A Study On The Learning Effect Of Chinese Industrial Enterprises' Export And Foreign Direct Investment

As a socialist country with Chinese characteristics,China has its own characteristics different from western developed countries in terms of economic development and social system.After the implementation of the reform and openingup policy in 1978,China started the pace of external development,gradually integrated into the process of globalization,and actively participated in the international division of labor.Especially in March 2000,the Third Session of the Ninth National People's Congress formally put forward the strategy of "going out",and joined the world trade organization(WTO)in 2001,and policies like the management conversion of foreign investment approval for Chinese enterprises(filing system),encouraged China's foreign export and foreign direct investment has been rapidly developed.The third plenary session of the 18 th central committee of the communist party of China(CPC)held in November 2013 made a systematic plan for comprehensively deepening reform,stressing "building a new system for an open economy".To build a new system for an open economy means to combine bringing-in and going-global,improve the system and policies for outbound investment,stimulate the potential of outbound investment by enterprises,and be brave and good at allocating resources and expanding markets on a global scale.China should accelerate its transformation from a big trading country to a strong trading country,consolidate its traditional advantages in foreign trade,foster new competitive advantages,expand the space for foreign trade development and actively expand imports.China's opening to the outside world has been constantly pushed forward.In his 2014 speech,General Secretary Xi Jinping once again emphasized building a new system for an open economy.This construction request shows,our country is in economic development process,need to grasp economic globalization accurately new trend and new request of China's opening-up.We will continue to open wider to the outside world and raise the level of opening-up to promote reform and development.This further indicates the direction for Chinese enterprises to "go-out" and make OFDI.In 2019,at the opening ceremony of 2nd CIIE,General Secretary Xi Jinping made a keynote speech,put forward three initiatives for the development of world economy,namely "to co-build open and cooperative the world economy","to co-build open and innovative world economy","to co-build open and shared world economy",for China opening-up and puts forward some advices for the world economy development,which becomes a benchmark for China to build a new open economic system at a higher level.It can be seen that the promotion of Chinese enterprises' export and foreign direct investment and integration into the global economy are very important components of China's economic development.In the theoretical development of international trade and international investment,with the development of global economy from agricultural economy to industrial economy,especially after the industrial revolution,the original economic structure of each country has been completely changed,international trade and international division of labor are increasingly closely linked,and the international division of labor leads to the further rapid development of international trade,at the same time in the process of international trade development,inevitably promote the international flow of production factors,international direct investment(FDI)is the expression of international capital flow.However,the rapid development of OFDI and transnational corporations in the real economy also leads to the theoretical research that has to relax the assumptions of the traditional international trade theory on the non-flow of capital elements,so as to introduce the foreign investment into the theoretical framework of international trade.At the same time,the research objects also focus on micro enterprises from the national industry level.The new trade theory marked by the "heterogeneous firm theory"(Melitz,2003)proposed at the beginning of this century relaxed the assumption of the single nature of firms,the heterogeneity of enterprises was introduced into the theory of international trade,thus initiating the study of "heterogeneous enterprise model" from the micro perspective,and it has opened up new fields for the in-depth development of international trade.The theoretical basis of this study is the "learning by exporting" effect on the productivity of enterprises after exporting(or OFDI).This theory holds that enterprises in the process of export or OFDI will have an impact on enterprise productivity.However,scholars have carried out empirical verification on this theory,but the conclusion has not been unified yet.In addition,the factors influencing how to promote the improvement of corporate learning effect,such as research and development activities or patents,also need to be further analyzed.Based on the new trade theory and learning by exporting theory as the theoretical basis,I build research framework of export and foreign direct investment of China's industrial enterprises to study the learning effect.This paper has three aspects as following: first,this paper analysis the learning effect of the enterprise exports and foreign direct investment.Second,this paper analyzes the learning effect of R?D activities on the enterprise exports and foreign direct investment.Third,this paper analyzes how the patent effect to the enterprise exports and foreign direct investment learing efffects.In this paper,the learning effect of foreign direct investment includes greenfield investment and cross-border M?A Finally,on the basis of the research conclusions,this paper puts forward targeted policy suggestions to encourage enterprises to integrate into the global economy,to promote enterprises increasing R?D investment and improving innovation awareness,to encourage enterprises to improve innovation level to apply for patents,to improve the new system of open economy,and to promote enterprises to go global market.It provides the empirical basis and reference for the government to guide enterprises to make scientific and technological innovation.The main research methods of this dissertation are as follows: First,literature research methods.In this dissertation,the existing domestic and foreign literature is sorted out and summarized to grasp the latest academic research frontier.At the same time,in the process of induction,summarize the law of existing literature research and research direction,found the research deficiencies and defects.It provides support and basis for the argumentation of this paper and inspiration for the innovation and research direction of this paper.Second,comparative research method.In the process of literature research,this dissertation adopts the method of comparative research,and studies the research results of different scholars horizontally.In addition,in the process of statistical analysis in this paper,by comparing the productivity of enterprises that adopt different export or OFDI decisions,corresponding conclusions are obtained.Third,the qualitative method.This paper does qualitative research to study the many factors which affect the learning of export and foreign direct investment of foreign enterprises,and the specific influence of these factors is analyzed.Fourth,quantitative study method.In this paper,we use a variety of measurement methods to analyzes industrial enterprise micro panel data.According to the specific circumstances of each chapter model analysis method,this paper will use such as panel regression,propensity score matching method and instrumental variable method to analyze the data.The main conclusions of this paper are as follows: First,Export learning effect exists in Chinese enterprises.The results show that export can promote the improvement of enterprises' total factor productivity.However,the export of Chinese enterprises between 2002 and 2008 did not promote the improvement of enterprise productivity.This is probably because after China's accession to the WTO,a series of preferential policies made enterprises focus more on expanding the market,so the learning effect may become weaker.Second,Chinese enterprises have the OFDI learning effect.Through analyzing the panel data of enterprises,this paper holds that enterprises' FDI can also promote the improvement of enterprises' total factor productivity,that is,the learning effect of enterprises' FDI exists.The study found that the learning effect of OFDI was weaker and weaker with the development of time,and was no longer obvious after the subprime crisis in 2008.This may be due to the continuous enhancement of China's OFDI enterprises' own capabilities.Third,preexport research and development or export research and development can promote the learning effect.Research and development in basic regression can promote export learning effect.This paper also found that enterprise research and development earlier than export,or the research and development and export at the same time,can promote the improvement of current productivity,and will have a positive impact on the next phase of productivity.It is proved that R?D has a rapid and obvious effect on export learning effect.Fourth,research and development before or at the same time of foreign investment can promote the learning effect.Basic regression proves that R?D can promote the learning effect of OFDI.In addition,only research and development before OFDI,or R?D and OFDI at the same time to promote the next phase of productivity improvement,the effect of the current period is not obvious.This indicates that the absorption effect of R?D on enterprises' OFDI is promoting,but the effect has a certain lag.Fifth,having patents can promote the export learning effect of enterprises.The possession of patents by export enterprises can promote the improvement of current and long time of productivity,which proves that the possession of patents can promote the export learning effect of enterprises.In addition,in both resource-intensive and capital-intensive industries,the possession of patents by enterprises can promote the improvement of enterprises' productivity in the current period and the next period.Sixth,owning patent can not promote the learning effect of OFDI.The whole analysis and the analysis of different industries all believe that the utility of patent for OFDI learning effect is not obviously.Combined with the main conclusions of this paper,the following six countermeasures and Suggestions are put forward to improve the competitiveness of China's industrial enterprises,participate in international competition,and promote the improvement of enterprises' living productivity.First,encourage enterprises to integrate into the global economy.Second,we need to encourage enterprises to invest more in R?D and raise their awareness of innovation.Third,encourage enterprises to raise the level of innovation to apply for patents.Fourth,the government should further improve the institutional construction of the new system of open economy.Fifth,the government should provide a sound guarantee for enterprises to "go global".Sixth,the government plays a guiding role in establishing innovation and technology platforms for enterprises through collaborative innovation.This paper has the following four innovations: First,data innovation.Through the docking of four databases,this paper constructs a database with long time dimension and rich data volume.Although scholars under the New-new trade theory framework research in China has made certain progress,also attempts to our country enterprise's behavior into the analysis framework of new new trade theory,but not yet have a Chinese industrial enterprise databases,China's foreign investment enterprise databases,Chinese enterprise merger and acquisition of data,China industrial enterprise patent database for docking and extract the micro panel data of the enterprise.More than three million data were obtained and the panel data was built.However,due to the limitation of data,most previous researches by scholars could not construct panel data at the enterprise level,which led to the fact that empirical researches on New-new trade theory remained at the mixed panel or just the industry level.However,on the basis of docking with four databases,this paper constructs the panel data of enterprises,and obtains more accurate empirical test results on the learning effectiveness of enterprises' exports and OFDI.Second,research perspective innovation.Firstly,through time-division research,this paper finds that the export learning effect of Chinese enterprises weakened from2002 to 2008 due to China's accession to the WTO.With the opening up of China,the OFDI learning effect of enterprises gradually weakened,especially after the American subprime crisis in 2009.Secondly,by introducing the sequence of R?D and export,this paper further separates the impact of R?D and export,and studies the impact of R?D and enterprise export or OFDI sequence on enterprise learning effectiveness.Finally,this paper innovatively introduces patents to study their impact on learning effect,and combines patents with industry types.Third,innovation of research methods.This paper constructs the panel data of the enterprise by using the constructed database,and on this basis,adopts the combination of panel regression,instrumental variable method and propensity score matching method to carry out empirical analysis and research.