Research On The Influence Of The "Belk And Road" On The Location Selection Of China's Manufacture Industry's OFDI

With the deepening of economic globalization,the international investment has developed rapidly around the world,which has become an important force in the economic development of all countries.Meanwhile,with the continuous development of globalization,the connotation of globalization is also constantly changing.The adjustment and transfer from global resource allocation to the overall layout of the global industrial chain mainly include the overseas extension and the construction of the network system in the industrial chain.In this context,the research on the network layout and the location choice of China enterprises' outward foreign direct investment(OFDI)have a great significance in guiding Chinese enterprises to better integrate into the Belt and Road Initiative,speeding up the step of "going out" strategy and achieving a certain position in the international market.This paper uses three research methods:theoretical analysis,empirical analysis and comparative analysis.Firstly,to have a review on the related studies.The research on the influencing factors of the location choice of China enterprises' OFDI has always been an important research topic for Chinese scholars.Through the summary of the related studies,this paper finds that after the implementation of the Belt and Road Initiative,the previous research mostly studied on China's investment on the countries along the Belt and Road,mostly limited on the countries along the line.Therefore,there are certain sample selection bias.Besides,when studying the situation of OFDI from the perspective of enterprises,the research mainly focus on the different productivity of enterprises,without discussing the influence of other heterogeneity.On this basis,this paper respectively studies from the national level and the enterprise level through the annual data from 2003 to 2016,analyzing the influencing factors that determine the location choice of Chinese manufacturing OFDI.And on the basis of clarifying the background and significance of this paper,this paper summarizes the related researches on China's OFDI.After combing the previous research,it is found that at the national level,the condition of infrastructure construction,the level of technological innovation,the endowment of natural resource and other factors all have an impact on the flow of OFDI.Then by sorting out relevant theories,this paper analyzes the relevant factors and mechanism of influencing factors on the flow of OFDI based on the theory.Through the establishment of the econometric model,the effects of the above-mentioned influencing factors are tested empirically in this paper.At the macro-national level,this paper uses the DID method to examine the effects of the Belt and Road Initiative.As for the micro-enterprise level,the relevant enterprise variables are added for regression,and the groups are divided according to different characteristics of enterprises,exploring the differences of OFDI flows of heterogeneous enterprises.The empirical results show that the proposing of the Belt and Road initiative has a significant role in promoting OFDI in Chinese manufacturing industry.Moreover,after the proposing of the Belt and Road Initiative,Chinese enterprises are more inclined to invest in countries with relatively more thorough infrastructure construction,richer natural resources and higher level of technological development.Through the research on data at the enterprise-level,it is found that the Belt and Road Initiative has a more promoted influence on small and medium-sized enterprises than large enterprises.Meanwhile,from the perspective of enterprises' nature,the effect of the Belt and Road Initiative is stronger in other types of enterprises than that of state-owned enterprises.And when judging from the regional distribution of enterprises,the promotion of OFDI by the Belt and Road Initiative is in a decreasing order as east-central-west-northeast.Moreover,the research results show that the Belt and Road Initiative has no significant promotion effect on OFDI of enterprises in Northeast China.Therefore,it illustrates that compared with other regions,enterprises in the Northeast Region have lagged behind the Belt and Road initiative,and the level of OFDI has not been improved significantly.There are two main innovation points in this paper:firstly,based on the development of OFDI in Chinese manufacturing industry,the DID method is used to eliminate the influence of external factors,and to explore the net impact of the Belt and Road Initiative on Chinese manufacturing OFDI.Secondly,from the enterprise level,the enterprises are grouped according to the different size,nature and location,and to discuss the differences in the location choice of OFDI heterogeneous enterprises.