Research On The Mechanism Of Corporate OFDI To Alleviate Resource Misallocation

Since the reform and opening up,Chinese enterprises have been actively participating in the division of labor and cooperation in the global industrial chain on the premise of self-reliance,and accelerating the pace of integration into the global economy.In the process of strengthening China’s foreign cooperation and exchange,one of the important features is the "going out" of Chinese enterprises.In this context,it is of great theoretical and practical significance to conduct an in-depth study on the impact of OFDI on resource mismatch in China.In this paper,we analyze the specific transmission mechanism of Chinese enterprises’ OFDI that affects internal capital mismatch and labor mismatch by using the current situation of Chinese enterprises’ OFDI and combining the existing relevant studies and theories.With reference to the classical Hsieh and Klenow(2009)model,we also take industry heterogeneity and constant returns to scale as the assumptions of the model,based on which we further expand the micro-level enterprise capital mismatch and labor mismatch measurement model to analyze the current situation of resource mismatch and OFDI of Chinese listed enterprises.Listed companies,as the leading companies in each industry with larger scale,more diversified business and more mature business model,have certain representativeness.Therefore,this paper selects Chinese listed companies as the sample data to study the effect of Chinese OFDI on the internal capital mismatch and labor mismatch at the micro level,and verifies the logical relationship between them through theoretical combing,mechanism of action and empirical testing.The empirical phase takes Chinese listed companies from 2005-2020 as the sample,and OFDI data are obtained from the global investment tracking database released by the Heritage Foundation,while other data are obtained from the WAND database and the official websites of listed companies,and OFDI data of listed companies are obtained through sample matching.The test results demonstrate that OFDI helps to improve the degree of capital mismatch,which in turn improves the efficiency of resource allocation,but is not significant for the degree of labor mismatch.In the test of heterogeneity in the types of property rights of Chinese enterprises;the empirical results indicate that OFDI of Chinese state-owned enterprises can alleviate the capital mismatch and labor mismatch within the enterprises,and its degree of alleviation is greater than the feedback obtained by private enterprises when conducting OFDI.In the heterogeneity test for the East,Central and West regions,the empirical results show that the impact of OFDI on resource mismatch in China is heterogeneous within the East,Central and West regions,with OFDI in the East being more effective in improving capital mismatch but less effective than in the Central and West in improving labor mismatch.Through the above research findings,the policy recommendations of this paper are obtained: first,to promote the unification of the national production factor market,reduce the cost of production factor flow,so as to enhance the transferability of production factors and improve the allocatability of resources;second,to create a more sound and guaranteed investment environment,and scientifically guide the qualified enterprises to carry out OFDI,but avoid excessive foreign investment,which affects the development of the domestic real economy;third,to increase the policy support for the central and western regions,and encourage them to integrate more quickly and fully into the environment of opening up to the outside world.