Manufacturing OFDI, Technological Gap and Domestic Export Trade
YANG Yi1, YANG Shuili1, YE Jianhua2, CHEN Xiaohui1
1.School of Economics and Management, Xi’an University of Technology, Xi’an 710048, China; 2.School of Accounting, Henan University of Economics and Law, Zhengzhou 450046, China
Abstract：
Taking “Belt and Road” Initiative as an opportunity, using manufacturing OFDI to promote international cooperation on production capacity is an important way for China’s manufacturing industries to foster export competitive advantage. Employing panel data of China’s manufacturing industries OFDI toward 20 countries along the routes of “Belt and Road” during the years of 2005-2016, and from the view of different investment links in the industrial chain, the paper explores the mechanism of manufacturing OFDI on domestic export trade, and verifies the moderating effect of technological gap. The paper employs the Hausman test to determine whether to select fixed or random effects model. In order to avoid endogeneity problem, the paper further employs the GMM dynamic panel-data estimator to test the robustness of the results, and the results show that: Both horizontal and vertical OFDI can significantly promote the domestic export trade, and the backward integration embedding OFDI has the strongest promotion effect; The technological gap between China and the developing countries along the routes has significantly positive moderating effect between manufacturing OFDI and domestic export trade, however, the technological gap between China and the developed countries along the routes plays significantly positive moderating role between manufacturing OFDI and domestic export trade. Moreover, for the different investment links in industrial chain, the paper suggests making differentiated OFDI strategy; for the establishment of new trade connections, the paper suggests combining with the bilateral technological gap; for guiding industrial collaborative upgrading, the paper suggests making the overall arrangement on manufacturing OFDI resources.
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