Research on the Impact of the"Belt and Road"Manufacturing Value-added Trade Network on OFDI by Chinese Enterprises
As the trade network of the"B&R"getting closer,the impact of the host coun-try's trade network status on OFDI has gradually emerged,becoming a new locational ad-vantage to attract investment.This article constructs a manufacturing value-added trade net-work of the"B&R"based on input-output data,and combines the data of A-share listed companies,BvD-Zephyr and fDi Markets from 2009 to 2019,then investigates the impact of the host country's network status on OFDI from China.It finds that the improvement in the host country's network status significantly promotes Chinese enterprises'OFDI.This impact is stronger in developed countries,countries with lower institutional risk and have established overseas parks.It further stimulates the enthusiasm of Chinese private enter-prises to engage in cross-border"M&A".In addition,the structure of OFDI is optimized,which has shown a step-like pattern based on the network.Mechanism analysis indicates that enhancing the import of intermediate goods,avoiding investment risks,and integrating into the global value chain are transmission channels.This article is of great practical sig-nificance in promoting the high-quality development of the"B&R".
the"B&R"Value-added Trade NetworkManufacturingOutward Direct Investment
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