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本文从结构传导机制的角度,运用系统GMM方法分析了中国对外直接投资(OFDI)对承接国际制造业转移的影响。结果发现:就全样本而言,中国OFDI对承接国际制造业转移有着显著正向影响,细分各类动机OFDI的结构传导机制构成了中国承接国际制造业规模扩张的主要原因。分行业看,受益于效率、市场和技术搜寻型OFDI,中国通过分工地位优化、过剩产能输出和反向技术溢出,显著增强了对资本和技术密集型等高端制造业的承接力度。分地区看,东部地区资源、效率和技术搜寻型OFDI的承接国际制造业转移效应较为明显;中部地区技术搜寻型OFDI的承接国际制造业转移效应则较为明显。此外,我们以金融危机作为阶段性节点进行稳健性检验证实了上述结论。
From the perspective of structural conduction mechanism, this paper analyzes the impact of China’s outward direct investment (OFDI) on the transfer of international manufacturing industry by using the system GMM method. As a result, it is found that for the whole sample, OFDI of China has a significant positive impact on the transfer of international manufacturing industries. The structural transmission mechanism that subdivides all kinds of motives of OFDI constitutes the main reason for China to undertake the expansion of international manufacturing scale. In terms of sectors, benefiting from efficiency, market and technology-based OFDI, China has significantly enhanced its commitment to high-end manufacturing industries such as capital and technology intensive sectors through the optimization of division of labor, output overcapacity and reverse technology spillovers. In terms of regions, OFDI in the eastern region is more likely to undertake the international manufacturing transfer effect of resources, efficiency and technology-based search. OFDI in the central region is more likely to undertake the international manufacturing shift. In addition, we use the financial crisis as a staged node to verify the above conclusion.