Research On The Incentive Effect Of Anti-dumping Outward Foreign Direct Investment

With the advancement of trade liberalization,non-tariff trade barriers represented by anti-dumping have been escalating,and China has become the country with the most antidumping investigations.Therefore,scholars' research on outward foreign direct investment(OFDI)has gradually matured.Research on the relationship between OFDI and anti-dumping barriers is one of the important research topics.At present,theoretically,most of the foreign direct investment decisions made by anti-dumping companies have been studied from the perspective of developed countries,and many achievements have been made.With developing countries as the research object,there are relatively few studies on the impact of anti-dumping barriers in different industries on overseas investment in the industry.This paper first uses the price-leading Stackelberg model to analyze the differences in decision-making made by Chinese companies under the conditions of free trade and the establishment of anti-dumping barriers in the host country,and to explore the critical conditions for enterprises to choose OFDI to cross the anti-dumping barrier.Secondly,taking China as the research object,on the one hand,the fixed-effect model is used to empirically study the panel data of China's investment stocks in 176 countries and regions in 2003-2017,and explore the impact mechanism of anti-dumping barriers on China's foreign direct investment.On the other hand,from the micro level,based on the heterogeneity of the industry,the use of China's foreign direct investment in the energy industry,the metal industry,the transportation industry and the chemical raw materials and products industry in 2005-2018 and the industry's anti-dumping data Empirical test to explore the promotion/inhibition effect of anti-dumping barriers on OFDI in different industries.At the same time,considering the large differences in the level of economic development among different countries,this paper also divides the sample into a sample of developed and developing countries for comparative analysis.Finally,the paper summarizes the general path of China's foreign direct investment decision under the antidumping barrier,and further provides reference policy recommendations for Chinese enterprises to “going out”.First,the anti-dumping barriers implemented by the host country have significantly stimulated foreign direct investment by Chinese enterprises.Among them,the scale of the economy and the export volume to the host country have significantly promoted China's foreign direct investment.According to the sample,the impact of developed countries on anti-dumping against China is greater than the foreign direct investment brought by anti-dumping by developing countries.Second,the decisions made after antidumping in different industries are heterogeneous.There is a significant positive impact between the energy industry,the metal industry,and the transportation industry on antidumping and industry direct foreign investment.The anti-dumping of chemical raw materials and products industry has had a negative impact on the company's foreign direct investment,but the impact is not significant.In addition,foreign direct investment has dynamic continuity and is susceptible to the previous investment decisions.The study also found that the geographical distance between the host country and the home country also has different effects on the industry's OFDI.The OFDI in the energy industry is negatively correlated with the geographical distance of the host country,while the chemical raw materials and products industry tends to invest in countries with geographical distances close to the home country.Finally,a sample test is conducted for the energy industry.The statistics show that the anti-dumping measures implemented by developed countries have a greater contribution to the OFDI in the energy industry than in developing countries.The energy industry's investment in developed countries tends to be close to the host country;For developing countries,their geographical distance has played a significant inhibitory effect on foreign direct investment in the energy industry.It can be seen that anti-dumping barriers can indeed stimulate Chinese enterprises' foreign direct investment to a certain extent and open up overseas markets.However,the environment in which developed countries and developing countries are different is different.The impact of anti-dumping on China is also different.Not all industries are suitable for “going out”.When faced with anti-dumping barriers,we must actively prepare for responding and safeguard the vital interests of the company.The research results of this paper have certain guiding significance for the choice methods and development strategies of foreign direct investment of Chinese enterprises.