Empirical Research On Influential Factors Of China's Private Enterprise Outward Foreign Direct Investment

With the increasing level of economic globalization and the acceleration of the integration of China's economy into the global economy,in order to better integrate into the world market and enhance international competitiveness,many enterprises in China are beginning to go out of the country and set off a wave of foreign direct investment.And the level of China's foreign direct investment is inextricably linked with the active OFDI of private enterprises.In recent years,China's private enterprises have developed rapidly and their economic status has been rising.At the same time,the proportion of private enterprises in the main body of foreign direct investment in China has reached nearly 50%.China's foreign investment presents a new pattern of dual-wheel drive by state-owned enterprises and private enterprises.It can be predicted that as the national policies such as "Belt and Road" gradually advance to create better opportunities for private enterprises to "go out",the momentum of our country's private enterprises toward the international level is getting stronger and stronger.In the future,the private sector of our country will play an important role in the development of our country's economy and foreign investment.It is worth noting that China's private enterprises face many challenges and difficulties in the process of outward direct investment,such as small scale,lack of information ability,lack of core competitiveness,lack of international talents,poor financing channels and trade barriers and so on.Therefore,under the coexistence of opportunities and challenges,in order to make China's private enterprises to go out better,we need to find out which factors affect the foreign direct investment behavior of the private enterprises.Undoubtedly,the empirical study on the influencing factors of China's private enterprises' foreign direct investment is of both theoretical and practical value.On the basis of a comprehensive review of the theories and studies related to foreign direct investment,and through the analysis of the development course,the present situation and the main problems of the foreign direct investment of China's private enterprises,then based on the review of relevant literature,this paper puts forward the hypothesis of influencing factors of China's private enterprises' foreign direct investment from three dimensions of enterprise micro perspective,and combines the relevant data of 281 private listed enterprises.Furthermore,through the construction of logistics regression model,this paper makes an empirical analysis on the influencing factors of the foreign direct investment of private enterprises in China to test the hypothesis,and finally puts forward corresponding suggestions for promoting the private enterprises to "go out" better.Through the study,this paper draws the conclusion that: The foreign direct investment of private enterprises is mainly based on their ownership advantages,but not on the internalization advantage,and the type of enterprise has no significant influence on its outward direct investment behavior;the concrete expression is the scale of enterprises,export tendency,technological ability and human capital level all play a significant role in promoting the foreign direct investment behavior of private enterprises;the management efficiency has a negative impact on the foreign direct investment behavior of private enterprises;the capital intensity has no significant influence on the foreign direct investment behavior of private enterprises in China.At the same time,the degree of influence of these factors is different: The order from high to low is technical ability,export tendency,human capital level,enterprise scale and management efficiency.