改革开放以来，中国经济步入“快车道”，经济持续高速发展的同时，也付出了严重的资源与环境代价，高污染、高能耗、低效率的现象愈加突出，环境污染治理日益成为社会关注的热点。中国地方环境污染治理投资的资金主要来自于政府公共财政投入，污染治理投资总额逐年递增，但投资效率如何？怎样测度环境污染治理投资效率并识别影响环境污染治理投资效率的因素？这些问题对于优化财政资金分配使用制度，改善环境污染具有重要意义，值得深入探究。

本文首先对国内外环境污染治理、环境污染治理投资效率及其影响因素的现有文献进行综述，介绍了中国地方环境污染治理投资概况，然后利用2011年-2018年中国内地30个省、自治区和直辖市的省级面板数据，从工业污染治理投资效果和城镇环境建设投资效果双产出角度构建了环境污染治理投资效率评价体系，并基于DEA-BCC模型和DEA-Malmquist指数分别测算了中国地方环境污染治理投资静态效率和动态效率。研究表明：中国地方环境污染治理投资静态效率具有地方差异明显、极差大、总体水平居中的特点。中国地方环境污染治理投资动态效率具有总体水平高、部分发达地区效率较低的特点。随后，结合已测度的中国地方环境污染治理投资效率值，本文运用固定效应面板模型探索了影响中国地方环境污染治理投资效率的关键因素。研究表明：经济发展水平对中国地方环境污染治理投资效率具有正向作用，环境规制水平和财政支出水平对中国地方环境污染治理投资效率的影响作用有限。

基于研究结论，本文提出了五点政策建议：第一，各地政府应重视环境污染治理问题，提升自身环境污染治理投资效率，逐渐缩小地区和省际间环境污染治理投资效率差异；第二，平衡经济发展与环境污染治理之间的关系；第三，完善环境法律法规，明确环境规制的监督和管理边界；第四：健全财政资金分配使用制度，拓宽融资渠道和主体，优化环境污染治理投资结构；第五：引入环境友好型企业投资，推动产业绿色化升级。

    Since the reform and opening-up , China's economy has stepped into the "fast track". While the economy has continued to develop rapidly, it has also paid a serious price for resources and the environment. The phenomenon of high pollution, high energy consumption and low efficiency has become increasingly prominent, and environmental pollution governance has gradually become a hotspot of social concern. China's environmental pollution governance investment mainly comes from government's public finance, but what’s the efficiency level of investment in environmental pollution governance? How to measure investment efficiency of environmental pollution governance and identify the factors that affect it? These problems are of great significance for optimizing the system of allocation and use of financial funds and improving environmental pollution, and deserve further exploration.

This paper first reviews the existing domestic and foreign literature on environmental pollution governance, investment efficiency of environmental pollution governance and its influencing factors, introduces the general situation of local environmental pollution governance investment in China, and then uses the provincial panel data of 30 provinces, autonomous regions and municipalities in Mainland China from 2011 to 2018 and builds the evaluation system of investment efficiency of environmental pollution governance from the dual output angles of investment effect of industrial pollution governance and investment effect of urban environmental construction. The static efficiency and dynamic efficiency of local environmental pollution governance investment in China are calculated by DEA-BCC model and DEA-Malmquist index respectively. The results show that the static efficiency of local investment in environmental pollution governance in China has the characteristics of obvious local difference, large range and medium overall level. The dynamic efficiency of investment in local environmental pollution governance in China is characterized by high overall level and low efficiency in some developed regions. Then, combined with the measured investment efficiency value of local environmental pollution governance in China, this paper uses fixed effects panel model to explore the key factors affecting the investment efficiency of local environmental pollution governance in China. The results show that the level of economic development has a positive effect on the investment efficiency of local environmental pollution governance in China, the level of environmental regulation and financial expenditure has limited influence on the investment efficiency of local environmental pollution governance in China.

Based on the research conclusions, this paper puts forward five policy recommendations: first, local governments should attach importance to environmental pollution governance, improve the investment efficiency of environmental pollution governance, and gradually narrow the differences between regional and provincial investment efficiency of environmental pollution governance; Second, balance the relationship between economic development and environmental pollution governance; Third, improve environmental laws and regulations, clarify the supervision and management boundary of environmental regulations; Fourth, improve the system for allocating and using government funds, expand the channels and subjects of financing, and optimize the investment structure for environmental pollution governance; Fifth, bring in environment-friendly enterprises and promote the green upgrading of industries.