Research On The Influencing Factors Of Chinese Petroleum Industry Foreign Direct Investment

Energy,as a strategic element to maintain national political and economic stability,has always been an important factor affecting international political stability and changes in economic patterns.As one of the most important energy sources in human society,oil has always been called "liquid gold".Behind the wars in Iraq and Afghanistan,there is a battle for oil.China needs to maintain its own energy security in the complex international community,and use oil resources as a chip to enhance its voice in the international arena.The distribution of global oil resources is relatively concentrated and uneven,so more and more countries begin to participate in the redistribution of global oil resources by means of foreign direct investment.As the largest developing country,China's oil reserves and exploitation are far from the actual demand.It is an important strategic layout for China to actively go out and participate in foreign direct investment to obtain more abundant oil resources.The purpose of this study is to analyze the reality of China's OFDI as a developing country in the oil industry,and try to explain the relevant factors affecting the OFDI of China's oil industry,and put forward corresponding conclusions.The research is based on the theory of FDI from developing countries,combines the existing research foundation,and builds the basic framework of this study according to the current development reality of China.The research finds that there is a relative lack of empirical research which combines the basic reality of China as a developing country.Therefore,the research has made some innovations from the point of entry and research methods.Combining with the OFDI theory of developing countries,it has further enriched the research in this field,which has certain theoretical value and practical significance.Based on the above analysis,this paper chooses the relevant quantifiable factors as the basic variables of the analysis model of China's oil industry's FDI.Empirical analysis of the oil industry's FDI is carried out by using five variables data:per capita GDP,domestic patent application authorization,RMB exchange rate,oil import trade and oil price from 1995 to 2017.The empirical results show that,in the long run,there is a significant positive correlation between per capita GDP and international oil prices and FDI in the oil industry,and a significant negative correlation between exchange rate level and FDI in the oil industry.In the short run,the per capita GDP and international oil prices have a relatively large impact on FDI in the oil industry,showing a positive correlation basically,while the exchange rate level has a relatively small impact on FDI in the oil industry.On this basis,the fifth chapter summarizes the full text:first,economic level is positively correlated with oil industry OFDI;second,exchange rate stability affects oil industry OFDI;third,oil industry OFDI is affected by oil prices;forth,The lack of professionals affects oil industry OFDI.Based on this,the article puts forward the need to focus on four aspects:maintaining high-quality and stable growth of the domestic economy,further effectively promoting the process of RMB internationalization,establishing a stable investment support system for the oil industry and strengthening the reserve of investment management talents in the oil industry,so as to comprehensively improve the quality of China's oil industry's outward direct investment.