关键词: 环境规制, 技术创新, 外商资本, 挤出效应, 工业行业

Abstract: The industry selection effects of Environmental regulation's impact on China's IFDI are heterogeneous. Based on the extended principal-agent regulation game model, this paper constructs a system of simultaneous equations to describe the dynamic effect of the environmental regulation on China's FDI concerning the industry decision, and conducts an empirical analysis based on the panel data of 2005~2016. Findings of the total sample analysis show that the environmental regulation will promote the technological innovation of Chinese industry, and attract more foreign capital. The influx of capital will further boost the technology progress, and there is a benign interaction effect between the technological innovation and the foreign capital. The implementation of the new environmental policy will intensify the game between the manager and the enterprise. The more active the coordination degree of the industry organization will be, the more effective the organization innovation and the technology innovation will be. Industry sample results show that there exists a compensation effect of the technological innovation in the raw material industry and the general manufacturing industry because of the environmental regulation, but the environmental regulation of the high-tech industry will produce offset effects on the technological innovation. Foreign capital will choose the industry with stronger ability of technological innovation.

Key words: Environmental Regulation, Technological Innovation, Foreign Capital, Crowding-out Effect, Industry Sector