| Since the reform and opening-up,China's manufacturing industry has achieved world-renowned achievements,and its overall scale has leapt to the top in the world.It has complete categories and systems,forming a solid foundation for the national economy.In 2018,the added value of China's manufacturing industry accounted for more than 1/4 of the world's total output,maintaining the status of the world's largest manufacturing country for nine consecutive years.However,China's manufacturing industry has accumulated a large amount of overcapacity due to its simple and extensive development model.Overcapacity is a bubble in the real economy,which may cause a series of problems,such as the decline of corporate economic benefits,the deterioration of industrial organizations and the intensification of vicious competition in the market,which is not conducive to the stable,healthy and sustainable development of China's economy.In the context of supply-side structural reform,effectively reducing overcapacity is an important issue that needs to be addressed urgently in the process of preventing and defusing risks and realizing the transformation and upgrading of China's economy.At the same time,with the acceleration of economic globalization process and the implementation of "The Going Out strategy " and "The Belt and Road Initiative",China has continuously deepened its opening up to the outside world,and international trade,outward foreign direct investment,and foreign direct investment have continued to expand.China has been integrated into the global economy in an all-round way.In order to solve the problem of overcapacity,it must be carried out in an open economy.It is necessary to clarify the impact and mechanism ofinternationalization behavior such as international trade,outward foreign direct investment and foreign direct investment on capacity utilization.Therefore,based on the overall situation of domestic and foreign markets and resources,this paper systematically investigates the impact of internationalization behavior on enterprises' capacity utilization,and then explores the internationalization path of improving Chinese manufacturing enterprises' capacity utilization.From the perspectives of GVC embedment,OFDI and FDI,this paper analyzes the influence mechanism of internationalization behavior on manufacturing enterprises' capacity utilization.Based on the data of China's manufacturing enterprises from 1998 to 2013,the paper uses the beyond logarithmic cost function and the stochastic frontier production function to measure the firm-level capacity utilization,and analyzes the overcapacity of China's manufacturing enterprises from different perspectives.Based on the estimation results of firm-level capacity utilization,and using the matching data of Chinese Annual Survey of Industrial Firms(ASIF),China Transaction Level Customs Data,the List of Foreign Investment Enterprises(Institutions)and the Catalogue for the Guidance of Foreign Investment Industries,this paper analyses the impact of internationalization behavior on manufacturing enterprises' capacity utilization from the perspectives of GVC embedment,OFDI and FDI by using Coarsened Exact Matching,Propensity Score Matching,Difference in Difference method and instrumental variable estimation.Thus we have the following conclusions:First,the problem of overcapacity exists at all levels in China,among which the capacity utilization of enterprises in the western and northeast regions is lower than that in the eastern and central regions,the capacity utilization of heavy industrial enterprises is lower than that of light industrial enterprises,the capacity utilization of state-owned enterprises is lower than that of other types of enterprises.Capacity utilization is positively correlated with productivity,export,profit,size and total assets turnover,and negatively correlated with debt,capital density and age.Thedynamic decomposition results show that industrial aggregate capacity utilization growth is mainly from the intensive margin,while the extensive margin is much smaller.Chinese manufacturing enterprises' capacity utilization is affected by many factors,such as economic cycle,investment surge,endogenous market structure and improper government intervention.Second,GVC embedment significantly improves the enterprises' capacity utilization,and this impact has been strengthened over time,but the impact is significantly different among firms with different characteristics,including different trade mode,ownership,technical level and region,and the magnitude of the impact differed by intermediate inputs' import source and products' export destination.Furthermore,we find that GVC embedment mainly improves enterprises' capacity utilization through demand creation effect and technology spillover effect,and restrains enterprises' capacity utilization through technology lock-in effect,while cost saving effect is not significant.Third,OFDI significantly improves the capacity utilization of enterprises,and this impact has been strengthened over time.Heterogeneity analysis shows that Trade and Service OFDI,Production and Processing OFDI and Research and Development OFDI have more positive effects on capacity utilization.OFDI has greater impacts on institutional overcapacity firms,zombie firms,non state-owned firms and Midwestern firms.The mechanism analysis shows that OFDI promotes capacity utilization mainly through three ways: production transfer effect,productivity effect and export effect.Fourth,FDI has two counterbalancing effects on domestic enterprises' capacity utilization:positive spillover effect and negative crowding out effect,but the crowding out effect is greater than the spillover effect,and the net effect is negative.Heterogeneity analysis shows that FDI has a greater inhibitory impacts on midwestern firms,low technical level firms,domestic marketing firms and private firms.From the perspectives of GVC embedment,OFDI and FDI,this paper reveals the impact of internationalization behavior on manufacturing enterprises' capacityutilization,which not only enriches the research on internationalization behavior and enterprises' capacity utilization,but also provides a reference for advancing opening-up policies and supply-side structural reforms. |
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