Research On The Impact Of Sino-US Trade Friction On Chinese Enterprises' Foreign Direct Investment

China and the United States are becoming more and more important on the international stage,and their political and economic interests in the international community are also rising.Although the trade relations between China and the United States are closely linked,the trade disputes between the two countries have never stopped.In recent years,China's comprehensive national strength has been continuously improved.While Chinese enterprises have gradually expanded their investments,China has also frequently suffered from various tariff and non-tariff trade barriers initiated by the United States.Although the influence of trade friction on China's foreign direct investment has been studied from different perspectives.However,they focus on the impact of trade barriers on China's investment in the host countries.Based on the panel data from 2004 to 2012,this paper uses the panel Logit model to test whether the Sino-US trade friction has improved the probability of foreign direct investment activities of Chinese enterprises.And what are the differences in the probability of Chinese investment in the United States and other countries caused by Sino-US trade friction.The empirical study shows that the Sino-US trade friction has significantly increased the probability of Chinese enterprises engaging in overseas investment,among which enterprises with no investment experience are more likely to engage in overseas investment.The operating ability and solvency are proportional to the probability of foreign direct investment,and the profit margin of the enterprise is inversely proportional to the probability of overseas investment.In addition,the Sino-US trade friction has two kinds of promoting effects on the foreign direct investment activities of Chinese enterprises.First is the country effect.The results of grouping regression according to the investment host country show that,Sino-US trade friction have significantly increased the probability of Chinese enterprises investing abroad.In particular,it raised the probability that Chinese enterprises invest in other countries.The second is the period effect.The implementation of Sino-US trade friction during the period of 1-4 years will significantly increase the probability of foreign direct investment activities of Chinese enterprises.