Research On The Impact Of OFDI On The Transformation And Upgrading Of Enterprises Under The “Belt And Road” Initiative

In recent years,China's economic development has officially entered a new normal stage of medium-high growth from high-speed growth,at the same time,in the context of further decomposition of global value chain and international division of labor,China is caught in the dilemma of "high-end and low-end industries",and the disadvantages of "quantity wins" gradually emerge.How to achieve enterprise transformation and upgrading and drive high-quality economic development has become a key problem to be solved urgently in China.Under this background,the general secretary xi put forward the "One Belt And One Road" initiative in 2013,which aims to build a road of win-win cooperation for common development and prosperity with countries along the belt and road,and hopes to further deepen the "go global" strategy to help China get rid of the enterprise transformation and upgrading dilemma from the supply side,and ultimately ensure the long-term sustainable development of China's economy.Since the launch of the "One Belt And One Road" initiative,China has carried out all kinds of external work under the "five links" concept of "policy communication,smooth roads,currency circulation and people-to-people connectivity",opening up new horizons for China's "going global" initiative and creating new opportunities for Chinese enterprises OFDI.This paper focuses on the specific impact and effect of investment from countries along the belt and road on the transformation and upgrading of Chinese enterprises in the context of the continuous deepening of the "One Belt And One Road" initiative in China.First,it analyzes the development process of OFDI of Chinese enterprises and the status quo of transformation and upgrading of Chinese enterprises under the "One Belt And One Road",and summarizes its corresponding characteristics.The second is to explore the path and mechanism of China's investment in countries along the "One Belt And One Road" to affect the transformation and upgrading of enterprises,and to analyze the way OFDI affects the transformation and upgrading of emerging enterprises,mature enterprises and declining enterprises from the perspectives of reconfiguration effect,reverse technology spillover effect and extrusion effect based on the product life cycle theory.Third,based on the data of a-share listed companies from 2008 to 2018,the influence of OFDI on corporate transformation and upgrading under "One Belt And One Road" was empirically studied by using propensity score matching(PSM)and double difference method(DID).The research results show that OFDI can significantly boost the transformation and upgrading of enterprises represented by the improvement of total factor productivity,and the improvement effect keeps increasing year by year.At the same time,the sub-sample test shows that enterprises in the eastern region,state-owned enterprises and capital-intensive enterprises have a stronger influence on the transformation and upgrading of enterprises invested in the countries along the belt and road than enterprises in the central and western regions,private enterprises and non-capital-intensive enterprises.The results of further decomposition of enterprise total factor productivity show that reconfiguration effect is an important way for OFDI to promote enterprise transformation and upgrading under "One Belt And One Road".This paper provides empirical evidence at the micro level for the impact of "One Belt And One Road" initiative on enterprise transformation and upgrading,and also provides useful inspiration for further implementation of "One Belt And One Road" initiative to promote enterprise transformation and upgrading and achieve high-quality development under the background of economic transformation.