| China’s economic development has entered a new normal,shifting from high-speed development to high-quality development.As an important cornerstone of China’s real economy,the manufacturing industry has made great contributions to economic growth and efficient development.With the optimization of global trade environment,the scale of attracting foreign investment is growing.However,under the background of the blind introduction of FDI on a large scale,the utilization efficiency of resources is not high,and the allocation of resources is unreasonable,which is difficult to adapt to the social economy.So the Chinese policy of attracting foreign capital introduced by our country is detailed continuously,introducing capital appears transforming trend.Due to the different sources of FDI,the quality of foreign capital is different.Therefore,it is necessary to study the influence of FDI from different sources on the manufacturing industry and its subdivided industries,so as to absorb and utilize foreign capital in quality and quantity to improve the efficiency of the manufacturing industry.Based on the theoretical foundation and mechanism of the relationship between FDI and manufacturing efficiency,summarizes and sorts out relevant literature,and provides the theoretical basis for empirical analysis.Secondly,descriptive statistical analysis methods are used to study the infiltration of FDI into industries with different intensities based on the perspectives of different source countries and industry heterogeneity.Once again,the three-stage DEA model is used to measure the efficiency of the manufacturing industry,stripping away the environmental constraints of traditional DEA calculations.In order to deeply analyze the impact of FDI from different sources on the efficiency of the manufacturing industry,this thesis,based on the panel data of manufacturing industry segments from 2007 to2020,divides the source heterogeneity of FDI into Hong Kong,Macao,Taiwan and other foreign investment,and conducts a comprehensive analysis from the perspective of FDI source heterogeneity and industry heterogeneity.At the same time,the mesomeric effect regression model is introduced to test the effect of foreign trade dependence as a mediation variable.The results show that overall FDI has a significant negative impact on the efficiency of labor-intensive industries,and has a significant promoting effect on other sub sectors.Insufficient innovation and knowledge management level in labor-intensive industries,lacking absorption and transformation capabilities;Capital and technology intensive industries play a unique advantage in learning ability and R&D innovation,thereby improving manufacturing efficiency.From the perspective of FDI from different sources,Hong Kong,Macao,and Taiwan investment has a promoting effect on capital and technology intensive industries,while it has a negative impact on labor-intensive industries.The development of Hong Kong,Macao,and Taiwan investment is similar to that of the mainland of China in terms of economy and technology,and the technological level of capital and technology intensive industries is relatively mature,which can make good use of Hong Kong,Macao,and Taiwan investment.Other foreign investment also only has a negative impact on labor-intensive industries.Firstly,the large gap in strength leads to insufficient absorption capacity;Secondly,foreign investment only utilizes its cheap labor force,which affects efficiency improvement.For capital and technology intensive industries,it is significantly positive,while other foreign investments have a high level of technological knowledge,which can effectively exert the learning imitation effect.However,the profit driven nature of foreign investment has led to a lower efficiency improvement effect on the industry compared to Hong Kong,Macao,and Taiwan investments.From the result of intermediary effect,both overall FDI and sub-source FDI show partial intermediary effect on foreign trade dependency,and FDI improves the efficiency of manufacturing industry by reducing foreign trade dependency.Therefore,the blind pursuit of quantity should be avoided when attracting foreign investment,and the investment with high compatibility with enterprises should relax the threshold to release the advantages of foreign investment;In the industry orientation should pay attention to precise policies;Finally,enterprises should also enhance the absorption capacity to ensure the innovation of the industry;For industries whose absorption capacity does not match their own development,more efforts should be made to introduce and train talents,and an upstream and downstream industrial chain should be formed with foreign-funded enterprises to give full play to the correlation effect. |
