Study On The Effect Of Chinese Outward FDI On Energy Consumption Of Homeland

To achieve the goal of building a well-off society,GDP and per capita income will double by 2010 at the end of 13 th Five-Year,which means the average annual economic growth rate will be less than 6.5% during 13 th Five-Year.At the same time,the economic going is toward a New Normal way preferred with high economic quality and benefits and high-grade industrial structure.Adequate and high-quality energy supplies are of great importance in achieving steady economic growth and structural adjustment.However,the imbalance between energy supply and demand in China is becoming more and more serious.To overcome the resource constraints and improve energy efficiency,we should take full advantage of both domestic and international markets and resources.Mutual benefit and development will be achieved in the end.Under the supply side structural reforms background,comparative advantages of domestic production factors are changing,which lead to the evolution of international trade and investment pattern.Chinese outward FDI rises rapidly especially during the Belt and Road and international capacity cooperation.The mechanism and effect of Chinese outward FDI on energy consumption are analyzed.The researches are as follows:(1)First of all,the current status and existed problem of energy consumption is analyzed,such as the high total consumption,the widening gap between energy supply and demand,the consumption structure featured with high coal,low consumption efficiency.The enrgy consumption constraint on economic growth is increasingly serious.Under this background,the development process of Chinese outward FDI is sorted out,combined with investment industry selection,investment location choice and other current state of overseas investment.In the future,the domestic enterprises should take full use of “two markets,two resources”,which will provide new possibilities for the development of domestic energy.(2)The direct effect mechanism is divied into two aspects: Based on the energy supply and demand mechanism,the effect of OFDI on energy consumption of homeland is explored from the perspective of investment industry and domestic energy prices.On the basis of the present situation,the heterogeneous marginal costs and fixed market-entry costs model is applied to evaluate whether Chinese outward FDI is resource seeking.Secondly,based on conduct variables,including economic growth,industrial structure,international trade and technical progress,the indirect effect mechanism of OFDI on energy consumption are explored.(3)As the OFDI will have a complex impact on energy consumption,the effects of OFDI on total energy consumption,consumption structure and energy efficiency are focused on in the empirical content.Firstly,the impact of Chinese outward FDI on total energy consumption of homeland is analyzed.The dynamic relationship between OFDI and total energy consumption is explored with VAR model and Granger Causality test.The results show that OFDI is more sensitive to the changes of domestic energy consumption,and OFDI will be accompanied by the fluctuation of domestic energy consumption.Secondly,Gravity model and Resource Gap model are used to verify the existence of resource seeking tendency in China.Finally,Coupling and Decoupling analysis is applied to study the internal interactive relationship between OFDI and energy consumption from the macro perspective,and it is found that there is a weak decoupling relationship between them.(4)Following,the effect of OFDI on domestic energy consumption structure is explored.SEM is constructed to explore the relationship among energy consumption structure,Chinese outward FDI,industrial structure and economic growth.Taking into the direct and indirect path,the empirical results show that domestic coal consumption will be reduced,followed by oil consumption.Generally,the energy consumption structure will be optimized with the expansion of Chinese outward direct investment.(5)Considering the reverse technology spillovers of Chinese outward FDI,the relationship between technology spillover and energy efficiency is explored.Moreover,the absorptive capability of reverse technology spillover and regional difference is taken into consideration.Effectively,a 1% increase in OFDI reverse technology spillover raised energy efficiency by 0.051%.Howeveer,regardless of the national or regional sample,the reverse technology spillovers of Chinese outward FDI considering the absorption capability are relatively weak or hinder the efficiency,and regional differences are also showing no regularity of technology absorption effect.The results show that current technology absorption capacity is weak,and the technology gap should be narrowed in the future.