| With the continuous deepening of economic globalization,China’s industrial policy actively drives industrial development and participates in the division of labor in the global industrial chain.At the same time,China adheres to a high level of opening up,promotes a positive interaction between the domestic cycle and the international cycle,promotes the steady development of China’s foreign direct investment,and steadily advances investment cooperation with countries along the "the Belt and Road".However,the current external environment is complex and volatile,unilateralism and protectionism continue to rise,the world economy is down,and China’s external development is facing a significant increase in instability and uncertainty,and foreign direct investment will face new challenges.In 2022,the Central Economic Work Conference proposed that "industrial policy should be developed and safe at the same time".By optimizing the implementation of industrial policies,accelerate the realization of sound industrial development and promote high-quality development.So,can industrial policies effectively cope with difficult challenges in such a complex domestic and international environment,promote foreign direct investment by Chinese enterprises,and help enterprises go global? If it can promote,what is the more effective means of industrial policy? What is the promotion mechanism? The exploration of these issues in this paper not only improves the reliability of the relevant research conclusions of industrial policy,but also provides some suggestions and enlightenment to promote the steady progress and in-depth development of Chinese enterprises’ foreign direct investment under the background of unprecedented changes in a century,boosting the high-quality development of foreign direct investment,and forming a broader,broader and deeper pattern of opening up.Firstly,this paper combs and absorbs the relevant research on industrial policy and foreign direct investment of Chinese enterprises from the existing literature in detail to understand the effect of industrial policy and the influencing factors of foreign direct investment.Secondly,we can understand the development of industrial policy and foreign direct investment in recent years through the data of the Wind database and the statistical bulletin of China’s foreign direct investment published by the Ministry of Commerce.Then,according to the relevant theoretical basis,the mechanism of the impact of industrial policy on foreign direct investment is elaborated in detail.Next,we measure the industrial policy,foreign direct investment and related indicators,and use the data of A-share and Hong Kong stock listed companies from 2007-2020,the multiperiod DID model and the fixed effect model to empirically test the impact of industrial policy on foreign direct investment of enterprises from the two levels of the "five-year plan" industrial policy and industrial policy tools,and carry out the impact mechanism test and heterogeneity analysis respectively.Finally,the research conclusions and corresponding policy recommendations are drawn.The main conclusions of this study are as follows: First,the current industrial policy implemented in China will significantly promote enterprises to expand outward direct investment,but at the same time,if the industrial policy is withdrawn,the amount of outward direct investment of enterprises will decline.Specifically,the government will use three industrial policy tools: government subsidies,credit support and tax incentives to influence Chinese enterprises’ foreign direct investment,of which credit support is the more effective policy tool.Secondly,the results of heterogeneity analysis show that industrial policy has more promoted the foreign direct investment of private enterprises and the investment in high-income countries.Further analysis shows that both stateowned enterprises and private enterprises tend to invest in countries with higher economic development level after being supported by industrial policy.In addition,through the analysis of industrial policy tools,it is found that credit support can more promote the foreign direct investment of private enterprises.Thirdly,the research on the impact mechanism shows that the promotion role of industrial policy is mainly to achieve the expansion of enterprises’ outward direct investment by easing the level of enterprises’ financing constraints.The two policy tools of government subsidies and credit support can better alleviate the financing constraints of enterprises,and thus promote enterprises’ outward direct investment.According to the research conclusions,this paper puts forward the following policy recommendations: First,promote the continuous innovation of industrial policies,transformation and upgrading,promote the rational industrial organization structure,and optimize the industrial spatial layout.Second,we should effectively transform government functions,promote a better combination of "effective market" and "promising government",and formulate effective and reasonable special industrial policies for foreign investment to promote foreign direct investment by Chinese enterprises and promote high-quality economic development.Third,industrial policies should accelerate the transformation and upgrading of traditional manufacturing industries and improve the stability and modernization of the industrial chain supply chain.Fourth,further solve the financing problems of enterprises,especially private enterprises,increase the support of special funds for foreign direct investment,and promote the rational and orderly development of foreign investment and financing funds.Fifth,improve the modern enterprise system with Chinese characteristics,continue to increase policy support for foreign direct investment of private enterprises,and create a good investment environment for private enterprises.Sixth,we should make full use of policy tools such as subsidies,credit and taxation to help Chinese enterprises make foreign direct investment. |
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