The Influence Of Outward Foreign Direct Investment On Heterogeneous Enterprises' Productivity

With the deepening of the economic opening,Chinese companies' foreign direct investment(OFDI)growth rate has always kept ahead,becoming one of the most prominent bright spots in the international investment field.However,the Chinese company OFDI started late and lacked internationalization experience.Whether its strategy of achieving technological catch-up and productivity improvement through OFDI activities can be realized is the focus of this article.Firstly,based on a review of domestic and foreign research,this paper describes the typical facts of the impact of OFDI on TFP of enterprises based on the matching data from the Database of Chinese Industrial Enterprises and the Directory of Overseas Investment Enterprises(Institutions)from 2007 to 2013.The results show that OFDI companies have higher average productivity levels and faster average growth rates than those that serve the domestic market alone;state-owned enterprises experience the largest productivity changes before and after OFDI;resource acquisition and business service company productivity decline without increasing;the host country is When it comes to efficient innovators,OFDI companies' productivity increases,and vice versa.Secondly,this paper uses the tendency score matching method(PSM)to solve the "counterfactual" problem,while meeting the common trend test of double difference(DID),constructing random unbalanced panel data,and from enterprise ownership,corporate investment strategy,host country innovation The degree of heterogeneity and other characteristics examine the impact of OFDI on corporate productivity.The empirical results found that,on the one hand,Chinese companies'OFDI increased the parent company's productivity level,but the cumulative effect was decreasing year by year.On the other hand,state-owned enterprises'current OFDI had a significant increase in productivity,but this effect gradually weakened,while private enterprises Quite the opposite.In the long run,OFDI companies with the goal of resource acquisition and technology research and development havegradually increased their strength from negative to positive.The productivity improvement of enterprises investing in high-efficiency innovation countries has been significant and growing year by year.The promotion of corporate productivity in the current period is obvious,but it will gradually turn into a significant negative effect.Thirdly,this paper uses the Sobel mediation factor test method to prove that OFDI has multiple mediation effects on its own productivity level,and tests the mediation effects from two perspectives:unity and simultaneity.The results show that the scale effect,reverse technology spillover effect,and learning effect all serve as“partial intermediaries”.The reverse technology spillover effect with the R&D intensity as the proxy indicator is 25.21%,and the reverse technology spillover effect with the new product as the proxy variable is 9.2%.The learning effect is 8.88%and the scale effect is 2.1%.However,when considering the simultaneous effect of the reverse technology spillover effect and the learning effect,the results show that the ability to explain the total effect is stronger,34.08%and 14.81%,respectively.Finally,based on the conclusions of the full-text research,this article proposes corresponding policy suggestions from the perspectives of investment environment,investment subject,risk prevention,and independent innovation,with a view to benefiting the sustainable development of OFDI in Chinese enterprises.