Research on the Influence of Chinese Manufacturing Enterprises on European Direct Investment and Corporate Export -Based on Propensity Score Matching Method

摘要

The proposal and development of the "Belt and Road" Initiative have brought China-EU capital and goods trade exchanges to a new height. On the basis of the company's micro-data in the "China Industrial Enterprise Database" and the "China Foreign Investment Enterprise (Organization) List", this paper defines the export intensity and matches the samples of the direct investment enterprises in Europe, finds that Chinese enterprises' investment in Europe has a significant positive causal relationship with the export intensity of enterprises through the adoptation of the Propensity Score Matching method (PSM) based on the micro level and the average intervention effect, which indicating that Chinese enterprises' direct investment in Europe is conducive to the increase of the export probability of enterprises, which has reached 17%. Moreover, covariates have all passed balance test. Based on this, the purpose of investment was subdivided, and the impact of different investment on the export intensity of direct investment in Europe was explored. This paper hopes to provide useful insights for companies to expand the European market to use OFDI to consolidate the friendly partnership between China and Europe through empirical research at the micro level.