| According to the United Nations Organization for Trade and Development report,global foreign direct investment in 2020 fell by 35%year-on-year.China’s outward FDI flow in that year accounted for about 20.2%of the world,and the stock accounted for 6.6%,ranking first(for the first time in history)and third respectively,China’s foreign trade economy shows strong resilience and great potential.As an important link in the international economic and trade system,OFDI will promote the reshaping of global production methods and trade and investment patterns;as an important link in China’s new development pattern,OFDI will have a profound impact on maintaining the stability of our domestic currency market,enhancing the status of the global value chain and promoting the high-quality development of the economy.However,the intensification of investment reviews by many countries in recent years heralds the rise of global investment protectionism,and Chinese companies are facing many challenges such as market access barriers,host country political risks and security reviews.Therefore,how to protect the investment interests of enterprises has become an issue that must be considered when China participates in the construction and negotiation of international investment rules.In recent years,China has gradually attached importance to OFDI and has formulated a series of policies to promote its development,such as implementing and promoting the "One Belt,One Road" initiative and actively signing bilateral investment agreements.In addition to the macro policies mentioned above,the micro policies formulated by the Chinese government may also have indirect effects on the OFDI activities of heterogeneous enterprises,among which science and technology policies and financial policies,as the two most relevant policies to enterprises,are likely to have spillover effects on OFDI.This paper firstly compares the development and current situation of science and technology policy,financial policy and OFDI in China in detail,and then takes the heterogeneous enterprise trade model in the new international trade theory as the basis,incorporates the government policy support into the analytical framework,and analyzes the effect and mechanism of its influence on the OFDI of enterprises,through the mechanism analysis,this paper concludes that science and technology policy mainly influences the OFDI of enterprises through the technological progress effect and the executive incentive mechanism to influence enterprises’ OFDI behavior,and financial policy mainly through the mechanism of alleviating financing constraints and signaling to influence enterprises’ OFDI behavior,and the specific empirical analysis is as follows.In the econometric model part of science and technology policy,this paper establishes an econometric model in which the independent variable is science and technology policy and the dependent variable is the scale and performance of enterprises’ OFDI by constructing panel data.As for the baseline regression results,the regression results of science and technology policy with the size and performance of corporate OFDI show that the coefficients of science and technology policy are significantly positive,indicating that the government’s science and technology policy helps to enhance the quantity and quality of corporate OFDI.This paper also conducts endogeneity analysis and robustness test to further confirm the robustness of the estimation results of this paper and to empirically test the theoretical mechanisms mentioned in the previous section.Finally,in the extended analysis section,heterogeneity analysis is conducted from different perspectives,including country heterogeneity,regional heterogeneity and industry heterogeneity,respectively.It is found that if the host country is a non-Belt and Road region country,science and technology policy has a significant effect on the scale and performance of enterprises’OFDI,but the effect on Belt and Road countries is not significant.Based on the heterogeneity of the regions in which the enterprises are located,science and technology policy has a more obvious promotion effect on enterprises in the developed eastern provinces,while it has a less obvious effect on enterprises in the less developed central and western regions;based on the heterogeneity of the industries to which the enterprises belong,science and technology policy has a significant promotion effect on manufacturing enterprises,while it does not have a significant effect on the scale and performance level of OFDI of non-manufacturing enterprises.A similar analysis is conducted in the econometric model section of financial policy,and an econometric model is established in which the independent variable is financial policy and the dependent variable is the size and performance of OFDI by enterprises.In terms of the baseline regression results,the regressions of financial policy with the size and performance of corporate OFDI show that the coefficients of financial policy are significantly positive,indicating that government financial policies are equally helpful in enhancing the quantity and quality of corporate OFDI.Similarly,endogeneity analysis,robustness test and impact mechanism test are conducted in this paper.Finally,in the extended analysis section,heterogeneity analysis is conducted based on different perspectives,and it is found that financial policies have a significant effect on the scale and performance of OFDI if the host country is a country in the Belt and Road region,but the effect on non-Belt and Road countries is not significant."Based on the heterogeneity analysis of enterprises’ regions,the financial policy support of the government is conducive to promoting the scale and performance of OFDI for enterprises in the central and western regions,but not for enterprises in the east;based on the heterogeneity analysis of enterprises’ industries,the financial policy support of the government is conducive to promoting the scale and performance of OFDI for manufacturing enterprises.Based on the heterogeneity of the industries to which the firms belong,the government’s financial policy support is conducive to the increase of OFDI scale and performance for manufacturing firms,but the impact on non-manufacturing firms is not obvious.Based on the research findings,this paper proposes the following policy recommendations.First,continue to promote the construction of science and technology innovation to guide enterprises to go global better.Establish an information service platform for science and technology management,improve the transparency,democratization of science and technology decision-making,and do a good job of connecting the relevant laws and regulations for science and technology development to achieve a positive interaction between science and technology progress and enterprise development;second,improve financial policies from multiple angles to alleviate the problem of financial resource mismatch.Further improve financial measures to effectively reduce the financing constraints of enterprises’ outbound investment,expand financing service areas,financing channels and scale,and drive private capital to provide financing support for enterprises’ outbound investment;third,promote the high-quality development of "One Belt,One Road",build a new development pattern,and guide the improvement of overseas enterprises’ operation and development mode;fourth,encourage SMEs to invest abroad and continuously improve the domestic business environment.Help SMEs cope with unexpected situations,reasonably avoid risks,improve the international solvency of enterprises,and reduce the caused by force majeure factors in the process of foreign direct investment;fifth,improve the level of investment in manufacturing industries,and coordinate the development of different industries and regions.Guiding enterprises to invest in a more reasonable location layout,continue to promote the transformation and upgrading of China’s manufacturing industry,and give support to emerging manufacturing industries,modern agriculture and other projects in line with industrial transformation and upgrading;sixth,deepen multi-market cooperation and actively participate in the formulation of international investment rules.Benchmarking with high-level international economic and trade rules,participating in and leading high-level international investment rule-making based on expanding openness,promoting international investment facilitation,and enhancing institutional investment protection. |
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