外國直接投資東協國家環境和經濟績效的影響

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Title:	外國直接投資東協國家環境和經濟績效的影響
Other Titles:	The Influence of Foreign Direct Investment on Environment and Economic Performance in ASEAN Countries
Authors:	阮氏竹英 ANH, NGUYEN THI TRUC
Contributors:	企業管理學系管理科學碩博士班黃瓊玉;袁淑芳 HUANG, CHIUNG-YU;YUAN, SHU-FANG
Keywords:	公司業績;外資持股;外國直接投資;碳排放;投資效率 firm’s financial performance;foreign ownership;foreign direct investment;carbon emissions;investment efficiency
Date:	2023
Issue Date:	2023-11-13 14:41:21 (UTC+8)
Abstract:	過去十年，5-ASEAN（包括越南、印度尼西亞、泰國、馬來西亞和菲律賓）受到外國投資者的關注。近期，儘管全球地緣政治不確定性和Covid-19流行病的複雜挑戰，外國直接投資（FDI）持續湧入這些東協國家。外國直接投資（FDI）對世界各國都發揮著重要作用。儘管多數意見認為外國直接投資對地主國將產生有利的影響，但相關的文獻在 FDI對環境影響的研究結論卻各有異同。例如Zhu 等人(2016) 年發現 FDI 與 CO2 排放之間存在正相關，但Tang and Tan (2015)；Zhang 和 Zhou (2016）卻發現了FDI 與 CO2 排放之間存在負相關，而其他學者Phuong 和 Tuyen (2018) 則發現FDI 和 CO2 排放缺乏關聯的證據。　　針對外國投資的影響，本研究研究建立3 個主要研究主題：　　首先，本研究分析FDI及其他因素可能與碳排放有關的因素，包括經濟增長、能源使用、城市化和政府教育支出，採用相同的多變量環境庫茲涅茨曲線 (EKC) 估計來探討它們對碳排放的影響。根據Pooled Mean Group (PMG) 估計的結果顯示 GDP 和碳排放之間存在非線性倒 U 形的關係，支持傳統的 EKC 模型。另一方面，研究結果顯示外國直接投資可能會在短期內增加碳排放，特別是在發展中國家和正在工業化的國家，但從長遠來看，外國直接投資可能會提高地主國的環境質量。　　其次，近年外國投資人積極參與越南企業投資。因此，本研究試圖使用普通最小平方 (OLS) 和固定效應模型 (FEM)來衡量2010-2019 年期間外國所有權對越南股票上市公司業績的影響。實證結果顯示，公司中擁有較高比例的外國機構者，會具有更高的公司績效。　　最後，在全球化經濟中，企業有越來越多的投資機會，尤其是在發展中國家。投資是決定企業經濟增長潛力的關鍵活動。如何做出有效投資則是企業非常關心的問題。為了了解影響投資決策結果的因素，本研究使用共被引用分析方法(co-citation method)進一步探討影響投資效率的因素。　　這項研究不僅對文獻綜述具有正向的意涵，而且對決策者、管理者、債權人、投資者和其他處於同等條件的相關夥伴也具有啟示。　　首先，FDI 與碳排放量之間存在長期顯著相關性，這意味著 FDI 流入可以降低碳排放量。為了減少二氧化碳排放並實現可持續增長，他們必須為外國直接投資制定嚴格的指導方針和規範。　　此外，公司中外國機構所有者比例較高可能會導致更高的公司績效。它可以幫助投資者監督管理人員的業務活動，並通過改善公司治理來提高投資者保護水平。　　此外，共引用方法分析的結果概述了關於投資效率的四種研究趨勢，例如：財務報告質量、董事會性別多元化、企業社會責任和所有權結構。了解影響投資效率的因素能有助於政策制定者擬定投資決策。它還有助於發展中國家發揮優勢，增強競爭力，吸引外國直接投資。　　最後但並非最不重要的一點是，這對其他發展中國家尋求如何平衡持續增長目標和環境問題提供了一個寶貴的教材。　　Over the past decade, 5-ASEAN (including Vietnam, Indonesia, Thailand, Malaysia, and Philippines) have received the attention of capital investment from foreign investors. Recently, despite global geopolitical uncertainties and the complicated challenge of the Covid-19 epidemic, foreign direct investment (FDI) inflows have continued to pour into these ASEAN countries. Foreign Direct Investment (FDI) plays an important role for all countries in the world. Despite the favourable effects of foreign direct investment, prior literature documented inconsistent evidence on the impact of FDI inflows on the environment. Zhu et al. (2016) found a positive relationship between FDI and CO2 emissions, (Tang and Tan, 2015; Zhang and Zhou, 2016) discovered a contradictory discovery: a negative correlation among FDI and CO2 emissions. while other scholars (Phuong and Tuyen, 2018) found no evidence on FDI and CO2 emissions.　　The study consists of 3 main issues:　　Firstly, this study investigates FDI inflows are integrated to other factors, including economic development, energy demand, urbanization, and education spending of government by using multivariate environmental Kuznets curve (EKC) estimation to explore their influence on carbon emissions. The results from the Pooled Mean Group (PMG) estimator support the traditional EKC model by showing a nonlinear inverted U-shaped link exists among GDP and carbon emissions. This study found that in the short-term, FDI may increase CO2 emissions, particularly in developing countries, but FDI may enhance environmental quality in the host nation in the long-run.　　Secondly, FDI inflows have been flowing strongly into key economic regions of Vietnam. Accordingly, the number of foreign investors as managers and owners of enterprises have also increased recently. Therefore, this study attempts to measure the influence of foreign ownership on performance of companies listed on the Vietnamese stock market using the Ordinary least squares (OLS) to have efficient estimates from the fix-effects model (FEM) for the period 2010–2019. The empirical findings show that a greater proportion of foreign institutional owners in a company may lead to a higher firm’s financial performance.　　Thirdly, businesses have more and more options to invest in a worldwide economy, particularly in developing nations. The ability of an organization to grow economically is mostly dependent on investment. It is very important to consider how businesses decide on investment efficiency. To understand elements which could be the result of investment strategies, this research further explores the factors that affected investment efficiency by using the co-citation analysis. 　　This research has useful suggestions for the literature, and for policymakers, investors as well as another relevant partners in equivalent conditions. 　　First and foremost, existence of a long-term association among foreign direct investment and carbon emissions, this means FDI inflows could lower carbon emissions. To reduce CO2 emissions and achieve sustainable growth, they must set tight guidelines and norms for FDI. 　　Moreover, the evidence of a greater proportion of foreign institutional owners in the company may lead to higher firm’s financial performance. It might help investors keep tabs on managers' professional activities and boost investor protection by fostering better corporate governance.　　Furthermore, the results of co-citation analysis provide an overview of four themes on investment performance like: quality financial statement, diverse on boards, CSR, and ownership structure. Understanding the factors that influence investment efficiency may aid policymakers in developing an investment strategy. Additionally, it aids developing nations in highlighting their advantages and boosting their level of competitiveness to attract FDI.　　Last but not least, this is a valuable lesson for other developing countries on how to balance the goal of sustainable growth and environmental issues.
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