| Promoting industry upgrading and transformation by ODI (Outward Direct Investment) and internationalization of enterprises has been one of the important topics surrounding the "Going-out for Development Strategy" in recent years. Both central government authorities and the decision-makers in developed coastal areas had highly expected the role of ODI when they made their development strategy. Undoubtedly, one of the academic topics the "Going-out for Development Strategy" leads directly to the ODI's home country effects. The latter one has been neglected in International Economics. This dissertation focused exactly on this topic both from theoretical and empirical study. Logically, in order to find out the effects ODI has on the industry upgrading and the corresponding empirical evidence, the following works in four aspects should be accomplished:the first one is a collection on the existing empirical and theoretical research; the second one is a summary of the prior country's experience on ODI and the rule between ODI and industry upgrading; the third one is a conclusion of the mechanism on ODI' home country effect; the last one is an empirical test aimed to prove the above expectation. The basic frame of this dissertation relies on these four aspects which are closely related.There are two contrary views on the ODI's home country effects especially on its industry structure effects, positive effect and negative effect. Positive effect argues that ODI helps to improve the efficiency of resource utilization thereby help to promote domestic industrial upgrading and transformation; negative effect argues that ODI would lead to insufficient investment in some industries and industries decaying in home country. The former one has been supported by lots of arguments and experiences; the most influential argument that supports the latter one is "Industry hollowing out effect". In recent years, most of the researches sustained the view of positive effect and questioned the negative effect, especially "Industry hollowing out effect", which are based on the rule between ODI and industry upgrading. There was not any mature empirical model. Also researches which focus on China's situation using normative economic analyze method is inadequate.The studies on developed and newly industrializing countries like the United States and Japan show that promoting domestic industry upgrading through ODI is an remarkable feature among these countries' post-war development. Meanwhile, each country's ODI in different historical phase can be approximately concluded by motivations evolved as follows:"recourse seeking---market seeking---efficiency seeking---strategic asset seeking". ODI motivated by different driver has different effects on domestic industrial upgrading:the recourse seeking ODI usually accompanied with the process of heavy industry development; the market seeking ODI usually with deepening of domestic manufacture process; the efficiency seeking ODI usually with an advancement of domestic labor productivity; strategic asset seeking ODI usually with development of high technical manufactures. The rule above had been supported by related empirical researches.Using the existing literatures and typical cases, we can construct a mechanism of ODI's home country effects which mainly contains three layers:the first one is the micro motivation layer composed by four effects:the heavy industrialization effect by recourse seeking ODI, the deepening processing effect by the market seeking ODI, labor productivity improvement effect by the efficiency seeking ODI, high technicalizaion effect by strategic asset seeking ODI; the second one is the macro motivation layer composed by three effects:industry transfer effect, industry linkage effect and intra-industry competitive effect, among which the industry transfer effect and industry backward linkage effect are mainly supported by the cases of developed countries, the industry forward linkage effect was proved by the cases of the newly industrializing countries; the third layer is the indirect conductive mechanism clarifies that ODI can promote industrial upgrading through effecting trade structure and supply-demand structure. A great number of cases provided evidences on these effects. Owning to China's uniqueness being a newly industrializing country during institutional transformation, the mechanism must be modified when apply it to china's case. The adjustment mainly considers two aspects:government participant and intervention in economy; ODI dominated by state owned enterprises existing with state owned enterprises and private enterprises. The modified mechanism linkage can be used as a primary analyze framework focus on the effects that the ODI from Chinese enterprises had on domestic industrial upgrading.Cases of Chinese enterprises and indicators show that compared with gradual developed ODI of developed countries. Although these ODI have emerged only in recent years, Chinese ODI was motivated by kinds of reasons. ODI affected by multiple factors has promoted the productivity, meanwhile realized heavy industrialization, deep processing and high technicalizaion. Therefore, industrial upgrading has leaped. Through introducing ODI variable and modifying Chenery's model, an empirical model used to measure the relationship between China's ODI and industrial upgrading can be gained. The empirical test is base on panel data from typical provinces. The result shows that ODI and industrial upgrading are positive corresponded and are affected by the size of ODI. However, owning to China's ODI is still in a primary stage, even if the coastal provinces which opened comparatively earlier like Guangdong, Shanghai, Shandong and Zhejiang have ODI's proportion far less than 10%. So among the factors affecting industrial upgrading, ODI doesn't show a robust effect which is supported by empirical test.Objectively speaking, owing to the limitation of data, the above analyze still has some imperfections. They will be the direction of future research.
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