| At present,as China accelerates the construction of a new open economic system,especially the "Belt And Road" initiative and the "international production capacity and equipment manufacturing cooperation",the impetus for domestic capital to seek international market is increasing,and China’s foreign investment cooperation has entered a new stage.Global infrastructure construction is heating up.Industrialization and urbanization in developing countries are speeding up.Meanwhile some infrastructure in developed countries are facing upgrading.However,the world is undergoing complex and profound changes.The global economy is slowly recovering,and the multilateral investment and trade system are adjusting.When Chinese enterprises invest abroad,they are confronted with different degrees of institutional barriers to trade and investment protectionism,market access restrictions,and the lack of a standardized mechanism for handling investment disputes in the global scope,which has caused a great negative impact on Chinese enterprises’ foreign direct investment.Therefore,a deep understanding of the host country’s investment facilitation is one of the key factors for Chinese enterprises to successfully "go global".Traditional location selection theories start from macro factors and take developed countries as the main research objects,ignoring the heterogeneity of enterprises and the practical problems of OFDI of developing countries,and failing to fully explain the specific relationship between investment facilitation,enterprise productivity and location selection of host countries.Therefore,this dissertation combined macro and micro perspectives to investigate the impact of investment facilitation and enterprise productivity on OFDI location selection,which is conducive to the investment decisions of Chinese transnational enterprises.Through mathematical and empirical analysis,the conclusions of this study are mainly as follows:First,the investment facilitation level of the host country has a positive effect on the OFDI of Chinese enterprises,which is reflected in the increase of the frequency and scale of investment.According to the indexes of investment facilitation,the quality of institutional supply,the quality of infrastructure,the efficiency of financial services,the business investment environment and the technological innovation ability can all positively affect the probability and scale.In addition,the higher the productivity of enterprises,the higher the probability of outward foreign direct investment.Second,the heterogeneity of enterprise total factor productivity leads to the change of investment location choice under the investment facilitation.For enterprises with lower productivity,the promotion effect of higher investment facilitation level in the host country is enhanced.In other words,compared with enterprises with lower productivity,enterprises with higher productivity are more likely to invest in countries with lower investment facilitation level.From the indexes of investment facilitation,the heterogeneity of TFP leads to changes in the investment location preference on condition of business investment environment and institutional quality,but has little impact on the financial service efficiency,technological innovation ability and infrastructure quality of the host country.Third,in order to test whether OFDI has a significant promoting effect on TFP,the dissertation adopts PSM-DID method to find that OFDI enterprises have a significant productivity effect.And the investment under the investment facilitation of the host country has a significant productivity effect on enterprises.From the comprehensive indicators,enterprises invested with a high level of investment facilitation obtain a significant productivity effect.From the perspective of the sub-indicators,enterprises can improve TFP no matter they invest in countries with high or low infrastructure quality,financial service efficiency,business investment environment or technological innovation ability,and the improvement of TFP is more significant if they invest in countries with high quality.However,if an enterprise invests in a country with a higher institutional quality,its productivity effect will be lower than that in a country with a lower institutional quality,which may be caused by the factor of "system avoidance or speculation".From the perspective of lag effect,TFP increased gradually in a short term when the enterprises invested in the countries with high degree of investment facilitation,while countries with low degree did not have significant promotion on TFP improvement.Because the enterprise can transfer the spare capacity to the host country and expand the size of the market,form scale economies effect and reduce costs.This dissertation is divided into eight parts,the structure is as follows:The first part is the introduction.Firstly,it explains the background,theoretical significance and practical significance of the topic.This topic is discussed in the context of the changing investment environment at home and abroad and the increasing OFDI of Chinese enterprises.Then it describes the research methods,ideas,contents,innovations and shortcomings.The second part is literature review.The literature is divided into four categories.The first category is the study of the investment facilitation;the second category is the study of OFDI location selection;the third category is the study of the influence of investmentfacilitation on location selection;the fourth category is the study of the relationship between location selection and enterprise productivity.By summarizing and sorting out the above contents,this paper makes an objective review.The third part is the theoretical analysis.In the classic hypothesis of new-new trade theory,based on the model of Chen and Moore(2010),the location selection of heterogeneous enterprises was discussed,and the investment facilitation factor was embedded in this framework to further analyze the influence mechanism of investment location selection of heterogeneous enterprises under the investment facilitation condition.In addition,based on Egger and Merlo(2012)’s model of the impact of BITs on the performance of multinational enterprise,this dissertation testing the effect of enterprise investment in specific location on productivity,discusses the location selection and investment facilitation environment the influence mechanism of OFDI enterprise productivity.Through the construction of the theoretical model analysis,it provides the reliable theory basis.The fourth part is the construction and measurement of the host country investment facilitation’s index system.First,on the basis of the related literature,this chapter constructs the index system of the host country investment facilitation,and then measure it.This index system provides data for later study.The fifth part is the empirical study of OFDI location selection.The study in this part is divided into two perspectives: country macro and enterprise micro perspective.Firstly,from the country level,it investigates the influence of host country’s macro-level factors on location selection by the Heckman two-stage regression model.Secondly,from the enterprise level,it studies the impact of micro-level factors on the location selection.By distinguishing the influence of macro factors and micro factors on investment location,it is helpful to clarify the importance of internal and external factors to location selection.The sixth part is based on the empirical test in the previous chapter,comprehensively considers the macro and micro factors to investigate the impact of TFP on OFDI location selection under the investment facilitation environment.Based on the Probit regression model,it introduces interaction terms of investment facilitation and TFP.In addition,this study uses the grouping regression to determine the impact of enterprise heterogeneity and host country heterogeneity on location selection.Finally,in order to reduce the estimation bias,the method of introducing instrumental variables to overcome the endogenous problem,changing the dependent variables and changing the sample structure was used for the robustness test,and then analyzed the empirical results.The seventh part is an empirical study on the impact of OFDI on TFP under theconditions of investment facilitation.This chapter adopts the regression model of PSM-DID.Firstly,it empirically tests the productivity effect of foreign direct investment of enterprises.Secondly,it examines the impact under the different levels of investment facilitation.Finally,it tests the robustness of the model.The eighth part discusses the countermeasures for the location selection of Chinese OFDI enterprises under investment facilitation.Based on the above conclusions,combined with the actual conditions,this part proposed the related countermeasures. |
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