Outward Foreign Direct Investment And Enterprise Productivity From The Perspective Of Factor Market Distortion

China's economy has shifted from the stage of high-speed growth to the stage of high-quality development.This important judgment on the development trend of China's economy in the new era shows that China pays more attention to the quality,efficiency and benefits of economic development,and the improvement of total factor productivity has become the primary concern of economic development and reform.Improving the level of open economy through Outward Foreign Direct Investment has become a major breakthrough to develop the open and high-quality economy.However,with the international situation becoming more and more complex and changeable,OFDI by the Chinese enterprises is facing the factor market distortion in the domestic institutional environment.There are preferential policies and institutional barriers in the capital and labor markets,and factors based on the market mechanism cannot achieve free flow and be allocated effectively,which hinders OFDI activities and causes losses to the productivity improvement of enterprises participating in OFDI.Therefore,how to solve the above problems from the aspect of effective allocation of factors has become the main research content of this paper.Firstly,this paper expounds the research background,theoretical and practical significance,sorts out the main ideas and main contents,points out the framework and the possible innovation points.Secondly,this paper puts out the literature review and theoretical mechanism to lay the research foundation for the following parts.Thirdly,this paper measures and analyzes the distortion of factor market.Fourthly,this paper makes an empirical study on OFDI activities and productivity from the perspective of factor price distortion.Finally,the conclusion and prospect are used to make a general summary of this research.Also,combined with the analysis of the situation and empirical study,the paper puts forward policy suggestions to alleviate the distortion of factor market comprehensively,systematically and scientifically.The results of the study are as follows: Firstly,according to the present situation analysis,there are negative distortion of capital and positive distortion of labor force in most regions of China.The time evolution trend of factor market distortion is closely related to the key time points of domestic and foreign economic environment and policy changes.The spatial distribution of factor market distortion also shows horizontal and vertical geographical differences.Secondly,the empirical analysis shows that: First,the factor market distortion reduces the probability of OFDI.Second,OFDI has a productivity effect in a general sense,that is,enterprises in non-factor intensive and distorted areas can improve their productivity through OFDI.Third,factor market distortion will weaken the productivity effect of OFDI.The above-mentioned "OFDI productivity effect" and "Factor market distortion weakens OFDI productivity effect" will exist for a long time.In addition,the external conditions of different regions and the internal nature of different enterprise ownership will cause certain differences in the research conclusions.Finally,this paper holds that the factor market distortion should be solved from the following three aspects: first,the two premises of economic development should be clarified;Second,two aspects of factor market which includes capital and labor factor should be focused on;Third,safeguard measures should be taken in the implementation of the system.