| In an open economy,the inflow and outflow of international direct investment is important for an economy to integrate into economic globalization.China,as a powerful developing economic,the inflow and outflow of its international direct investment has attracted wide attention of scholars all over the world,and the correlation mechanism between FDI and OFDI has gradually become the frontier in this field.Firstly,based on the data of China Industrial Enterprises Database and China Overseas Investment Enterprises List from the year of 2000 to 2013,this paper using fixed effect estimation to measure the productivity of enterprises.The results show that the average productivity of FDI enterprises is significantly higher than that of local companies,but this gap is decreasing year by year.At the same time,OFDI enterprises generally have a high production base.Secondly,this paper proves the existence of productivity spillover effect by propensity score matching(PSM),and examines the impact of firm heterogeneity in scale,density and seniority.The results show that FDI has positive direct effect on foreign firms’ productivity.The effect decreases with increasing scale of foreign firms,and becomes more significant in the field of public utilities and capital intensive industry.At the same time,FDI has positive indirect effect on domestic firms’productivity.The effect is more significant with smaller and newer foreign firms,and with powernul absorptive capacity of domestic firms,which has more advantages in scale,production basis,R&D activities and stock of capital.What’s more,this paper also proves the mediation effect of productivity spillover by using the mediation effect model of dichotomous dependent variable,and analysis the influence of firm heterogeneity in firm scale,industry and factor density.The results show that:FDI will promote OFDI through the mediation effect of productivity spillover.Compared with small and medium-sized enterprnses,the mediation effect of productivity spillovers in large enterprises is more significant.Meanwhile,the mediation effect of productivity spillovers in manufacturing enterprises is higher than that in public utilities,while the mediation effect in mining industry is the lowest.In addition,the most significant mediation effect of productivity spillovers are among the resource-intensive enterprises,followed by labor-intensive enterprises,and capital-intensive enterprises.Finally,on the basis of above conclusions,this paper suggests that government should continue to attach importance to the choice and introduction of FDI,encourage market opening and independent innovation to promote technological progress.On the one hand,we should make full use of the spillover effect of FDI,create an communication environment and improve the absorptive capacity of enterprises.Only in this way can we create more space for the development of enterprises.On the other hand,we should improve the innovation ability of local enterprises,speed up the breakthrough and transformation of core technologies,and promte the high quality development of domestic economy. |
