Research On The Influence Of OFDI On The Total Factor Productivity Of Private Enterprises In Jiangsu Province

China's foreign direct investment has developed rapidly this year and has become the second largest foreign direct investment country in the world after the United States.As a new force of China's foreign direct investment,private enterprises gradually replace state-owned enterprises by virtue of their clear property rights and flexible corporate systems,which have become the main force of China's foreign direct investment.Foreign direct investment,while affecting the economic activities of the host country,also has an important impact on the home country,and in particular whether it affects the issue of total factor productivity,which has aroused widespread concern among scholars and governments.In this context,this paper selects the Jiangsu province,where the private economy is more developed,to study the impact of private enterprises in Jiangsu on total factor productivity.By reviewing domestic and foreign scholars' research on foreign direct investment and total factor productivity,the mechanism of the influence between total factor productivity and foreign direct investment was discussed.This paper uses DEA-Malmquist index method to obtain the total factor productivity and its decomposition of private enterprises in Jiangsu Province.The following article uses the panel data of private enterprises in 13 prefecture-level cities in Jiangsu Province and refers to the results of previous studies to select total factor productivity,technical efficiency and technological change as the dependent variables,and outward direct foreign investment,foreign direct investment,and R&D capital,import trade and economic development level were used as explanatory variables for regression analysis.The regression results show that foreign direct investment and import trade have a positive impact on total factor productivity;outward foreign direct investment,R&D capital investment,and economic development level have a negative impact on total factor productivity.This is mainly due to factors such as different data categories and poor conversion results.Based on the above empirical evidence,this paper draws the following conclusions:First,the impact of foreign direct investment and imports on total factor productivity is positive,and the impact of foreign direct investment,R&D capital stock,and economic development on total factor productivity is negative;Second,Jiangsu's private enterprises' foreign direct investment increases total factor productivity through technological efficiency;Third,foreign direct investment in Jiangsu's private enterprises lacks investment in high-tech industries.Based on the above conclusions,this paper draws lessons from this article.First,at the government level,we must maintain the status quo of foreign direct investment and encourage technology-oriented investment;raise the threshold for foreign direct investment and pay attention to the quality of foreign investment;establish a sound market system to accelerate the technological progress of private enterprises;upgrade the education level and build a technological innovation system;At the enterprise level,change investment strategies and develop technology-oriented OFDI;increase the efficiency of foreign direct investment and reduce investment risks;hire and cultivate foreign direct investment professionals.