| How does the host country's financial development level relatively improve(compared to China)on China's overseas manufacturing value chain investment?This paper divides the different factor-intensive industries by calculating the technological complexity of the export industries of the manufacturing industries under the value-added caliber,and innovates the establishment of the value chain status and the participation of the value chain in the marginal identification of the countries located upstream of the Chinese manufacturing value chain.Using the cross-country panel data from 43 countries in 2000-2013,the host country's financial development level was relatively improved(compared to China)to the upstream investment in China's manufacturing value chain.The results of the study indicate that:(1)The host country's financial development level will constitute a comparative advantage in the division of labor in the global value chain.According to the comparative advantage theory,the host country in the upstream of the manufacturing value chain will have a relative increase in its financial development level(compared with China).From the host country to the home country,China's manufacturing companies are restrained from investing.(2)The relative increase in the level of financial development of the host country(compared to China)has an industry difference in the inhibitory effect of China's manufacturing industry on foreign investment.For technology-intensive industries,the relative increase in the host country's financial development level will significantly curb China's investment in it.For capital-intensive industries,the level of financial development of the host country relative to the level of China's financial development will also inhibit China's investment,but its restraining effect is limited.(3)The host country's market size has a positive effect on attracting China's outbound investment.Chinese companies always accompanied the market in the process of foreign investment.When the host country's market scale expands,it will inevitably promote Chinese manufacturing companies to Invest to expand markets and profit.The per capita capital of the host country has a catalytic effect on investment in capital-intensive industries.The increase in per capita capital of the host country will form a capital advantage and attract more capital-intensive production links.Therefore,companies located in capital-intensive industries will increase their investment in East China.The improvement of the host country's technological level has a catalytic effect on technology-intensive industries,and high-tech host countries are able to undertake more technology-intensive production processes,so companies in technology-intensive industries will be encouraged to invest in them.(4)For China's upstream investment in the value chain of manufacturing before 2007,the purpose of China's foreign investment is to expand the market share of the host country and learn advanced technologies,especially those in technology-intensive industries prefer investment technology.High International;After 2008,the purpose of upstream investment in Chinese companies' overseas value chains is to expand the market share of the host country and use the host country's low-cost capital,especially for companies located in capital-intensive industries,which prefers countries with higher investment-abundance.According to the research results,expanding the scale of financial market development,raising the level of financial development,and building a comparative advantage in financial development will help China's manufacturing companies to invest in upstream of the overseas value chain and promote the rise of manufacturing to a higher value chain. |
PDF Full Text Request