| The strategy of “going out " has been established at the 16 th National Congress in November 2002.The report of the 16 th CPC National Congress pointed out that the implementation of the strategy of " going out " is an important measure in the new stage of opening up to the outside world.It encourages all kinds of enterprises with comparative advantages to invest abroad,drives the export of goods and services,and forms a number of powerful multinational enterprises and famous brands.In 2004,China further proposed to expand the implementation of the " going out " strategy.In 2013,the initiative of " the Belt and Road "once again provided an important opportunity for Chinese outward foreign direct investment.“The Belt and Road” has attracted the attention of the international community,and has become an Economic Cooperation Corridor with great potential for development.However,for a long time,Chinese OFDI in this region has the problems of small scale,spatial concentration and industrial concentration.In this context,this thesis takes " the Guiding Directory in Country and Industry for Chinese OFDI”(Hereinafter referred to as the Guiding Directory)as an pointcut to study the effectiveness and externality of government incentive policies,that is,the impact of policies on enterprise OFDI behavior,and the effect of OFDI on enterprise productivity under policy-driven.The conclusion can provide specific guidance for enterprises’ investment practices and specific suggestions for the formulation of OFDI-related policies by the state.In order to study the effectiveness and externality of the Chinese OFDI incentive policy,that is,whether the OFDI incentive policy has a driving effect on the enterprise’s OFDI behavior,and whether the OFDI driven by policy has brought about the improvement of the enterprise’s productivity.In the research methods,firstly,we match the Guiding Directory with the Catalogue of OFDI Enterprises,and construct a Breakpoint Regression(RD)model.On this basis,we analyze the driving effect of Chinese OFDI incentive policy on the OFDI behavior of enterprises;secondly,we add the Catalogue of Chinese Industrial Enterprises Database to get enterprise data at the micro level.According to the model of propensity score matching with difference-indifferences(PSM-DID),further in-depth analysis on the impact of reverse technology spillover effect of Chinese OFDI on enterprise productivity.Based on the above empirical research,this thesis draws the following conclusions:(1)The Guiding Directory significantly drives the OFDI behavior of enterprises;(2)When enterprises have OFDI,the promotion of productivity is not very big and not robust in the short run,but it significantly improves the productivity in the long run,and the promotion effect is increasing with time;(3)Compared with non-policy-driven OFDI,policy-driven OFDI is more effective than non-policy-driven OFDI.The productivity level of home-country enterprises is more significant;(4)Investment motivation,the level of the host country’ technology,the absorption capacity of homebased enterprises,the nature of the enterprise and whether to export all have effects on the productivity,but the empirical results are different among them.Finally,this thesis also puts forward suggestions from two aspects of enterprise strategy and macro-policy.In terms of enterprise strategy:(1)enterprises should increase technology-oriented OFDI;(2)make rational use of the relevant policies;(3)state-owned enterprises should prudently make use of the specific advantages of their own ownership attributes;(4)private enterprises should actively make use of the specific advantages of their own heterogeneity;(5)export-oriented enterprises should improve their absorptive capacity.In terms of macro-policies:(1)increase the support of OFDI policies,improve the universality and fairness of existing policies;(2)refine and classify OFDI policies;(3)improve the internal consistency of trade policies and investment policies. |
