Can bidirectional investment improve resource misallocation:A study based on provincial panel data in China
Studying the impact of bidirectional investment on resource mismatch is of great significance for optimizing China's resource allocation and promoting high-quality economic development.Based on the panel data of 31 provincial-level regions in China from 2003 to 2021,a panel regression model,a mediating effects model and an SDM model are constructed to analyse the impact of foreign investment,outward investment and bidirectional investment synergy on capital misallocation and labour misallocation respectively,based on measuring the capital and labour misallocation indices for each province each year.The results show that:(1)Foreign investment exacerbates capital misallocation but improves labour misallocation,that outward investment improves both capital and labour misallocation,bidirectional investment synergy does not improve resource mismatch significantly,and that the results remain robust considering endogeneity issues and replacement indicators and samples.(2)Bidirectional investment can affect capital and labour misallocation through the effects of technological progress,industrial upgrading and rising labour costs.(3)There are differences in the impact of bidirectional investment on capital and labour misallocation between the eastern,central and western regions and between under-resourced and over-resourced regions.(4)Bidirectional investment has a spatial spillover effect on labour misallocation,and the indirect effect is more significant than the direct effect.Based on the results,policy inspirations are put forward to persistently attract foreign investment and encourage enterprises to"go global",formulate differentiated development strategies for bidirectional investment,and bring into play the spatial spillover effects of bidirectional investment on resource allocation.
万方数据
