| With the rapid development of the mainstream concept of global economic integration in the past two decades,foreign direct investment has become an increasingly important way for enterprises to integrate with international standards.However,in recent years,the idea of anti-globalization in the West has become more and more popular,and the international economic linkage is progressing slowly.At this stage,China has become one of the important forces promoting the development of economic globalization.Now that China is opening up to the outside world more and more,and foreign investment is becoming more and more dynamic.We are looking forward to further optimization and adjustment of China’s domestic industrial structure,so as to better cooperate with the global industrial chain and work closely with the division of production.Based on the above background,this paper studies and analyzes the impact of the cross-border flow of factors caused by foreign direct investment on resource allocation from an empirical perspective and try to work out how to rationally arrange resources in China,firmly grasp the external circulation and promote the internal circulation in a positive direction..This paper combs the authoritative literature at home and abroad and the latest research results.Then,we analyzes the specific logical relationship and transmission mechanism between foreign direct investment and resource misallocation according to the actual economic significance.This paper argues that the foreign direct investment of enterprises may alleviate the resource mismatch through the marginal industrial expansion effect and enterprise competition effect,and the capital allocation will also be improved through the reverse technology spillover effect.However,due to the employment crowding out effect,the employment substitution effect of Chinese enterprises is greater than stimulus effect,so the allocation efficiency of labor will decrease.Using micro-level data of Chinese listed companies,this paper uses fixed-effects model and PSM-DID method to verify how companies’ foreign direct investment and its heterogeneity affect the efficiency of capital allocation and labor allocation in domestic production.The results of this paper show that foreign direct investment by Chinese listed companies significantly improves the efficiency of capital allocation,but the crowding-out effect exacerbates the misallocation of labor.In addition,state-owned enterprises can improve resource mismatch better than non-state-owned enterprises,and eastern enterprises and enterprises investing in developed destinations can improve capital mismatch better and promote labor mismatch to a higher degree.With the increase of capital intensity,the degree of improvement of capital misallocation by OFDI increases;with the increase of labor intensity,the promotion degree of foreign direct investment of enterprises to labor mismatch gradually deepens.When using other variables to replace the core variables,changing the model method or recalculating the parameters from the macro level and adjusting the sample size,all the results remain robust,which verifies the correctness and reliability of the above conclusions.Finally,this paper puts forward policy recommendations accordingly: First,China should create a more open,sound and secure investment environment,and encourage capable and promising enterprises to choose suitable overseas industries for investment.However,it is necessary to pay attention to the rational allocation of labor capital,and it is suggested to increase the employment stimulus effect in the form of foreign production and domestic sales,so as to avoid the slump of the domestic labor market.Second,due to the different effects of heterogeneity in foreign direct investment,such as different ownership,different regions,and different investment target countries,on resource mismatch,relevant departments should formulate appropriate policies to stimulate the vitality of private enterprises in foreign investment,while enterprises should not follow the market for blind investment.It is necessary to fully consider the investment destination and the choice of investment industry for OFDI according to the actual situation,so that the maximum positive effect of foreign direct investment can be exerted. |
