How does Outward Foreign Direct Investment Affect Export Products Quality
Improving the level of international two-way investment and promoting industrial competitiveness are inherent requirements for China to achieve a high level of opening up and accelerate the construction of a trade power.This paper is based on the theoretical framework of the global value chain and the micro-matching data of Chinese industrial enterprises and customs trade from 2005 to 2013,to deeply explore the effects and mechanisms of Chinese enterprises'OFDI affecting the quality of export products.The results of matching difference-in-differences and instrumental variable analysis show that OFDI by Chinese companies significantly improves the quality of export products,and the conclusion has passed a series of robustness tests.Theoretical analysis and mechanism testing show that corporate OFDI mainly promotes the quality upgrade of export products through the effect of intermediate product imports,independent innovation R&D investment effects and reverse technology spillover effects.Heterogeneity analysis shows that when the investment entities are small-scale enterprises,non-state-owned enterprises,enterprises with high management efficiency,general trading enterprises and enterprises in highly market-oriented areas,OFDI will lead to a greater improvement in the quality of export products.This article provides new evidence from the enterprise level to understand the interactive relationship between international investment and international trade,and provides policy implications for how to use capital factors and investment behavior to promote high-quality development of trade.
OFDIquality of export productsintermediate goodstechnological innovation
NETL
NSTL
万方数据
