The Influence Of Foreign Capital On The Export Of Chinese Manufacturing Enterprises

Since December 2019,the new crown outbreak,under the background of global trade and investment,China’s foreign capital utilization and foreign trade exports rose,which made an important contribution to the development of our economy,with our country in the period of "much starker choices-and graver consequences-in" and"difference" the opening policy is further deepened directly related.The Chinese government has put forward the requirements of foreign capital utilization and foreign trade export to a higher level of foreign capital utilization and higher quality export development.Reviewing China’s forty years of opening to the outside world,the contribution of foreign enterprises to China’s foreign trade and export is significant,and it is an important part of the rapid development of China’s national economy.Through the combing of relevant research literature,based on the ownership change caused by foreign investment into the perspective of foreign investment,this paper explores and studies the actual effect of foreign investment on the export of Chinese manufacturing enterprises from multiple dimensions(export behavior,export product quality,export domestic added value and export diversity).It is of great practical and theoretical significance to clarify the practical effect of foreign capital on the export of China’s manufacturing enterprises to realize the higher level of foreign investment utilization and the higher quality of foreign export trade.This paper uses the panel data of China’s manufacturing enterprises in the Chinese industrial enterprise database from 1998 to 2007 and from 2000 to 2007,and first completes the cleaning and merger of the two databases.Through the benchmark model(DID model)design,the identification and construction of virtual explanatory variables are continued.Finally,the measure of multiple dimensions of enterprise export(export behavior,export product quality,export domestic added value,export diversity).Finally,the following conclusions are drawn through the empirical analysis:1.Through the design of the benchmark model(DID model),after the difference between the processing group(ownership change enterprises entered by foreign capital)and the control group(ownership change enterprises entered by domestic capital),the actual effect of ownership change on the export of enterprises is eliminated.The benchmark regression results show the actual effect of foreign capital itself compared with domestic capital on the export of China’s manufacturing enterprises.Foreign export behavior of our country manufacturing enterprises,export product quality and export domestic added value have produced significant promotion effect,which compared with foreign capital into domestic target enterprises to provide more external market information,more advanced technology and research and development and more convenient endogenous financing channel has a great correlation.Foreign capital has a significant inhibitory effect on the export diversity of China’s manufacturing enterprises.Both the number of export target countries and the number of export products have decreased significantly after the number of ownership changes.2.Based on the three dimensions of different regions of China’s manufacturing enterprises,different sizes of enterprises and different industries,further heterogeneity analysis of China’s manufacturing export is carried out respectively.First of all,compared with China’s central and western regions and northeast China opened earlier,with a higher degree of opening.The utility of foreign capital in the eastern region of China is very significant for the export of manufacturing enterprises,while the utility of the sample regression results in the central and western regions and northeast regions is not very obvious in the perspective of multi-dimensional export.Secondly,in the case of distinguishing different enterprise sizes,the impact of foreign capital on the export of manufacturing enterprises mostly occurs in the super-large enterprises with the top 25%in the sample.Finally,in different industries,the foreign investment of technology-intensive enterprises has a significant impact on the multiple dimensions of enterprise export.This fully shows that on the premise of eliminating the impact of ownership changes,the advantages of foreign capital and domestic capital on enterprise exports are mostly reflected in the extremely large technology-intensive enterprises in eastern China.3.Through the analysis of the mechanism of foreign investment affecting the export of manufacturing enterprises,there are certain differences in the mechanism of different dimensions of enterprise export.In the change of export behavior,the quality of export products and the improvement of export domestic added value,foreign capital can have an impact on the export of enterprises by reducing the endogenous financing constraints of target enterprises.However,the improvement of foreign investment on enterprise r&d and innovation ability only affects the export behavior and the quality of export products.At the same time,the promotion of foreign capital entry on the human capital of target enterprises is also an important export product improvement channel for foreign capital to influence the export of China’s manufacturing enterprises.To sum up,the author in the last combined with the conclusion of this paper,the manufacturing enterprises how to use a higher level of foreign capital to promote enterprises to higher quality export transformation puts forward some policy Suggestions:China should continue to intensify opening to the outside world,deepen the foreign capital utilization policy,encourage enterprises to introduce foreign capital,actively participate in the international market.At the same time,we will actively formulate corresponding policies to quickly break the unbalanced situation of foreign investment utilization and export development in different regions of China,and actively encourage small and medium-sized manufacturing enterprises to actively introduce foreign capital and increase China’s total exports.Finally,by further deepening international economic and trade cooperation,optimize the export trade environment of China’s manufacturing industries.