Title Page
ABSTRACT
국문 초록
Contents
CHAPTER 1. INTRODUCTION 13
1.1. Background of OFDI by Chinese Enterprises 13
1.2. Background of economic policy uncertainty 15
1.3. Significance of the selected topic 16
1.4. Research content 17
CHAPTER 2. Concepts and Related Theoretical Foundations 19
2.1. Concept of OFDI 19
2.2. OFDI Relevant Theories 20
2.2.1. Internalization theory 20
2.2.2. Marginal Industrial Expansion Theory 21
2.2.3. Portfolio theory of investment-triggering factors 22
2.2.4. Compromise theory of international production 23
2.2.5. Investment development cycle theory 24
2.3. EPU concept and development history 25
2.4. EPU Measurement methods 28
2.5. EPU Related Theories 32
2.5.1. Real Options Theory 32
2.5.2. Financial market friction theory 33
CHAPTER 3. Literature Review 35
3.1. Impact of EPU on OFDI 35
3.2. Heterogeneity of impact on OFDI 37
3.3. Strengths of this paper 39
CHAPTER 4. Analysis of Current Situation 41
4.1. Analysis of the Current Situation of Chinese OFDI 41
4.2. Analysis of the current state of EPU 44
4.2.1. The current situation of global economic policy uncertainty 44
4.2.2. Current status of China's economic policy uncertainty 47
CHAPTER 5. Data Analysis 50
5.1. Model 50
5.2. Variable selection 51
5.2.1. Dependent variable 51
5.2.2. Independent variables 51
5.2.3. Control variables 52
5.3. Data sources 57
5.4. Empirical analysis 59
5.4.1. Descriptive statistical analysis 59
5.4.2. Analysis of benchmark regression results 60
5.5. Robustness test 66
CHAPTER 6. Conclusions and Recommendations 68
6.1. Conclusion 68
6.2. Suggestions 68
6.2.1. Government level 68
6.2.2. Enterprise level 70
REFERENCES 72
Table 4.1. China's OFDI Flows & Stocks (2004-2020) 41
Table 5.1. Method of differentiation of industry fixed effects 55
Table 5.2. Data sources and interpretation 57
Table 5.3. Statistical analysis 59
Table 5.4. Hausman test results 61
Table 5.5. Baseline regression results 61
Table 5.6. Robustness test results 66
Figures4.2. Trend Chart of Global Economic Policy Uncertainty Index (1997-2022) 45
Figures4.3. Trend chart of China's Economic Policy Uncertainty Index (1997-2020) 47