| Since 1990 s,with the deepening of economic integration and declining of trade costs,the global production-trade pattern has gradually evolved into the global Value chain division system oriented by the products internal division.During this process,developed countries take multinational corporations as the dominant force to firmly grasp the core technology and sales channels,controlling the vast majority of trade gains;developing countries fit into the global production network mainly through processing trade,facing the value chain lock-in risk due to the lack of core technology and brands,eventually the industrial further development and upgrading have certain restrictions and obstacles.Considering this international economic background,actively carrying out foreign direct investment to obtain advanced technology,breakthrough the GVC lock-in dilemma and initiatively climb up high-level link of the value chain will become an essential way for China to promote domestic industrial upgrading.Through reviewing related literature,we find that the theoretical research on OFDI and industrial upgrading in home country is relatively fragmented and has not yet formed a complete system.The empirical tests mainly focus on two levels: OFDI's impact on domestic industrial structure adjustment and technological progress from macro level and the influence of OFDI on domestic enterprises' productivity from micro level,and the researches on the specific industrial level and the products division are rare.Therefore,this study is about OFDI's impact on domestic industrial upgrading based on GVC perspective,focusing on exploring the influence mechanism of OFDI on the influence mechanism of OFDI on the upgrading of domestic manufacturing industry,and carry out multi-level and comprehensive empirical tests on the effect of China's manufacture OFDI.Firstly,in terms of mechanism analysis,this study discusses OFDI's influence mechanism on the upgrading of domestic manufacturing industry from three perspectives,including factor input,market demand and competition environment.On the one hand,OFDI promotes the transformation and upgrading of manufacturing industry by optimizing the allocation of production factors,reverse technology spillover,adjusting the demand structure,and stimulating industrial competition.On the other hand,OFDI also has certain negative effects,such as the capital outflow,export substitution and employment reduction.Secondly,in terms of data processing,though reorganizing 28234 foreign investment projects in the 2003-2013 "Overseas Investment Enterprise Directory" published by the Ministry of Commerce,this study screening out 14594 items conducted by the manufacturing enterprises,and further divided into fifteen manufacturing industries.The amounts of manufacturing industries' OFDI equal its proportion of investment projects multiplied by the total amount of manufacture OFDI,in order to accurately and directly examine the industrial upgrading effect of China's manufacture OFDI;The same method is used to calculate the manufacture OFDI destined to developing countries and developed countries;In addition,based on the industrial relevance perspective,distinguishing the resource-acquiring OFDI,market-expanding OFDI and efficiency-seeking OFDI to analyze diversified upgrading impacts of different types of OFDI.Thirdly,in terms of empirical test,this study calculates the total factor productivity,the value-added rate and the Vertical Specialization Index of China's fifteen manufacturing industries from 2003 to 2014 in order to measure its process upgrading,function upgrading and value chain upgrading.On this basis,further build panel data model with foreign direct investment as key explanation variables to examine the influence of different types of OFDI on the process,function and value chain upgrading of domestic manufacturing industry,and draw the following conclusions:(1)Generally,China's manufacture OFDI has great positive impact on its process upgrading,increasing the productivity effectively;(2)The effects of different types OFDI on the process upgrading of domestic manufacturing industry are different,OFDI destined to the developed countries has significantly greater impact on the domestic manufacturing industries' technology and productivity enhancement than OFDI destined to the developing countries;Compared to resource-acquiring OFDI and market-expanding OFDI,efficiency-seeking more dramatically promotes the industry's overall productivity and technological progress;(3)Currently,China's manufacture OFDI does not have significant impact on its function upgrading and value chain upgrading,or the impact has not been apparent yet.Finally,based on mechanism analysis and empirical results,this study puts forward relevant suggestions from the aspects of deeply implementing "going out" strategy,optimizing OFDI structure,constructing domestic independent value chain,enhancing R&D innovation and technology absorptive ability,for guiding China's OFDI to better promote the upgrading of domestic manufacturing industry. |
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