关键词: 制造业企业, OFDI, 产业空心化, 投资动机

Abstract: Based on the matched data of Chinese listed companies in 2003～2013, this paper uses the system GMM estimation method to analyze the domestic economic effect of Chinese manufacturing enterprises' outward FDI and makes further examination based on heterogeneous enterprises' investment motive. The results show that on the whole, Chinese manufacturing enterprises' OFDI has a negative impact on domestic employment, domestic investment and domestic output, and domestic manufacturing enterprises' OFDI, to a certain extent, has caused the domestic “industrial Hollowing-out”. From the perspective of heterogeneous enterprises' investment motivation, market-seeking enterprises' OFDI is conducive to domestic employment and output, but at the same time crowds out the domestic investment; production resource-seeking enterprises', especially labor-intensive enterprises' OFDI gives rise to the domestic “industrial Hollow-out”; strategic resource-seeking enterprises' OFDI has substitution effects on domestic employment, and it is not conducive to domestic investment and output in the short-term, but promotes the domestic investment and output in the long-term.

Key words: Manufacturing Enterprises, OFDI, Industrial Hollowing-out, Investment Motive