Research On The Impacts Of Chinese Outward Foreign Direct Investment On Enterprise Resource Allocation Efficiency

Under the background of "going out" strategy and "One Belt And One Road" initiative,China's OFDI has developed rapidly.Faced with such a large amount of ofdi flow and stock,the effectiveness of China's OFDI is a very worthy of attention.At the same time,due to China's extensive economic growth for a long time,there has been a serious misallocation of resources,hindering economic development.Facing the increasingly prominent structural problems under the background of "new normal",in the case of given resources,in order to make the economy full of vitality and sustainable growth,we must improve the efficiency of resource allocation.In the report of the 19 th National Congress,it is also clearly proposed to take the supply side structural reform as the main line to promote the efficiency of economic development.Under the above background,it is of great theoretical and practical significance to study the impact of OFDI on the efficiency of resource allocation.This paper combs the literature on the economic effect of OFDI on the home country and the factors that cause resource misallocation,so as to lay a solid theoretical foundation for further research.It can be seen from the existing research that there are few studies on whether OFDI can affect the efficiency of resource allocation.Therefore,this paper studies OFDI and resource allocation efficiency in the same analysis framework,introduces a new idea for how to improve the efficiency of resource allocation in China.In this paper,the distortion of factor price is used as the index to measure the efficiency of resource allocation.In the aspect of empirical test,this paper finds a control group for OFDI enterprises through the method of propensity score matching,and further constructs a double difference model to explore the impact of OFDI on the efficiency of enterprise resource allocation.From the results we can know that OFDI has a large positive effect on the efficiency of resource allocation.The heterogeneity test shows that the efficiency of resource allocation in high-income countries is more obvious than that in low-income countries.After distinguishing different types of OFDI,it is found that trade sales and diversified enterprises plays a more significant role in improving the efficiency of resource allocation.Finally,through the measurement method of replacing enterprise resource allocation efficiency index,we find that there is still a positive relationship between OFDI and enterprise resource allocationefficiency.Therefore,participating in the international division of labor with the aid of OFDI has a positive role in promoting the efficiency of resource allocation of enterprises.In the context of deepening global economy,enterprises should make better use of the favorable conditions provided by the "One Belt And One Road" initiative to accelerate the pace of OFDI.The government and other departments should also actively formulate various preferential policies to promote the sound OFDI of enterprises.Under the background of frequent international trade frictions,the conclusions is of guiding significance for China to realize the optimal allocation of resources with the help of opening-up strategy.