Has"Going Out"Promoted Industrial Chain and Supply Chain Security of China's Manufacturing Industry:From the Perspective of the Intermediate Goods Trade Network of Export Enterprises
Against the backdrop of accelerated restructuring of the global industrial chain,enhancing the global allocation ca-pability of intermediate goods and maintaining the security of the industrial and supply chains are the primary guarantees for building a strong trading nation.This article takes export enterprises as samples to explore the micro mechanism of OFDI in enhancing the security of industrial and supply chains.By using the PageRank algorithm to introduce the intermediate goods trade network status indicator to measure the security of the industrial chain and supply chain,further empirical research is conducted using the outward FDI directory and matching micro enterprise data of industrial enterprises and customs from 2000 to 2013.Research has found that outward FDI significantly improves the centrality of the intermediate goods trade net-work of enterprises.After using propensity score matching and instrumental variable methods to alleviate endogeneity,the re-gression results remain robust.Research on the impact mechanism shows that outward FDI saves transaction costs for enter-prises,enhances their independent innovation capabilities,and promotes the improvement of their market power.This is the main channel for outward FDI to enhance the centrality of intermediate goods trade network and maintain the security of in-dustrial and supply chains.Further analysis has found that the outward FDI of enterprises with medium technology level,en-terprises located in the eastern region,and enterprises investing in countries along the"Belt and Road"is more conducive to improving the security of industrial and supply chains.The research in this article has important policy implications for ac-tively laying out the global industrial chain through outward direct investment to cope with the impact of global industrial chain restructuring.
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