How Does Outward FDI Influence the Structural Decompositions of TFP of Equipment Manufacturing Enterprises？——Analysis Based on the Differential Path

Three sub-sections of TFP are divided as technological process, pure technical efficiency and scale efficiency, which are also regarded as the differential path of promoting the equipment manufacturing industry’s TFP. Based on the differential path, the mechanism analysis between outward FDI and China’s equipment manufacturing industry is constructed. With the data of public-listed companies, PSM is used to verify the hypothesis proposed in this paper and then to test the mechanism of the six categories of equipment manufacturing industry. The results show that outward FDI of public-listed companies in equipment manufacturing industry significantly promotes the pure technical efficiency, but has a significant negative effect on the scale efficiency. What’s more, the positive effect decreases year by year, while the negative effect gradually weakens. Subsample data shows that for the pure technical efficiency and scale efficiency, the significantly positive effects come from transportation equipment manufacturing industry and computer communication and other equipment manufacturing industry.