| Since China implemented the "going out" strategy,its outward foreign direct investment(OFDI)has grown at an average annual rate of 26%.In recent years,the scale of China’s OFDI has ranked among the top in the world,and China has become a veritable OFDI country.Participating in international competition and acquiring advanced technology and management experience through OFDI is one of the paths for manufacturing upgrading.Under the strategy of manufacturing a strong country,it is of strong theoretical and practical significance to study the impact of OFDI on manufacturing upgrading.Focusing on the impact of OFDI on manufacturing upgrading,this paper mainly includes the following research contents: First,the theoretical mechanism of the impact of OFDI on manufacturing upgrading is analyzed from the perspectives of manufacturing enterprises,manufacturing sub-sectors and manufacturing structure;Second,measure the total factor productivity and value chain participation of manufacturing enterprises,and examine the impact of OFDI on the upgrading of manufacturing enterprises from the perspective of multiple heterogeneity;Third,use DEA and SFA methods to measure the total factors of China’s manufacturing industry segments productivity and its decomposition term,empirically test the impact and characteristics of OFDI on the upgrading of manufacturing sub-sectors;Use the panel threshold effect model,with R&D and human capital level as threshold variables,to analyze the impact of OFDI on manufacturing sub-sectors the nonlinear impact of upgrading;Fourth,collect provincial OFDI and manufacturing development data,measure the proportion of high-tech manufacturing,rationalization and advanced indicators of manufacturing structure,and introduce three spatial weight matrices to build a spatial Durbin model,empirically tests the impact and characteristics of OFDI on the structural upgrading of manufacturing industry.This paper obtains the data of manufacturing enterprises from 1998 to 2013 by matching the "List of Overseas Investment Enterprises(Institutions)" and "China Industrial Enterprise Database",collects sub-industry data from 2003 to 2020 and provincial data from 2003 to 2019.On the basis of analysis,using least squares regression,propensity matching score method,panel GMM model,threshold effect model and spatial Durbin model,etc.,empirically test the impact of OFDI on manufacturing enterprises,sub-sectors and manufacturing structure upgrading,the study came to the following conclusions:First,OFDI has significantly promoted the upgrading of manufacturing enterprises,and the impact has the characteristics of heterogeneity in investment motivation,enterprise nature and investment location selection.Market-seeking and technology-seeking OFDI can significantly promote the upgrading of manufacturing enterprises,while resource-seeking OFDI does not play a significant role;OFDI to developed countries can significantly promote the upgrading of manufacturing enterprises;High-productivity enterprises through OFDI,it can be better embedded in the global value chain and realize the upgrading of manufacturing enterprises.Second,OFDI has significantly promoted the upgrading of manufacturing sub-sectors.The impact is characterized by the heterogeneity of industry factor endowments and technology intensity,as well as a single threshold effect of R&D and human capital level.Technologyintensive and high-tech manufacturing OFDI has a more significant role in promoting the upgrading of sub-sectors;when the level of R&D investment and human capital exceeds the threshold,the role of OFDI in promoting the upgrading of manufacturing sub-sectors is significantly enhanced.Third,OFDI significantly promotes the structural upgrading of the manufacturing industry,and the promotion effect shows the spatial correlation of geographic distance and economic distance.The structural upgrading of the manufacturing industry is affected by local OFDI and also driven by the structural upgrading of the manufacturing industry in adjacent regions.Geographical distance has a more significant spatial spillover effect than economic distance;The spatial spillover effect of OFDI on the structural upgrading of manufacturing industry,the effect is significantly higher than the local effect;The promotion of OFDI to the proportion of high-tech industries and the rationalization of manufacturing structure in the eastern region is stronger than that of other regions,and the promotion after 2013 has increased significantly.According to the research conclusions,the following policy suggestions are put forward:First,manufacturing enterprises should focus on technology-seeking OFDI and increase the proportion of investment in developed countries;Increase investment in research and development to improve the level of technological innovation of enterprises;Attach importance to the construction of scientific research talents,introduce and cultivate high-end talents.Second,scientifically select OFDI industries and develop emerging industries in the manufacturing industry;Based on the scale and supporting advantages of the manufacturing industry,consolidate the competitiveness of the industrial chain and build a strategic overall industrial chain.Third is to adjust and improve the industry and geographical structure of OFDI to promote the upgrading of the manufacturing industry;Actively absorb and learn advanced experience,and pay attention to the structural and spatial effects of OFDI;Break the provincial and regional boundaries,and build enterprises,industries and regions A platform for cooperation and exchange to promote the collaborative upgrading of the manufacturing industry.Strengthen the independent innovation ability of enterprises,and enhance the independence and resilience of the industrial chain and value chain. |
PDF Full Text Request