Research On The Impact Of Foreign-funded Enterprises' Withdrawal On The Upgrading Of China's Manufacturing Global Value Chai

In recent years,due to the impact of the new crown epidemic and the Sino-US trade war,the withdrawal of foreign-funded enterprises in China has become more and more serious,and studying the withdrawal of foreign-funded enterprises has important theoretical and practical significance for the upgrading of the global value chain.Further,according to the different factor intensity,the withdrawal of foreign-funded enterprises is divided into labor-intensive manufacturing foreign-funded enterprises exit,capital-intensive manufacturing foreign-funded enterprises exit,knowledge-intensive manufacturing foreign-funded enterprises exit,in-depth study of the impact and mechanism of the withdrawal of foreign-funded enterprises with different factor intensities on the upgrading of China’s manufacturing global value chain,not only helps to expand the study of the upgrading of China’s manufacturing global value chain from the perspective of enterprise dynamics,but also helps China to accurately implement policies for the withdrawal of foreign-funded enterprises of different nature.This paper analyzes the impact of the withdrawal of foreign-funded enterprises on the global value chain by combing the theory of divestment conditions,the theory of path dependence,the theory of comparative advantage,and the theory of technology gap,and empirically analyzes the impact and mechanism of the withdrawal of foreign-funded enterprises on the upgrading of global price chain from the perspective of technological innovation and resource allocation on the basis of clearly defining the withdrawal of foreign-funded enterprises.Empirically,based on the data of Chinese industrial enterprises from 1999 to 2014 and the WIOD data released in 2016,the panel data of the year-industry level was constructed,and the impact and mechanism of the withdrawal of foreign-funded enterprises on the upgrading of China’s manufacturing global value chain were empirically analyzed by using the mediation effect model as the intermediary effect model,and the research results show that the withdrawal of foreign-funded enterprises has a negative impact on the upgrading of the global value chain of China’s manufacturing industry.Resource allocation has a masking effect in the impact mechanism of the withdrawal of foreign-funded enterprises on the upgrading of China’s manufacturing global value chain,and technological innovation has no intermediary effect in the impact mechanism of the withdrawal of foreign-funded enterprises in resource allocation on the upgrading of China’s manufacturing global value chain.In the sub-sample regression,resource allocation plays a partial mediating effect in the impact of the withdrawal of labor-intensive foreign-funded enterprises on the upgrading of China’s manufacturing global value chain,while resource allocation and technological innovation do not have a mediating effect in the impact of the withdrawal of other factor-intensive foreign-funded enterprises on the upgrading of China’s manufacturing global value chain.Based on this,the following policy recommendations are put forward: 1.Create a good environment and reduce the willingness to withdraw;2.Strengthen scientific and technological innovation and reduce technological dependence;3.Optimize resource allocation and give play to the intermediary effect;4.Identify heterogeneous enterprises and accurately implement strategies;5.Introduce high-quality foreign enterprises and promote industrial upgrading;6.Formulate emergency response plans to prevent exit risks.