Research On Influential Factors Of OFDI Of China's Producer Services

Under the background of economic globalization,outward foreign direct investment(OFDI),as one of the most important means for a country to participate in international economic activities,enter the international market and take advantage of global resources,has been given more and more attention.The development level of service industry is an important index to measure a country's level of economic development.In recent years,foreign direct investment in service industry has surpassed the manufacturing industry to become the subject of international investment,and especially the productive service industry,as the core of modern service industry throughout all aspects of production,circulation,distribution and consumption of social production,has become the new engine of world economic growth.At present,China's outward foreign direct investment scale has showed a rising trend,jumping to the world's second place in 2015 and becoming a big OFDI country,of which the production service industry accounts for the largest proportion.But compared with developed countries,the development of China's OFDI of producer service industry is still in the primary stage.Therefore,a research on the influencing factors of OFDI of China's producer service industry is very important for the development of China's service industry and the whole social economy.This paper is divided into four parts besides the introduction.The second part is about the definition and theoretical basis of OFDI concept of producer services.Firstly,it analyzes the basic features of the concept of productive services and the definition of its fusion,relevance,knowledge and innovation,and the development features from “internal” to “external” and from “non-market” to“market”.Secondly,it divides the causes of OFDI of producer services into five aspects: demand pull,competition driven,trade and investment following,technologyseeking and policy drive.Thirdly,it is concluded that the mechanism of OFDI of producer services can be divided into four aspects: industry promotion effect,knowledge technology spillover effect,market network effect and employment driving effect.Finally,it analyzes the influencing factors of OFDI of productive services from two aspects of home country and host country.The third part is the descriptive analysis of the development of OFDI of China's producer services.Firstly,this part analyzes the current situation of the development of producer services in China---it starts to speed up but still in a low level.It also analyzes the internal structure of the industry,the regional distribution structure,and the uneven development of the internal structure of the industry.Secondly,by using the statistical data of each year,this part analyzes the actual situation of the yearly progress in development speed and scale of OFDI of China's producer services,yet,the industry structure is not balanced,the regional distribution of investment flows is not so reasonable.Finally,according to the above objective descriptive analysis,it is concluded that the OFDI of China's producer services has some practical problems,such as small scale,unbalanced distribution,unreasonable regional distribution and weak international competitiveness.The fourth part is the empirical analysis of the influencing factors of OFDI of China's producer services.This part constructs the multivariate linear regression model by using 2008---2013 annual panel data of seven industries of the productive service industry to test the productivity level of the home productive service industry,the scale of development,the scale of export,and the influence relationship and influence degree between the home country's economic development level,commercial presence and innovation ability and the OFDI of producer of services.It is believed in this part that it is very important to improve the productivity and trade level of the industry to expand the scale of OFDI and promote its development.It is the main purpose of China's producer service OFDI to use the spillover effect and the market network effect to attract favorable resources,and profit drive and trade investment is not the main reason.The technical level,professional talent resources and innovation ability of China's producer services are obviously deficient,whichmakes the added value of its OFDI products low and the international competitiveness weak.The fifth part combines the descriptive analysis and empirical analysis,and draws the main conclusions and policy recommendations.The innovation of this paper is as follows: firstly,the research of OFDI of producer services,which is the core of modern productive service industry,is different from most scholars in that their researches are from the perspective of FDI.Secondly,this paper uses the annual panel data of seven specific industries of the productive service industry to construct regression model in accordance with the theoretical analysis,descriptive analysis and empirical analysis conclusion and suggestion,which makes the results more reasonable and effective.The deficiency of this paper is as follows: on the one hand,the difficulty of obtaining data might make the research results biased.On the other hand,the academic research on OFDI of producer services in developing countries is not much,thus,the theoretical basis is relatively weak.