A Research On The Effect Of Chinese Enterprises Energy OFDI On China’s Energy Trade

Outward foreign direct investment(OFDI)and international trade are increasingly becoming the most important components of the economic system.The relationship between them can reflect the economic,cultural,geographical and political conditions of the home and host countries.The objective of this thesis is to construct the interaction effect and influencing factors between China’s energy OFDI and energy international trade in the new era.Firstly,this thesis expounds the current situation of China’s energy OFDI and energy trade at this stage,then comes the development of OFDI theory and representative theory,and analyses the mechanism of the relationship between OFDI and trade.On this basis,the horizontal and vertical trade gravity models are deduced and the index system is established by using the general equilibrium model.In the empirical research stage,the system generalized moment estimation(system GMM)method is used to add feature items one by one and regress the entire model for energy import and export trade respectively.Empirical research shows that China’s energy OFDI has a strong vertical investment characteristics,and the substitution and complementarity of OFDI and energy trade coexist.Current energy OFDI and energy imports are substituted,and the second and third energy OFDI and energy imports are complementary.The energy OFDI in the current and second phases has a substitution relationship with energy exports,while the energy OFDI in the third phase has a complementary relationship with energy exports.From the perspective of influencing factors,energy import trade is driven by China’s market,strategy,host country’s market,strategic and technological factors(China’s market development level,energy demand,openness and investment environment of host country’s market,energyendowment gap between the two countries,etc.).Energy export trade is driven by China’s market,strategic and technological factors as well as the host country’s market,strategic and technological factors(level of science and technology,level of market development,energy demand,degree of openness and host country’s openness,market investment environment,energy endowment gap between the two countries,etc.).In addition,distance has always been a deterrent to trade and OFDI.Finally,combined with the empirical results.This thesis gives the path suggestions to promote energy OFDI and energy trade.