (SDM), using China's provincial panel data from 2004 to 2018. The results show that environmental regulation has an overall positive moderating effect, exacerbating the pollution heaven effect of FDI on green economic efficiency. In the meantime, the moderating effects of heterogeneous environmental regulations are obviously different; i.e., command-and-control and public-participation-based environmental regulations have positive moderating effects, while market-based environmental regulation has a negative moderating effect. In addition, in terms of spatial performance, the market-based environmental regulation has a positive spillover effect, thereby promoting green economic efficiency in surrounding regions, which is contrary to command-and-control and public-participation-based environmental regulations. Based on the above findings, this paper makes some recommendations for policymakers.

How Do Environmental Regulation and Environmental Decentralization Affect Regional Green Innovation? Empirical Research from China

Green innovation is vital in transforming China’s economic development from high speed to high quality. Environmental regulation plays an important role in stimulating regional green innovation, and appropriate environmental decentralization is the institutional basis to consolidate the innovation compensation of environmental regulation. Clarifying the relationship among environmental regulation, environmental decentralization, and green innovation is of great theoretical and practical significance for regional environmental management and green innovation development. This paper incorporates environmental regulation, environmental decentralization, and regional green innovation into the same analytical framework and constructs a fixed-effects model and a threshold panel model to empirically examine the intrinsic relationship between them based on panel data of 30 Chinese provinces from 2006 to 2015. The estimation results indicate that environmental regulation has a positive impact on regional green innovation, which is greater in developed regions than in underdeveloped regions. Environmental decentralization plays a negative role in regional green innovation, with underdeveloped regions being affected to a greater extent. The impact of environmental regulation on regional green innovation shows a threshold characteristic with the change of the degree of environmental decentralization, while the green innovation utility of environmental regulation gradually decreases with the increase of the degree of environmental decentralization.

Can Green Economy and Ecological Welfare Achieve Synergistic Development? The Perspective of the "Two Mountains" Theory

China’s high-speed economic growth and severe environmental problems have resulted in a poor Environmental Performance Index and have affected China’s sustainable development and ecological welfare improvement. Therefore, exploring whether there is a certain relationship between the two and their influencing factors is an important way and a breakthrough to solve the problems regarding green economic progress and ecological welfare enhancement. To this end, by using the undesirable slack-based measure (SBM) model, this paper measures the ecological welfare performance and the green economic efficiency of 11 cities in Zhejiang Province, China, from 2000 to 2019. Through the methods of spatiotemporal evolution, coefficient of variation, coupling coordination degree, and the Tobit model, we found that: (1) The development trend of urban green economic efficiency and ecological welfare performance were both in a “U” shape that first fell and then rose; (2) The coupling coordination degree between green economic efficiency and ecological welfare performance showed a wave-like upward trend as a whole and most cities have entered a more advanced coupling coordination stage during the study period. The coefficient of variation revealed a downward trend; (3) The urbanization level, industrial structure, and government investment can promote the regional coordinated development, while the industrialization degree and the opening level had a negative impact on it; (4) The “Two Mountains” theory was beneficial to the improvement of regional urban green economic efficiency and ecological welfare performance and their coordinated development both in theory and practice. Finally, according to the findings, we offer relevant suggestions on making good use of the country’s preferential policies and informatization means from the perspective of the regional coordinated development.