| Since the Third Plenary Session of the 11 th CPC Central Committee in 1978,China's reform and opening up has gone through more than 40 years,China has grown into a major manufacturing country in the world.Opening up was expanded in greater scope and depth,the entry of a large number of foreign investments has produced a considerable impact on China's economy and trade.The entry of foreign investment not only provides a large number of jobs in the domestic market,raises the wage level,but also drives the rapid growth of China's export,creating a miracle of China's export.At the same time,the world economy has gradually stepped into the era of global value chain.Under such a background,China has successfully embedded itself in the global value chain through its own economic development and the utilization of foreign investment.What impact does the entry of foreign investment have on the position of Chinese firms in the global value chain? This dissertation attempts to study the impact of foreign investment on the position of Chinese firms embedded in the global value chain under the modern international trade environment dominated by the global value chain.Is the performance of foreign firms participating in global value chain different from that of domestic firms? Will the expansion of foreign investment openness affect the position of firms embedded in the global value chain?Based on the theory of heterogeneity trade model and continuous production theory,this dissertation explores the influence mechanism of foreign investment liberalization,foreign investment scale and different spillover channels on Chinese firms' position in GVCs,and puts forward five relevant theoretical hypotheses.On this basis,this dissertation calculates the position of each industry in the global value chain by regional input-output table,and further calculates the position of firms embedded in the global value chain,and compares the correlation and differences between the various measurement results.This dissertation uses the database of Chinese industrial firm database and the China Customs Data to verify the five theoretical hypotheses.At the same time,this dissertation also enumerates the data related to foreign investment and global value chain in recent years in order to provide empirical evidence for the sustainable development of Chinese firms in the new international economic and trade pattern.The main conclusions of this dissertation include the following four aspects:The first is that the liberalization of foreign capital's entry has a significant role in improving the position of companies embedded in the global value chain.The entry of foreign capital reduces the financing constraints of companies and makes corporate capital more abundant.The technology spillover of foreign capital will also make firms more competitive.In the manufacturing industry,in general,the deep processing links close to the upstream require a greater level of technology and greater profits than the assembly links close to the downstream.Therefore,foreign capital Entry liberalization improves the position of companies embedded in the global value chain,thereby increasing their profitability.In addition,the liberalization of foreign investment has obvious heterogeneity in the impact of companies' embedding in the global value chain.The second is that an increase in the proportion of foreign capital in companies will enable companies to be embedded in the global value chain.decline.The impact of the scale of foreign investment on companies' embedding in the global value chain is contrary to the liberalization of foreign capital's entry,mainly because the foreign investment access policy has a greater positive spillover effect on the overall industry,and for Chinese local companies themselves,the profitability of foreign capital makes companies with a high proportion of foreign capital generally have a lower upstream degree than domestic-funded companies.The possible reason for this impact is that a large amount of foreign capital entered low-value-added businesses in order to use cheap domestic labor in the early stage of foreign capital opening.The phenomenon of "low-end lock-in" has appeared in the manufacturing link,which is not conducive to the innovation and high-quality development of the enterprise.Even if China's economy develops rapidly and the technological level of firms has been significantly improved,multinational companies will intentionally and unintentionally put the production of Chinese branches or supporting firms at the low end of the value chain from the perspective of maximizing their own interests and preventing technological proliferation.According to the analysis of the influence mechanism,financing constraints and enterprise total factor productivity are important mechanisms by which the liberalization of foreign investment affects the position of firms embedded in the global value chain.The third is the foreign investment can divide into different channels(horizontal spillover,forward linkage and backward linkage),This dissertation finds that horizontal spillover channels have a negative effect on firms' position in GVCs,while forward linkage and backward linkage significantly increase firms' position in GVCs.The main reason for this result may be that foreign-funded firms have brought huge competitive pressures to local firms in the same industry,squeezing out the market share of firms in the same industry.In order to maintain their competitiveness,foreign firms often block technology in their peers,but suppliers and intermediate manufacturers in upstream and downstream industries can benefit each other through knowledge sharing.Based on the above main conclusions,this dissertation proposes corresponding countermeasures and suggestions from three aspects: promoting the liberalization of foreign investment,improving the division of labor in the global value chain of firms,and promoting firms to climb the global value chain through the use of foreign capital.First of all,as far as the relevant policy departments are concerned,one is to persist in advancing the liberalization and facilitation of foreign investment,and to optimize the foreign investment environment;the second is to further improve the quality of foreign capital utilization and focus on the domestic market;the third is to guide foreign investment into high-tech and green markets.The manufacturing industry promotes the high-quality development of China's manufacturing industry,promotes the flow of foreign capital to the central and western regions,and promotes balanced development between regions.Secondly,for companies participating in the division of labor in the global value chain,one is to focus on the long-term development of the company during the period of embedding in the global value chain,and to focus on safety,stability and sustainability;the second is to integrate a security risk management and control mechanism to increase corporate participation in the global The security and stability of the value chain;the third is to seize the policy opportunity,reshape the global value chain division of labor system,grasp the leadership of the global value chain division of labor,and maintain international competitiveness.Finally,combining the reality of the entry of foreign capital and the characteristics of the division of labor of companies participating in global value chains,attention should be paid to the role of foreign capital in promoting companies' ascending positions in global value chains.Specifically,the first is to increase the stickiness of foreign capital and ensure that companies participate in global value chains.The second is to differentiate the use of foreign capital based on the participation of various industries in the global value chain;the third is to enhance the absorptive capacity of firms and guide them to climb to the middle and high-end links of the value chain.Compared with the existing literature,the main innovations of this dissertation are as follows: first,it specifically studies the influence of foreign investment on the position of Chinese firms embedded in the global value chain;Second,this study expand the research under the framework of firm heterogeneity theory,construct the theoretical framework of foreign investment entry and firm's position in global value chain,and discuss the influence mechanism of foreign investment entry on firm's position in global value chain.Thirdly,it expands the research on global value chain,sorts out and compares various measurement indicators of the position of global value chain,affirms the importance of the embedded position of global value chain,and measures the position of global value chain from the firm level.The structure of this dissertation is as follows:The introduction part of this dissertation introduces the study background and significance,study content,study methods and possible innovations and deficiencies.The first chapter is Chinese companies in foreign investment and location of literature review and the review,inserting into global value chain is to review the literature on foreign investment in mainly by the liberalization of foreign investment,foreign investment scale and foreign investment into the overflow channel into three parts,the posititon of the inserting into global value chain to the Chinese firm in the literature review mainly from the concept and measurement of global value chain,the influence of the firm to the firm behavior inserting into global value chain,the influence factors of affecting the global value chain position three aspects to carry on the review.The second chapter discusses the theoretical basis and influence mechanism of this dissertation.Based on the models of Melitz(2003)and Antras(2003),it tries to link them from the perspective of foreign investment.Firstly,this dissertation discusses the influence of foreign investment on the productivity and product quality of firms,and then analyzes the theoretical model of the influence of foreign investment on the position of global value chain by internalizing the position of global value chain.The third chapter discusses the characteristics and facts of the entry of foreign investment and the position of firms embedded in the global value chain,and analyzes the changes of the environment of foreign capital entering and the position of firms embedded in the global value chain since China's reform and opening up,especially since China's entry into the WTO.It makes a systematic summary from the total amount of foreign investment,the number of foreign firms,the source of foreign investment,the industry distribution of foreign investment,and analyzes the influence of foreign investment on China's economy,trade,employment.At the same time,this chapter sorts out the index calculation of the position of firms embedded in the global value chain,reviews the situation of Chinese industries and firms embedded in the global value chain,and summarizes the opportunities and challenges faced by Chinese manufacturing firms to improve their position embedded in global value chain.The fourth chapter four analyzes the impact of foreign investment liberalization on the position of firms embedded in GVCs.Test the first theoretical hypothesis on the basis of the theoretical model constructed in Chapter 2.Based on the revision of China's 2002 Catalogue for the Guidance of Foreign Investment Industries as a quasi-natural experiment,this dissertation analyzes the impact of foreign investment liberalization on the position of firms embedded in the global value chain by using the database of Chinese industrial firms,the database of Chinese customs and the input-output table.Furthermore,this dissertation explores the heterogeneity of firm ownership and regional heterogeneity,and examines the role of firm productivity and financing constraints in the heterogeneity.The fifth chapter analyzes the influence of foreign investment on the position of the firm embedded in global value chain.The second hypothesis is tested by the quotient of the theoretical model constructed in the second chapter.Taking the proportion of foreign investment(including investment from Hong Kong,Macao and Taiwan)in total investment as proxy index,this dissertation explores the influence of foreign investment scale on the position of global value chain of firms,and explores the different influences of different sources of foreign investment,and tests the role of productivity and financing constraints of firms in the process.The sixth chapter analyzes three different spillover channels of foreign investment to the position of firm embedded in global value chain,which are horizontal spillover within industry,forward correlation between industry and backward correlation between industry.Chapter 4 and Chapter 5 have examined the impact of liberalization and scale of foreign investment on firms' position in the global value chain.This chapter analyzes whether different spillover channels of foreign investment have different effects,and explores the mediating role of firms' productivity and financing constraints under each channel.The last part is the conclusion and countermeasures,and put forward the prospect of future study about foreign entry and position of GVC. |
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