Research On Influencing Factors Of China's Mining Industry Outward Foreign Direct Investment

With the implementation of the country's “Going Out" and other strategies,the total amount of foreign investment in Chinese enterprises has increased rapidly,making China one of the most important "capital exporters" in the world.But data show that in recent years,China's mining enterprises have substantially reduced the total amount of foreign investment.In 2015,foreign investment in mining enterprises fell by 32% over the same period last year.Mining industry is the key supporting industry in the country.It is imminent to explore the factors influencing foreign investment from mining enterprises.The existing research on foreign investment behavior of mining enterprises in China has such problems as single research level,insufficient theoretical support,less analysis and lack of depth,and generally lack of effective data in the enterprise level.On the basis of the study of the theory of foreign direct investment,this paper takes the foreign direct investment behavior of the 2003-2017 A shares of the mining industry as the research object,from the enterprise level,the cost factor,the external environment and the national level to analyzes the influencing factors of the foreign direct investment of Chinese mining enterprises,constructing the econometric model,and carrying out the multi angle empirical test to analyze the determinants and the practical meaning of the foreign direct investment in the mining industry.The results show that the foreign direct investment in China's mining industry has a positive correlation with the scale of enterprises,foreign top managers,the growth of credit,the degree of marketization and the intervention of the government,which is negatively related to the labor cost and exchange rate changes.The price sensitivity of mineral products is not high,and the outward direct investment of mining industry is a mode of size promotion,government promotion and capital promotion.Based on the current situation,the paper puts forward suggestions for the development of foreign direct investment in mining industry.