| China's economy has entered a new period of rapid development since the reform and opening up in the 80 s.The economy has achieved the leading advantage of maintaining high speed growth for a long time,under the influences of multiple factors,such as sufficient market space,convenient geographical and trade conditions,cheap material and the cost advantage of manpower for production.However,since the new century,great changes have taken place in the international economic environment.Especially the financial crisis that gradually spread from the United States to the rest of the world in 2008,which has completely changed the track of the economic development of all countries in the world.Though the impact of the financial crisis has greatly reduced by China adopting a series of macro policies,the problems that have existed for a long time in the economic operation have been fully exposed.These problems mostly derive from the excessive reliance on the advantages of labor resources,which has made the supply side economy dominated by industrial sector lie in the low end of the global industrial chain for a long time.This has weakened the domestic economic growth and international competitive advantages.In this critical period of China's economic transformation and adjustment,the party and state leaders have pioneered the economic development strategy of "supply side industrial structural reform",which has pointed out the direction for China's economic structural transformation and adjustment.At present,the problem of supply side structure of China mainly refers to those disadvantages embraced by a series of supply side enterprises,such as overstock,overcapacity,technology gap and so on.There are many different views in the academic circle about how to effectively change the overall development level of the supply side industry,but the positive effect of the foreign direct investment on the supply side structure reform has reached a more consistent opinion.Most researches in this field are concentrated on the theoretical level rather than providing persuasive empirical evidences.Therefore,this paper takes the representative industry of reform of the supply side,which is industrial sector,as the research objects.By combining theoretical analysis and empirical research,this paper then analyzes the effects of FDI on industrial structure adjustment comprehensively and the differences among different regions in China concerning the effects.Then this paper put forward corresponding policy suggestions in order to provide useful conclusions about the industrial structure optimization and upgrading.The research contents of this paper include the following five parts.First,this paper analyzes the impact of foreign direct investment on the industrial structure stepwise through theoretical research.Second,it compares the similarities and differences between domestic and foreign supply economics theories.Third,through empirical research,it proves that FDI has a positive effect on China's supply side industrial structure.Fourth,it is concluded from empirical research that the effect of FDI on industrial structure in regions with different levels of economic development in China are different.Fifth,it proves the accuracy of theoretical and empiricalfindings through case studies.This article is divided into seven chapters.Chapter one is introduction.This chapter briefly introduces the research background,the theoretical and practical significance of the study.The second chapter is literature review.It describes the development status of the theory of outward direct investment in detail,and the domestic and foreign research results of OFDI's influence on the industrial structure of home country.The third chapter demonstrates the current situation and development path of China's industrial outward foreign direct investment.This chapter analyzes the present situation and existing problems of OFDI in China's industrial industry from several aspects,such as the scale of foreign direct investment,the attractiveness towards foreign investment,the method of OFDI and characteristics of foreign investment location choices,etc.The fourth chapter presents the theoretical analysis of the relationship between OFDI and supply side reform.It firstly analyzes the background and theoretical connotation of supply side reform of China.Then it explores the differences and similarities between the domestic and foreign supply side economic theories.Finally,it analyzes the impact of OFDI on industrial structure by combining OFDI theories and supply side economic theories.The fifth chapter contains the model establishment and empirical analysis of the relationship between OFDI and industrial structure.This chapter builds up an evaluation index system of industrial structure,and conducts empirical analysis based on this by using provincial panel data of China.Then,separate analyses are made by dividing the regions by different economic development levels,and the effect of the quantitative influence of OFDI on industrial structure is obtained.The sixth chapter is the case study of foreign direct investment promoting the supply side industry reform.This chapter chooses to analyze typical cases that conduct OFDI with outstanding characteristics,including the Ansteel Group,the China Molybdenum Company Ltd and the Midea Group.The seventh chapter includes main conclusions,policy recommendations and prospects.This chapter summarizes the main conclusions of the paper,and put forward policy recommendations from the aspects of investment policy,industrial policy,talent management and so on.At the same time,it also puts forward the research prospects of this paper.Through the above research,the following conclusions are drawn.First,the structural reform of supply side is the main economic work in China's economic development.The structural reform of China's supply side is a strategic decision that will benefit the development of China's economy which is based on sufficient theoretical basis and practical experience.The connotation of China's supply side is related to the western supply economy theory,and it can obtain necessary experiences from the western supply of economic development.Second,foreign direct investment can effectively promote structural reforms on the supply side.Through literature research,theoretical analysis,empirical analysis and case analysis,we can draw a conclusion that in the perspective of Chinese industry,foreign direct investment canplay a positive role in promoting industrial structure adjustment and upgrading,thus effectively promoting the reform of China's supply side structure.Third,because of the large gap between the economic development level of different provinces and regions in China,the industrial structure development level of and the scale of foreign direct investment different regions display marked differences.At the same time,the determinants of industrial structure upgrading are different due to the effects of the foreign trade environment.The impact of OFDI on industrial structure is more obvious in eastern regions because of the rapid development of industry,relatively early activities of OFDI,resource advantages and investment ability.In the underdeveloped western regions of China,the OFDI fail to be an effective way to upgrade the industrial structure due to the underdeveloped industrial level and limited scale of OFDI.For the western region,we should pay more attention to the factors that affect the industrial development and the level of technology development,and improve the foreign trade conditions of industrial enterprises in order to improve the industrial structure.For the northeast region,t he characteristics of the industrial life cycle are most obvious because the northeast old industrial area has a long history of industrial development.The old northeast heavy industry enterprises have obviously been in the marginal state of industrial development,which conforms to the characteristics of the development of marginal industries identified at home and abroad.It is suitable to use foreign investment as an effective means to transfer some industrial enterprises to a more advantageous host country as soon as possible,so as to seek new development space,to improve the effective utilization of resources and to improve the domestic industrial structure level.For the central part of China,the industrial enterprises need to start from the internal enterprise as soon as possible through the measures of increasing R&D and improving the management ability of the enterprises in order to improve the industrial structure level.It is because of the average industrial development level and certain trade conditions,but at the same time,it does not have the capital advantage of foreign investment.This paper puts forward six policy proposals based on the conclusions.First,we should further promote policy support.We should make full use of policy measures to guide and encourage investment behavior on the basis of existing ones.Second,strengthen inter industry and intra industry linkage.At present,except large state-owned enterprises,vast numbers of industrial enterprises in China,especially the private manufacturing enterprises,endure the difficulties of limited capital,small scale and weak risk bearing capacity.Therefore,the banking,insurance,legal services should actively cooperate with each other and strengthen their communication and coordination with the enterprises in the industrial industry.Third,accelerate the construction of overseas industrial parks.The government should take the initiative to negotiate the establishment of centralized industrial parks and industrial base for manufacturing enterprises in the "The Belt and Road" key countries,that with advanced production technology,industrial power and high quality industrial assets in developed countries and regions.Fourth,strengthen the training of talents in the field of international investment.The enterprise level should set up a special foreigninvestment department as soon as possible,build up an excellent team of investment talents,in order to avoid the blind foreign investment and improve the quality of investment.Fifth,build excellent domestic brand.We should first create a good space of development for industrial enterprises,and provide effective protection against their patent technology,brand value,avoid the happening of violations,in order to make existing high quality industrial brand become international well-known brand as soon as possible.Sixth,build a cross border industrial chain led by Chinese enterprises to promote supply side reform.As a new force to participate in the global value chain,China's primary goal is to improve its position in the global value chain as soon as possible,then to upgrade the industrial structure through the "structural reform of supply side" and foreign investment,and to build a cross border industrial chain led by Chinese enterprises in different fields.On the basis of academic research,this paper takes into account the comprehensive advantages of the comprehensive evaluation index system of China's economic industrial structure established by Liu Shuru(2011),as well as the simplicity and new connotation advantages of the evaluation index system of manufacturing industry established by Li Lian Shui(2014),creatively establish an evaluation index system of industrial structure contains four dimensions and 12 factors.By using the panel data of all the provinces,autonomous regions and municipalities directly under the central government from 2004 to 2015,the empirical study was carried out,and the different characteristics of the impact of FDI on industrial structure were found,and a more scientific conclusion was drawn.Due to the limitation of statistical data sources,this paper is unable to carry out a special empirical analysis on the key industries,such as iron and steel and coal,which have problems on the supply side overcapacity,overstock and so on.It can only conduct the research from the perspective of overall industrial structure level which has limited the use for reference for these key industries.At the same time,by the time limit of research,this article only makes a rough analysis of the western developed countries' supply of economic theory,and does not fully collect and collate the economic statistics from the developed countries,therefore fail to make comparative studies from the empirical perspectives. |
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