Research On The Model Of International Capacity Cooperation In China's Manufacturing Listed Companies

Since the financial crisis of 2008,China has seen a new round of overcapacity.On the one hand,with the improvement of domestic living standards,the consumption demand of our residents has changed from low value-added consumables to diversified high value-added products.On the other hand,China's economic growth has entered a transition period,China's economic development has entered a new normal,the aging population brought about by the increasing labor costs,so that the low-cost competitive advantage of labor-intensive industries in China no longer exists,so China's manufacturing enterprises are facing huge changes in domestic demand factors and supply factors.The financial crisis has caused tremendous changes in international factors,and local protectionism has gradually risen.In order to avoid the hollowing of the real economy,developed countries actively promote the return of manufacturing industry,while the low-end manufacturing industry in emerging countries and regions is developing rapidly,China's original cost advantage gradually disappeared.At this time,China's manufacturing industry is in the transition period of transformation and upgrading,facing the dual changes of domestic and foreign environment,resulting in the continuous deterioration of the problem of overcapacity of China's manufacturing industry.China has become the world's second largest investor and capital net exporter for two consecutive years.Manufacturing enterprises have shifted from the internalization of absorbing foreign capital and the introduction of technology to the outward internationalization of outward investment.Therefore,it is far from enough to rely solely on the domestic economy to solve excess capacity,relying on the "one belt and one way"initiative and "one" initiative.There is no doubt that the international capacity cooperation among the countries along the "Leading Road" has provided a huge platform and opportunity for the overseas investment of China's superior manufacturing enterprises.It is very important for China's manufacturing enterprises to cooperate smoothly with the "one belt" all along the way.It is also of great significance to effectively alleviate domestic overcapacity and promote the adjustment and upgrading of domestic industrial structure.Based on this,this paper combines the relevant theoretical elements of transaction cost economics and institutional economics,through the use of binary Logit model,selects empirical evidence of Chinese manufacturing listed companies,and analyzes the impact of asset specificity on the entry of manufacturing enterprises into international capacity cooperation under the adjustment of institutional distance between host country and home country.The influence mechanism of mode selection.The results show that the stronger the asset specificity and the more obvious the monopoly advantage,the more manufacturing enterprises tend to choose the sole proprietorship mode for capacity cooperation.By establishing a highly controlled governance structure,the allocation of resources within the enterprise to avoid the additional cost of opportunism,is conducive to reducing the long-term operating costs in the host country.The regulatory institutional distance and the normative institutional distance negatively regulate the relationship between asset specificity and the choice of entry mode.In other words,due to the uncertainty of institutional factors,the enterprises with higher asset specificity choose the mode of sole proprietorship to enter the countries with better regulatory system,or the countries with larger regulatory system gap have deviations.Therefore,the different understanding ability of the host country's institutional factors will also affect the choice of international capacity cooperation mode.