Research On China's Industrial Policy And Enterprise Internationalization

Key industrial policies have been an important policy tool for governments of various countries to improve production efficiency,accelerate industrial development,and promote economic growth(OECD,1975).For many developing countries,the implementation of key industrial policies is also a common practice to achieve industrialization and modernization in the short term and to shorten the gap with developed countries.Key industrial policies will bring significant policy advantages to specific industries,which in turn will lead to structural differences between specific industries and other industries in terms of development environment,resource factors,etc.,and such differences will adversely affect the company's business decisions.Among them,the most intuitive performance is that enterprises in specific industries can benefit from the benefits of land leases,special subsidies,tax reductions,etc.,and can also benefit from the better expectations brought by selective industrial policies and obtain market resource factors.Favored.Since joining the WTO(World Trade Organization),the internationalization of Chinese enterprises has experienced rapid development for more than ten years.However,in recent years,the economic recovery of various countries has slowed,and the rise of unilateralism and protectionism has brought great uncertainty to the development of Chinese multinational enterprises.At present,China is in a critical period of economic transformation and development,and is also in the implementation stage of “Belt and Road” cooperation and“supply-side structural reform”.Under this important background,clarify the impact and role of key industrial policies on the internationalization of enterprises The mechanism has important strategic significance.When combing the literature,this article finds that the existing research perspectives on industrial policy and enterprise internationalization are relatively single,either to explore the role of the institutional environment based on the degree of internationalization,or to examine the impact of various factors such as the system from the perspective of the dynamic development of enterprise internationalization.effect.There are few literatures that comprehensively and systematically discuss the mechanism of industrial policy from the perspective of the company's operating performance in the international market,the status of entering the international market,and the way of entering the international market.Therefore,from the perspective of the degree of enterprise internationalization,this article examines how industrial policy affects the depth of internationalization and the breadth of internationalization of enterprises through the construction of a theoretical analysis framework,and clarifies the industrial policy for enterprises to enter the international market.The effects of exit and survival,and the way companies enter the international market.By systematically and comprehensively discussing the impact of industrial policies on the internationalization of enterprises,it not only expands and enriches the existing related research to a certain extent,but also provides more detailed guidance and suggestions for the government and business operators.It has important theories and Practical significance.Specifically,based on the idea of ?? "characteristic facts-theoretical analysis-empirical testing-policy recommendations",this article expounds the relationship between industrial policy and enterprise internationalization from the following aspects.First of all,based on the facts of my country's industrial policy and the internationalization of enterprises,we can find that:(1)Industrial policies often interfere with economic operations through government subsidies,tax incentives and other government means,thereby affecting resource allocation and promoting economic development.(2)Judging from the results of my country's industrial policies,key industries are relatively concentrated.The key industries mentioned in the five-year plan of the provincial local government and the central government have a high degree of coincidence,but when different provinces choose key pillar industries,they will also consider the province's industrial advantages and economic development.(3)From the perspective of the degree of internationalization of my country's enterprises,the depth of enterprise internationalization has maintained a stable trend from the financial crisis,and the breadth of my country's enterprise internationalization has shown an obvious upward trend in fluctuations.(4)Since the implementation of the "Going Global" strategy,the entry path of Chinese companies' internationalization has obvious gradual characteristics.Moreover,the number of internationalized enterprises and the number of key industrial policies basically show a significant parallel trend,which indicates to a certain extent that industrial policies may have a positive correlation with the internationalization of enterprises.Through the analysis of characteristic facts,it can be seen that industrial policy may have an important influence on the internationalization of enterprises.Secondly,based on the description of characteristic facts,this article conducts the following theoretical analysis and empirical tests.First,this paper uses the data of China's internationalized enterprises from 2001 to 2015 as a sample.In the theoretical framework analysis of the system-based view and the resource-based view,it proposes industrial policy and enterprise internationalization performance assumptions,and examines China's key points through the panel Tobit model.The impact of industrial policy on the static dimension of corporate internationalization performance.The research conclusions are as follows:(1)Industrial policies have significantly improved the depth of enterprise internationalization,but have no significant impact on the breadth of enterprise internationalization.This conclusion is still valid under the robustness test.(2)From the perspective of the mechanism of action,a single policy tool has no significant impact on the degree of internationalization of the enterprise in the context of industrial policy implementation.(3)The industrial policy shows the obvious characteristics of "according to local conditions",and the influence of local industrial policy on the degree of internationalization of enterprises is more significant.(4)From the perspective of enterprises with different ownerships,industrial policy is only positive for the degree of internationalization of state-owned enterprises.(5)From the perspective of regional heterogeneity,industrial policies can significantly increase the international operating income of enterprises in the eastern region,but have no impact on the overseas expansion of enterprises in the eastern region.Industrial policy has no significant impact on the international operating income of enterprises in the central region,but it has a significant inhibitory effect on the overseas expansion of enterprises in the central region.For the western region,industrial policy has no significant impact on the depth and breadth of internationalization of enterprises.Second,based on the dynamic data of internationalization of internationalized enterprises,this article uses production compromise theory,springboard theory and resource-based view as theoretical foundations to examine the impact of China's key industrial policies on the dynamic dimensions of enterprise internationalization entry,exit,survival,etc.And analyze the heterogeneity from the type of enterprise and the location.The study found that:(1)Generally speaking,industrial policies have no impact on enterprises entering the international market.From the perspective of the three types of industrial policies,local-led industrial policies can promote enterprises to enter the international market,while industrial policies with a central color will inhibit enterprises from entering the international market.(2)Industrial policies as a whole have no impact on the entry of state-owned enterprises and foreign-funded enterprises into the international market,and the key industrial policies of "the central government mentions,while the local government does not mention" will inhibit state-owned enterprises from entering the international market.In addition,overall industrial policy will promote private enterprises to enter the international market,and local-led industrial policies can promote private enterprises to enter the international market,while industrial policies with a central color will inhibit private enterprises from entering the international market.(3)Generally speaking,industrial policies have no impact on enterprises' exit from the international market.However,the key industrial policies have a significant inhibitory effect on the withdrawal of state-owned enterprises and enterprises in the eastern region from the international market,and have no effect on the withdrawal of non-state-owned enterprises and non-eastern regions from the international market.(4)Industrial policies can significantly increase the survival time of enterprises in the international market.However,industrial policies only have a significant positive impact on the survival of state-owned enterprises and enterprises in the eastern region in the international market.Third,based on the theories of heterogeneous enterprise theory,internalization theory and progressive internationalization theory,this paper continues to analyze the path of enterprise internationalization entry,and further subdivides the way enterprises enter the international market into export entry,OFDI(Outward(Outward)Foreign Direct Investment)and transformation into(from export to OFDI)three dimensions,using the "Chinese Industrial Enterprise Database","China Customs Database" and "Overseas Investment Enterprises(Institutions)Directory" data for empirical testing.The conclusions are as follows:(1)Industrial policies increase the possibility for enterprises to make export decisions to enter the international market,and when local governments and the central government are strategically aligned,they can significantly promote the possibility of enterprise exports.When the local government and the central government are inconsistent in strategy,it will lead to a decline in the export probability of enterprises.(2)Industrial policies can offset the "export-productivity paradox" to a certain extent.For enterprises with low productivity,industrial policies can support their exports instead of producing and operating in the domestic market.(3)For industrial enterprises with different ownerships,industrial policies have the greatest effect on promoting the export of private enterprises.For enterprises in different regions,industrial policies have the greatest effect on promoting export decisions of enterprises in the central region.(4)With the support of industrial policies,it is easy for companies to overcome the risk of uncertainty in the host country,thereby increasing the possibility of companies using OFDI to enter the international market.(5)For enterprises of different ownership types,foreign-funded enterprises and private enterprises are more likely to enter the international market through OFDI with the support of industrial policies.Viewed from different regions,industrial policies have significantly promoted the possibility of enterprises in the eastern and western regions entering the international market in the form of OFDI,and significantly inhibited the possibility of enterprises in the central region entering in OFDI.(6)Industrial policy will have a significant positive impact on the decision of enterprises to transition to OFDI,but the influence will gradually decrease with the extension of the export time of enterprises.From the point of view of enterprises with different ownerships,industrial policies have a greater role in promoting the transition of state-owned enterprises into internationalization from export to OFDI.Viewed from different regions,industrial policies have significantly promoted the transformation of the internationalization entry path of enterprises in the eastern and western regions from export to OFDI,and significantly inhibited the transformation of the entry path of enterprises in the central region from export to OFDI.Finally,based on the above conclusions,this article proposes the following policy recommendations: For the government,(1)the government should carefully use government subsidies,tax incentives and other policy tools when formulating industrial policies,to play a greater role in the market;(2)the government should be based on enterprises The differences between them are targeted to formulate industrial policies to guide the internationalization of enterprises,especially for enterprises with different ownerships and different regions;(3)Stimulate the "policy synergy" of the central and local governments and improve the overall driving role of industrial policies.For enterprises,(4)The internationalization of enterprises should follow the law of progressive market entry while responding to national policies;(5)Enterprises that enter the international market by export should rationally transform to OFDI according to industrial policies.