The Research On Effects Of Chinese OFDI On Economy In Home Country

Recently,the economy globalization has made a considerable progress.While capital liquidity between each country is increasing,outward foreign direct investment is challenging the leading role of international trade.The increasing outward foreign direct investment not only provides scarce capital for developing countries,but also brings comparative advantage of domestic capital endowment,like labor,into full play.In addition,high-end technology and management experience will generate spillover effect along with capital inflow,which will push economy of developing countries to develop at top speed.The success practice of China stimulates huge research enthusiasm among the theory fields,this issue has become a research hotspot in these years.However,as the outbreak of international financial crisis,each economy was in deep trouble,and got slow recovery,which lead to the constantly emerging of anti-globalization and anti-outward investment.Especially in developed countries,hollowing out of domestic industries has brought request of capital backflow to a political level.But at the same time,China has put forward the "the Belt and Road"national strategy,and put emphasis on outward foreign direct investment as well as pushed state-owned enterprises "walk out",and join in building infrastructure of countries along.The role exchange has pushed theory world to think deeply:what impact has been made to mother country of outward foreign direct investment?Through summarizing theories of outward foreign direct investment,this paper found the evolution of outward foreign direct investment along with the development of mainstream theory.Different theories and viewpoints have been brought out by economists,while this is closely bound up with subject countries and their development phases.Among these theories,the IDP theory brought by famous British economist Dunning has showed great generality and containment,and has become main theory tool for analyzing outward foreign direct investment for a country.According to this theory,this paper test and judge our country's outward foreign direct investment,and found our country is in the second phase of investment development path.Meanwhile,this paper analyze different data structure of our country's outward foreign direct investment,and summarize the character of our country's outward foreign direct investment,while verify again that our country is in the second phase of investment development path.On this basis,this paper,analyze the possible economy effect of our country's outward foreign direct investment.Through building cointegration equation,ECM model and VAR model using time series analysis tool,this paper discuss the economy effect of outward foreign direct investment on our country's trade,investment,technology level and job.Furthermore,this paper found that although our country's outward foreign direct investment mainly focus on along-gradient investment,inverse-gradient investment has showed a trend of increase.Thus this paper tests the mother country's economy effect of both along-gradient investment and inverse-gradient investment.The result shows that inverse-gradient has played a more active role.From a historical view of outward foreign direct investment,Europe,America,Japan and the "Four Little Dragons" has been the leading actor one after another,who has been quite important in the global outward foreign direct investment.This paper analyze those countries characters in different phases by reviewing the development history of outward foreign direct investment,and verify the investment development path from the practice view.Meanwhile,this paper found although there is a common rule for each country's outward foreign direct investment,differences still exist between each country's outward foreign direct investment development histories.This means the development of one's country's outward foreign direct investment is not isolated,it should be combined with national development strategy.Thus,developing countries' interests may not be met by developed countries like America post-war,who advocate and lead liberalization of capital,while as a matter of fact,it has been proved that outward foreign direct investment should be managed and supervised.Finally,this paper put forward political advises from different point of view like the outflow and inflow of outward foreign direct investment,the implementation of strategy,rulemaking,enterprises capacity and government support,which base on theoretical deduction,empirical analysis and international practice experience.