Impact of China’s Outward Foreign Direct Investment on Enterprise Performance

The present study seeks to address two fundamental questions.(1)Does outward foreign direct investment(OFDI)enhance enterprise performance ultimately?(2)How does this effect come about?A new dataset from the years 2011 to 2016 based on the micro-data of 88 Chinese multinational-listed enterprises was used to test research hypotheses with the mediating effect modeling approach.The study results reveal that:(1)the investment intensity has a positive influence,while investment span has a negative influence on enterprise performance;(2)the enhanced innovation capability can considerably increase the enterprise performance,while investment intensity and span both hinder the upgrading of innovation capability;and(3)the innovation capability of an enterprise plays a partial intermediary role among investment span and enterprise performance.However,there is no mediating effect between investment intensity,innovation ability,and enterprise performance.

China’s Outward Foreign Direct Investment and Economic Growth in Developing Countries

The implementation of China’s open development strategy has unveiled a wave of outward foreign direct investment(OFDI)by Chinese companies,with global implications.Based on panel data from 146 developing countries from 2003 to 2017,we investigate the growth effects of China’s OFDI.We find that China’s OFDI has promoted significant economic growth in developing countries.Not only could China’s OFDI increase GDP per capita of a country in a short time but raise the country’s long-run equilibrium value as well.In addition,the growth effects of China’s OFDI were more significant for countries with weak governance,rich resource,and modest human capital,and were above the average level for Belt and Road Initiative(BRI)countries,African countries,and in the post-crisis era.Our research helps unravel the global significance of Chinese companies investing overseas and contributes to research on the growth effects of direct investment between developing countries.

Impact of China’s outward foreign direct investment on environmental pollution in the home country

In the context of economic globalization and increasingly tight resource and environmental constraints,the environmental effect of open economy has been highly concerned by the academic community.With the implementation of the“Going Global”campaign and the“Belt and Road Initiative”,China’s OFDI has been expanding.What is the impact of the rapid growth of OFDI on the home environment?How can China improve the quality and level of OFDI in order to promote domestic green development under the dual context of constructing a new dual circulation development pattern and advocating green development?These questions deserve further discussion.Most of the existing literature focuses on the empirical interpretation of OFDI’s home country environmental effect by using linear models,while few involve nonlinear models.The literature on the important role of financial development in home country and the threshold effect of OFDI on home country environment is even less common.In view of this,based on the mechanism of argumentation and propositional inference,this paper calculated the environmental pollution index of 30 provinces in China from 2003 to 2017 by using China’s provincial panel data of these years and selecting industrial waste water,industrial waste gas,industrial SO_(2),and industrial soot emissions and industrial solid waste production amount index.Then,this paper empirically studied China's OFDI home environment of financial development threshold effect by constructing financial development as the threshold variables panel threshold model.The results showed that:①China’s OFDI had a significant impact on the environment of the home country,based on the level of financial development of the home country.When China’s financial development level was lower than the first threshold value,China’s OFDI had a significant restraining effect on environmental pollution in the home country.When China’s financial development level crossed the first threshold value but did not exceed the second threshold value,China’s OFDI significantly enhanced its inhibiting effect on environmental pollution in its home country.When China’s financial development level was higher than the second threshold value,the inhibiting effect of China’s OFDI on environmental pollution in the home country was further enhanced.②In the sample period,the financial development level of most provinces in China was not high.Only a few provinces with high financial development level had a strong inhibiting effect on environmental pollution in their home country,and the provinces with a high degree of coupling and coordination between OFDI and financial development tended to have a low level of environmental pollution.Accordingly,this paper proposes to optimize the financial service environment of OFDI,improve the green technology content of OFDI,and strengthen the original innovation and re-innovation ability of green technology.

Environmental regulation,hidden economy,and China's outward foreign direct investment

The need to balance economic growth and its environmental impact continues to be a serious issue in China.As environmental regulation in China increases in importance,it is critical to understand how it impacts economic growth drivers such as outward foreign direct investment(OFDI)to formulate effective policies.One consideration should be the hidden economy,which can weaken the effects of environmental regulation on OFDI.This study investigates the scale of the hidden economy in 30 provinces and province-level municipalities in China in the period 2004 to 2015.The study uses the multiple indicators and multiple causes(MIMIC)model and the systematic generalized method of moments(GMM)test to analyze the impact of environmental regulation and the hidden economy on China's OFDI.The results show that stronger environmental regulation promotes OFDI.However,the hidden economy inhibits China's OFDI,as the positive effects of environmental regulation that drive OFDI are distorted.From a regional perspective,stronger environmental regulation promotes OFDI as well,while the hidden economy inhibits it.The interaction between environmental regulation and the hidden economy also inhibits it significantly.

New-Wave Emerging Multinational Companies： The Determinants of Their Outward Foreign Direct Investment

Focusing on the fast growth of BRICS＇ outward foreign direct investment （OFDI） and multinational companies during the crisis has left unheeded that some other emerging economies also grow much faster than average in the global economy and has become significant and fast-growing direct investors abroad. A sample of such （thirteen） new-wave emerging countries （NWECs） is gathered on the criterion of being ranked among the most significant foreign direct investors in the global economy. The literature review exhibits only very few articles existing on such a topic so far. Descriptive statistics enable tracing OFDI by NWECs-based multinational companies back to the 1970s, checking its geographical orientation and industrial structure, and assessing the relative importance of cross-border mergers and acquisitions. Econometric estimation exhibits that direct investment moving off the NWECs is explained by so-called push factors such as the home country＇s GDP, GDP per capita, GDP rate of growth, the share of high-technology exported products in overall export, the number of technological patents registered, and how much inward foreign direct investment discussed in the light of Dunning＇s investment development hypothesis. stock has previously been hosted. These results are path model and Matthews＇ linkage-leverage learning

An Empirical Study on the Relationship Between the Scale of International Students from ASEAN and China’s Outward Foreign Direct Investment

With the further development of economic globalization since the establishment of ties between China and the Association of Southeast Asian Nations(ASEAN) 30 years ago and the continuous increase in the scale of international students in China,the training of international talents has become an important approach to avoiding the risks of transnational investments.We established panel data by selecting variables from the period 2006 to 2017,including the scale of international students coming from ASEAN to China,the gross amount of China’s outward foreign direct investment(OFDI),and the GDP per capita of ASEAN countries to further explore the correlations among these variables.We applied a panel-vector autoregressive(PVAR) model to conducting a Granger causality test,a Gaussian mixture model(GMM) regression analysis,a Monte Carlo-based impulse response analysis,and variance decomposition of the data.The results show that the growth of OFDI exerted an obvious positive impact on the inflow of international students from the countries along the Belt and Road(B&R) within a short period,the growth of the scale of international students coming from these countries to study in China had a strong positive effect on OFDI,the training of international talents was conducive to promoting the scale of transnational investments,but the overall quality was not very high,and its economic contribution rate was low.It is also found that OFDI and the scale of international students from the countries along the B&R promoted the GDP growth to a certain extent and the positive accumulation effect fluctuated due to external factors.Therefore,it is suggested to expanding the scale of OFDI and improving China’s core competitiveness in international student education.Intensive management of investment factors should also be conducted along with sound development of training mechanisms for international talents.

文化距离、友好城市对中国OFDI的影响——基于“一带一路”沿线国家的实证研究

在共建“一带一路”高质量发展的背景下,友好城市关系与文化因素成为独具影响力的关键一环。依据交易成本理论和“外来者劣势”理论,构建了拓展的引力模型评估文化距离和友好城市影响我国OFDI的作用机理以及两者之间的互动机制。实证结果显示,文化距离对我国OFDI有抑制作用,友好城市数量的增加弱化了文化距离对OFDI的负面影响,具有正向调节作用,通过分样本检验进一步发现在文化距离较大的国家中友好城市的正向调节作用不显著,反而在文化距离较小的国家更加有效。据此,中国应推进友好城市网络建设,加强文化交流,促进中国OFDI高质量发展。

服务业进出口、OFDI和全要素生产率的动态关系研究——基于VAR模型的实证分析

研究服务业贸易、投资与服务业之间的影响关系,对提升我国服务行业国际竞争力、促进其高质量发展具有重要意义。论文使用我国2000—2021年数据,构建VAR模型对服务业进出口、服务业对外直接投资(OFDI)和全要素生产率的动态交互关系进行实证分析。研究结果显示,服务业进出口对服务业对外直接投资具有正相关关系,且长期支持效果明显;服务业进出口对OFDI、全要素生产率提升具有促进作用;在短期内,全要素生产率与OFDI之间存在双向促进作用,从长期来看则存在一定负向影响。基于实证研究结论,文中提出制定政策鼓励服务企业参与国际化竞争、发挥服务业进出口对OFDI的促进效应、提升服务企业自主创新能力等相关对策建议。

汇率风险、双边关系与中国纺织产业OFDI

纺织产业是传统制造业的典型代表,也是全球化最高的产业之一,随着中国纺织产业成为第五次国际转移的投资方,汇率风险成为纺织产业对外投资的重要风险之一。基于2015—2019年中国纺织产业对56个东道国(地区)的对外直接投资面板数据,实证分析了东道国(地区)汇率风险、双边关系对中国纺织产业对外直接投资的影响。研究结果表明:中国纺织产业对外直接投资存在汇率风险偏好特征;双边关系显著降低中国纺织产业对外直接投资的汇率风险偏好倾向;双边关系的调节效应在未与中国签订货币互换协议、非洲地区国家样本中更加显著。

Foreign Direct Investment with Chinese Characteristics:A Middle Path Between Ownership-Location-Internalization Model and Linkage-Leverage-Learning Model

The majority of multinational enterprises （MNEs） traditionally originate from developed countries. In the last ten years, however, there has been dramatic growth in foreign direct investment （FDI） from China. It is a comparatively new phenomenon that challenges the classic FDI theories. In this paper, we review the pros and cons of two important theories, known as the Owner- ship-Location-Internalization （0LI） model and Linkage-Leverage-Learning （LLL） model, and use the statistical data and company case studies from China to test the plausibility of these two models. We believe that neither of them suits totally： the OLI model is quite use- fill for understanding FDI from China to developing economies, while the LLL model is more powerful for explaining the FDI to de- veloped economies. We argue that the companies from China attain a very advantageous position as intermediates in the global economy They may catch up with the first movers if they integrate OLI-led and LLL-led FDI within one firm. This combination can bring to- gether the most advanced knowledge acquired in developed economies with the knowledge about adaptation needs and the needs for cost reduction in production as expressed in developing economies. It may also accelerate the knowledge transfer globally. We thus fill a gap in research into the geographical pattern of Chinese FDI and offer a deeper understanding of the internationalization of Chinese MNEs and revolving knowledge transfer.

OFDI与区域碳排放的非线性关系——基于技术创新的门槛效应研究

随着我国外部市场的扩大和经济对外开放政策的推进,对外直接投资(OFDI)呈现出迅猛增长的趋势。然而,由于过去采用粗放式增长模式,生态环境发展不充分,且由于“双碳”目标政策的实施,碳排放已成为对环境产生重大影响的关键因素,并被纳入总排放控制体系。基于此,本文选取中国2005—2019年30个省份(西藏、港澳台地区除外)的面板数据进行分析。结果表明,在不考虑技术创新作为门槛变量的情况下,整体上我国OFDI对本地碳排放具有显著的抑制作用。然而,在引入技术创新作为门槛变量后,处于技术创新水平较高的地区通过加大OFDI带来的逆向技术溢出效应可以降低本地区碳排放水平;中等技术创新水平的地区增大OFDI反而会增加地区碳排放;较低技术创新水平的地区对外直接投资的碳减排效应则不显著,OFDI对区域碳减排效应存在门槛。文章提出建议:技术创新水平较高地区进一步加大对外开放力度,充分发挥OFDI的逆向技术溢出效应;技术创新水平较低地区扩大OFDI规模,优化调整OFDI结构,坚持绿色导向型OFDI,积极引进国外先进技术、管理经验等,缓解全球温室效应等问题。

Theoretical Explanation of China's Outward Direct Investment

Traditional foreign direct investment (FDI) theory only examines corporate investment motivation while neglectinggovernment roles.China’s outward direct investment (ODI) is of both commercial and strategic significance to leveragedomestic and international resources and markets.ODI is a corporate behavior but also is a means of achieving nationalstrategies and heightening political and economic statuses.As a source of ODI,China should provide strong guidance andbacking to corporate ODI for both commercial and national interests.

数字经济、双向FDI与区域经济发展——基于IFDI与OFDI协同视角

选取2011—2020年27个省级面板数据,测度数字经济发展指数、IFDI与OFDI协同指数,应用中介效应检验方法并结合分位数回归探究数字经济发展对区域经济增长的作用机理。研究结果表明:数字经济水平可通过吸收外商直接投资推动区域经济发展;数字经济能够激励本土企业通过增加对外直接投资进而推动本区域经济的不断提升;与对外直接投资相比,数字经济对外商直接投资的促进作用更大;数字经济可推动外商直接投资与对外直接投资的双向协同互动,提升区域经济发展;外商直接投资、对外直接投资和双向FDI协同发展的中介效应存在区域差异性。

数字普惠金融、产业结构升级与中国OFDI

作为“走出去”战略的重要驱动力,数字普惠金融与中国对外直接投资(OFDI)相结合有助于中国海外投资的高质量发展。本文基于2011—2020年30个省份的面板数据考察了数字普惠金融影响中国OFDI的效应,并通过中介效应和调节效应探究数字金融对OFDI的作用机制。研究结果表明:数字金融的发展显著促进了中国OFDI的规模扩大;从机制来看,数字金融发展通过影响产业结构进而影响中国OFDI,同时,政府财政支持在数字金融促进OFDI增长的过程中起正向调节作用;分区域来看,相较于中西部地区,东部地区数字金融发展对中国OFDI具有更强的促进作用。研究结论对于在新发展格局下中国更好地实现外循环具有一定的启示,并为数字金融与各行业的深化融合提供了新的思路和视角。

市场分割、OFDI与企业资本配置效率——基于上市公司动态面板数据的分析

本文基于2007-2021年上市公司微观数据,实证检验市场分割情境下OFDI对企业资本配置效率的影响作用。结果表明:开放条件下OFDI可以显著反向调节市场分割对企业资本配置效率造成的消极影响;OFDI与贸易开放度双重叠加的反向调节效应更为凸显。分样本回归结果显示:制造业中当地生产类和商贸服务类企业回归结果与理论预期相符;相比地方国企,OFDI及其与贸易开放度的双重调节作用对民企资本配置效率的改善更为明显;相比西部地区,对东、中部地区企业资本配置效率改善的调节作用更为显著,且调节作用结果较为相近。进一步研究显示,OFDI更易于显著改善高水平TFP企业的资本配置效率。

RCEP框架下企业OFDI技术利益的理论机制与实证检验

区域全面经济伙伴关系协定(RCEP)合作框架下中国企业对外直接投资(OFDI)及其技术利益格局会深远影响成员国的后续科技创新与合作。本文基于上市公司面板数据,运用“熵权法”测算技术利益,结合企业、环境、东道国与OFDI特征研究中国企业对RCEP国家直接投资的技术利益实现问题。研究发现:对RCEP国家直接投资对实现技术利益具有显著促进作用;管理效率的提升强化技术利益的实现能力,高知识产权保护水平强化技术利益实现的动机。进一步分析表明,国有企业能实现更多的技术利益,而民营企业可以通过提高管理效率和知识产权保护水平提升技术利益实现水平;企业OFDI水平越高、东道国知识产权保护水平越高,技术利益实现效果越好;投资到RCEP国家的企业相比投资到“一带一路”国家的企业会获得更多技术利益。

中欧投资协定升级对中欧贸易的影响——基于OFDI的中介效应分析

在中欧CAI谈判完成的背景下,文章概括了中国对欧盟OFDI及中欧贸易特征,总结了中欧BITs升级的政策背景及主要内容。基于2003—2019年的面板数据,通过构建中国对欧盟OFDI的中介效应模型,实证分析中欧BITs升级对中欧贸易的影响。研究发现:中欧BITs升级产生贸易创造效应,中国对欧盟OFDI发挥完全中介作用,且中国对欧盟OFDI产生的进口贸易创造效应更强,这将有利于减少欧盟对中国的贸易逆差。中方应积极参与国际投资规则变革,加大投资开放力度,中欧双方需加快推进中欧CAI批约进程,力争推动该协定早日签署生效。

东道国技术禀赋、文化距离与中国OFDI逆向技术溢出

文中利用2005—2020年40个东道国的面板数据,运用随机效应模型实证考察了东道国技术禀赋和文化距离对我国OFDI逆向技术溢出效应的影响。研究发现,以东道国研发投入、东道国居民专利申请量、东道国创新能力为主要指标的东道国技术禀赋对我国OFDI逆向技术溢出效应具有显著正向影响,而东道国与我国之间的文化距离对我国OFDI逆向技术溢出效应具有显著负向影响。同时,发现文化距离的增加削弱了东道国技术禀赋对我国OFDI逆向技术溢出的正向影响。本文的研究结论对我国OFDI企业提高和改善逆向技术溢出效应具一定的借鉴意义。

东道国禀赋、本地创新与OFDI逆向技术溢出效应

利用对外直接投资(OFDI)形成的逆向技术溢出推动国内经济高质量发展是实现国内国际双循环相互促进的重要路径。以30个省份为样本地区、45个“一带一路”沿线国家为样本东道国,采用2008—2020年面板数据,分析OFDI逆向技术溢出对地区制造业全要素生产率(GTFP)的影响,并从技术差距、技术差异和技术吸收能力角度探讨OFDI逆向技术溢出效应的产生机制和异质性表现,结果发现:OFDI逆向技术溢出的增加可以显著促进地区制造业GTFP(包括绿色技术进步和绿色技术效率)提升;相比对自然资源充裕型东道国OFDI,对技术充裕型东道国OFDI能够产生更强的逆向技术溢出效应,但对市场充裕型东道国OFDI的逆向技术溢出与地区制造业GTFP负相关;OFDI逆向技术溢出效应在东、中、西部地区表现出依次增强的趋势,表明技术差距的缩小会减弱OFDI逆向技术溢出效应;高新技术行业的OFDI逆向技术溢出效应显著,而传统行业的OFDI逆向技术溢出效应不显著,表明技术差异的扩大会增强OFDI逆向技术溢出效应;地区研发强度和创新能力对OFDI逆向技术溢出效应具有正向调节作用,表明本地技术吸收能力增强可以强化OFDI逆向技术溢出效应。因此,应采取差异化的国际投资策略以更好地利用OFDI逆向技术溢出效应来促进高质量发展。

知识产权保护如何影响OFDI的绿色创新效率

本文基于修改的内生增长模型,阐述了知识产权保护与OFDI逆向技术溢出的非线性关系。首先选取2003—2018年我国30个省份的面板数据,并借助三阶段SBM-DEA方法测算了绿色创新效率;在检验到绿色创新效率的空间自相关性以及知识产权保护的门槛效应后,构建了动态空间面板模型,实证研究了OFDI逆向技术溢出对绿色创新效率影响的门槛效应。回归结果表明,当知识产权保护处在较低水平时,OFDI逆向技术溢出对绿色创新效率的影响为负;只有当知识产权保护水平跨过门槛值后,OFDI逆向技术溢出对绿色创新效率的促进作用才明显。在异质性分析中发现,随着知识产权保护水平的提高,OFDI逆向技术溢出对绿色创新效率影响的单一门槛效应在国别、行业、地区数据分析中也得到验证。