? (Jaffe1995) (Porter1991); (PorterVan der Linde1995) U ( 2011) ; U ( 2012) ( 2009) (Schupeter 1928) ( 2004) ( 2004) ; GMM ( 2000) FDI 1. ( 1) (1) 1 4

2013 7 7 (304 ) China Industrial Econoics July 2013 No.7 ( 211023) [ ] FDI 2004 2011 28 GMM U ;FDI FDI ; [ ] ; ; ; [ ]F062.2 [ ]A [ ]1006-480X(2013)07-0044-12 2012 (EPI) 132 116 44 [ ] 2013-06-10 [ ] R&D : ( 71203097); ( 12DDB009); ( 2013ZDIXM026) [ ] (1956 ) ; (1989 ) ; (1982 )

? (Jaffe1995) (Porter1991); (PorterVan der Linde1995) U ( 2011) ; U ( 2012) ( 2009) (Schupeter 1928) ( 2004) ( 2004) ; GMM ( 2000) FDI 1. ( 1) (1) 1 45

: ; (2) (3) 2. ( 2) FDI FDI 2 (1) FDI FDI (FDI) ( 2004) FDI FDI FDI FDI FDI FDI 46

(BauolOates1988) FDI FDI (2) ; ( 1990)? ; (3) (Solow1957) : (4) FDI 1. 47

: R&D it =β 0 +β 1 ERS it +β 2 R&D it-1 +ψx+ε 軌 it (1) R&D it i t ;ERS it i t X FDI FDI : R&D it =β 0 +β 1 EFDI it +β 2 ESIZE it +β 3 EPRO it +β 4 EWAGE it +β 5 R&D it-1 +ε 軌 it (2) EFDI it i t FDI ;ESIZE it ;EPRO it ;EWAGE it (1) (2) ε 軌 it=v i +ε it R&D it V i R&D it-1 V i R&D it-1 V i X V i Cov(XV i ) 0 GMM GMM 2. (1) : (R&D) 20 60 R&D R&D (2) (ERS) : GDP (Antweiler et al.2001); (DoazlickyWeber2004) ; ( 2011); ( 2010) : 48

s UE ij =[UEij -in(ue j )]/[ax(ue j )-in(ue j )] (3) UE ij i j ax(ue j )in(ue j ) s UE ij (W j ) : W j = E ij ΣE ij / O i ΣO i = E ij O i ΣO i ΣE ij = E ij O i / ΣE ij ΣO i =UE ij /UE ij (4) E ij E ij i j ; i j ΣE ij O i ;O i i ; i ; : i ΣO i j (UE ij ) j UE ij : S i = 1 n ΣW n j UE S p ; ERS= ij ΣS i (5) j=1 (3) (FDI) ( 2006) FDI (4) (SIZE) ( 2007) (5) (WAGE) (6) (PROFIT) 49

(PROFIT) 28 1 1 2 3 4 5 6 R&D -1 1.1133*** 1.1101*** 1.1055*** 1.0969*** 1.0320*** 1.0130*** (2937.1500) (4047.8200) (3926.5900) (2495.9500) (1162.0100) (129.5700) ERS -1.6333*** -16.7186*** -16.4829*** -18.7070*** -6.1636*** -9.5275** (-6.4900) (-27.8800) (-20.0700) (-16.2300) (-2.9500) (-2.4900) ERS 2 22.3928*** 22.3277*** 25.6475*** 9.9013*** 13.2170** (32.1300) (23.2000) (14.3000) (3.4700) (2.4300) SIZE 0.1072** 0.1573*** 0.1249*** 0.0824*** (3.2000) (4.4400) (10.7200) (6.2600) FDI 0.9295*** 0.9236*** 0.5566*** (20.8300) (11.0000) (4.5300) PROFIT 3.6708*** 3.3461*** (90.27) (37.3300) WAGE 1.7568*** (4.9700) C 1.5935*** 2.4948*** 2.2403*** -6.8161*** -8.4253*** -21.7488*** Sargan STATA11.0 GMM (1) (2) 1. 1 (11.0000) (12.9400) (16.0900) (-13.6600) (-13.5500) (-6.9100) 23.7095 22.2172 22.8548 25.0937 23.2955 24.6861 (0.3073) (0.3871) (0.3518) (0.2431) (0.3284) (0.2610) AR(1) -2.5760-2.5423-2.5263-2.5130-2.5536-2.5232 (0.0100) (0.0110) (0.0115) (0.0120) (0.0107) (0.0116) AR(2) -1.6338-1.5459-1.5092-1.3700-0.2128-0.2411 50 (0.1023) (0.1221) (0.1312) (0.1707) (0.8315) (0.8095) :1*** ** * 1% 5%10% z ;2Sargan AR(1) AR(2) Arellano-Bond

1 Sargan (1) Sargan P 0.24 0. 38 1 ; AR(1)AR(2) AR(1)P 0.01 ;AR(2) 0.1 1 Sargan AR(1)AR(2) 1 : (1) U ( 2012) (2) : ; ;R&D ; (3)FDI ( 2008)? (4) 1 (5) (6) 1 3.34 3.67 1% (6) 1 1.76 : 1 2. FDI (2) GMM ( 2) 51

2 1 2 3 4 R&D -1 1.1129*** 1.0908*** 1.0923*** 1.0909*** (2515.3800) (1502.6700) (1500.7400) (802.7800) EFDI -0.1994*** -0.5835*** -0.5504*** -1.6907*** (-6.4100) (-11.8400) (-22.7100) (-12.8100) ESIZE 2.0412*** -0.3981*** -0.8864*** (15.8100) (-4.1200) (-3.7300) EPRO 10.7341*** 11.6227*** (38.9200) (25.2000) EWAGE 1.1861*** (7.9600) C 1.6661*** 1.8935*** 1.8441*** 1.8879*** (11.5900) (10.8200) (9.1600) (9.3300) Sargan 23.9960 22.8775 21.4310 21.0067 (0.2933) (0.3505) (0.4329) (0.4585) AR(1) -2.5791-2.4519-2.4272-2.4613 (0.0099) (0.0142) (0.0152) (0.0138) AR(2) -1.6398-0.5711-0.5625-0.6355 (0.1010) (0.5679) (0.5738) (0.5251) :1*** ** * 1% 5%10% z ;2Sargan AR(1) AR(2) Arellano-Bond 2 Sargan P 0.29 0.46 ;AR(1)P 0.01 ; AR(2) 0.1 2 3 4 0.5 AR(1)AR(2) 2 Sargan AR(1)AR(2) FDI FDI 2 (1) (4) FDI 1% ; 1% : FDI FDI 1% 0.262%(JohnCatherine 2000) FDI 52

FDI ( 2009) ( 2008) ; ; : ; FDI 2004 2011 28 :1 U ; 2 FDI FDI FDI 3 : (1) (SartzetakisConstantatos1995) ; ( 2012) ; 53

(2) U ; ; (3) ; (4) : ; 1 Jaffe Ada B. Robert N. Stavins. Dynaic Incentives of Environental Regulations: The Effects of Alternative Policy Instruents on Technology Diffusion[J]. Journal of Environental Econoics and Manageent199529(3). 2 Porter Michael. Aerica s Green Strategy[J]. Scientific Aerican1991264(4). 3 Porter Michael C. Van Der Linde. Toward a New Conception of the Environent Copetitiveness Relationship [J]. Journal of Econoic Perspectives19959(4). 4 Joseph Alois Schupeter. The Instability of Capitalis[J]. The Econoic Journal1928151(38). 5 Bauol WilliaJ. Wallace E. Oates. The Theory of Environental Policy [M]. Cabridge University Press 1988. 6 Robert. M. Solow. Technical Change and the Aggregate Production Function [J]. The Review of Econoics and Statistics195739(3). 7 Antweiler.W. Copeland B. R. Taylor M. S. Is Free Trade Good for the Environent [J]. Aerican Econoic Review200191(4). 8 Doazlicky B. R. WeberW. L. Does Environental Protection Lead to Slower Productivity Growth in the 54

Cheical Industry[J]. Environental and Resource Econoics200428(3). 9 List JohnA. CatherineY.Co. The Effects of Environental Regulations on Foreign Direct Investent[J]. Journal of Environental Econoics and Manageent200040(1). 10 SartzetakisE. S.ConstantatosC. Environental Regulation and International Trade [J]. Journal of Regulatory Econoics19958(1). 11. [J]. 2011(2). 12. [J]. 2012(5). 13. 30 [J]. 2009(11). 14 []. [M].. : 2004. 15. [J]. 2004(2). 16. [M].. : 2000. 17 []. [M].. : 1990. 18. DEA [J]. 2010(3). 19. [J]. 2006(3). 20. [J]. 2007 (6). 21. [J]. 2008(9). 22. FDI [J]. 2009(6). 23. [J]. 2008(11). The Dual Effect of Environental Regulations Ipact on Innovation An Epirical Study Based on Dynaic Panel Data of Jiangsu Manufacturing JIANG Fu-xin WANG Zhu-jun BAI Jun-hong (Business School of Nanjing Noral University Nanjing 211023 China) Abstract: As an iportant strategic transforation of econoic developent the relationship of environental protection and technological innovation has always been a hot issue. This paper argues that environental regulation not only has a direct ipact on enterprises technological innovation but also has an indirect ipact through affecting FDI fir size huan capital levels and other factors. Therefore two-step GMM epirical ethod has been used on the panel data of 28 anufacturing industries in Jiangsu Province for years 2004 2011 to analyze the direct and indirect effect environental regulation has on technological innovation. The results show that: there is a U-shaped dynaic relationship between environental regulation and enterprise technology innovation. That is to say offset effect will gradually transfored into copensation effect as the strength of environental regulation becoe stronger nevertheless it has a positive copensation effect in the long ter. FDI and enterprise s scale has a significant role in prooting technological innovations howeverenvironent regulation will have a indirect effect on technological innovation by inhibiting FDI technology spillover effect and large scale enterprise effect. Both the level of huan capital and corporate profit argins will have a positive effect on enterprise innovation regardless of the constraints of environental regulation. The conclusion is that governent should forulate appropriate environental regulation easures and foreign investent policy increase the support for R&D funds increase the level of huan capital and take other easures to offset the negative ipact of environental regulation on technological innovation. Key Words: environental regulation; technological innovation; dual effect; anufacturing JEL Classification: L59 Q55 Q58 责任编辑: 王燕梅 55