A Study On The Impact Of Foreign Direct Investment On The Output Of Home Country Enterprises

As one of the important ways of capital export,FDI will follow the principle of comparative advantage to promote industrial transfer and industrial upgrading.Since China's accession to the WTO,China has accelerated the implementation of the "going out" strategy.However,when China draws lessons from the experience of foreign direct investment of enterprises from developed countries and accelerates the export of traditional industries,domestic concerns about the accelerated transfer of Chinese industries caused by OFDI also arise.Considering that most of the existing studies are from the macro level,lack of in-depth research from the micro perspective.Based on the existing literature,this paper focuses on the impact of FDI on home country output at the micro level,as well as the intermediary effects of TFP,R & D input and export delivery value.Firstly,this paper reviews the related literature and classical theory of FDI,analyzes the impact of FDI on the industry of home country and the theoretical transmission mechanism,which provides an analysis framework for the following paper.Then it summarizes the current situation of Chinese enterprises' FDI,and expounds the characteristics of OFDI enterprises from the perspective of China's investment in the world's major economies,China's FDI industry and company composition,so as to provide a practical basis for the study of the impact of heterogeneous FDI enterprises on the output of their home countries.Then,using the data matching results of China industrial enterprise database(2000-2015)and overseas investment enterprise(institution)directory(2000-2013),using the trend score matching method to control the impact of observable factors,combined with the double difference method to reduce the impact of unobservable factors,empirical analysis of the net effect of foreign direct investment on the output of enterprises,and based on Enterprises The heterogeneity of type and scale analyzes the difference of net effect of policy and tests its robustness.Finally,it tests the micro mechanism of net effect.The empirical results also support the theoretical research.Compared with non OFDI enterprises,the output of OFDI enterprises has been improved to a greater extent after OFDI,and the heterogeneity of enterprises also has a significant impact on this net effect.And the output of non-state-owned enterprises has been improved more significantly;compared with large-scale enterprises,the net effect of positive policies of small and medium-sized enterprises is more obvious.Based on the above theoretical and empirical research,this paper puts forward targeted policy recommendations,which should further improve China's opening-up level.The government should actively create a good environment for domestic enterprises,especially small and medium-sized enterprises to "go out",and guide enterprises to integrate global advantageous resources through policies,so as to promote the growth of domestic production and export.