| The process of globalization in today’s world is accelerating,and the economic exchanges among countries are getting closer and closer.International trade,as the main economic link between countries,plays an important role in promoting the process of globalization.However,with the occurrence of "anti-globalization" events such as Sino-US trade friction,global trade barriers rise.In 2018,the United States imposed a25% import tariff on some Chinese products,which greatly hindered the development of Chinese export enterprises.The market is the power source of enterprise development.Insist on high level of foreign development,Chinese enterprises need to open up new ideas of foreign economic development.This paper studies how to deal with trade barriers to promote the sustainable development of Chinese manufacturing enterprises in the turbulent international economic and trade environment.This paper focuses on the following questions:(1)Does the host country’s tariff barrier upgrade affect the OFDI of Chinese manufacturing enterprises?(2)How do tariff barriers affect the outward investment layout of manufacturing enterprises?(3)Is there heterogeneity in the impact of tariff barriers on the investment of Chinese manufacturing enterprises?(4)How can Chinese enterprises improve the quality of OFDI in response to the complex and changeable international economic environment?This paper reviews the relevant literature on trade barriers and foreign direct investment,and analyzes the impact of tariff barriers on investment from the perspective of substitution effect and diversification effect of manufacturing enterprises’ foreign investment under the background of trade friction.In terms of empirical analysis,This paper uses CSMAR database,World Integrated Trade Solution(WITS)database and International Trade Research and Decision Support system constructed the investment data of Chinese manufacturing enterprises in 60 countries from 2011 to 2020 and the degree of tariff barriers of these 60 countries to China,and established a Probit model.This paper takes whether manufacturing enterprises invest,what kind of investment they make and where they invest as the explained variable,and the level of tariff barriers as the core explanatory variable to conduct empirical research.The results show that:(1)the tariff barriers in the host country promote the investment level of Chinese manufacturing enterprises in the host country,and also promote the investment in other countries except the host country,that is,the tariff barriers promote the substitution effect and diversification effect of enterprise investment.(2)From the perspective of investment types of enterprises,tariff barriers play a greater role in promoting manufacturing investment of enterprises.(3)Enterprises of different ownership have different degrees of reaction to tariff barriers.Non-state firms are more vulnerable than state firms.(4)Tariff barriers have the largest impact on the investment of manufacturing enterprises in the eastern region,the smallest impact on the investment of manufacturing enterprises in the western region,and the middle impact on the central region.(5)From the perspective of time,during the period of Sino-US trade friction(2017-2020),the investment decisions and investment layout of Chinese manufacturing enterprises were significantly affected.(6)Dynamic effect test shows that tariff barriers have lagged effects on the investment of manufacturing enterprises in both the host country and other countries except the host country.(7)Tariff barriers affect the investment of manufacturing enterprises through financing constraints.This paper suggests that China should continue to promote the development of economic globalization,establish multiple economic ties with more trading partners,and achieve win-win cooperation;To increase the guidance and support of private enterprises,accelerate the process of "going out";Improving productivity levels and core competencies;We should address the risk of anti-globalization through diversification. |
PDF Full Text Request