中文摘要：

“国际产能合作”是我国应对全球制造业转型升级和国际贸易格局调整的新探索。分析了我国制造业产品输出型海外市场模式面临的“三种双向压力”等现实困境，从宏观层面分析了国际产能合作的战略价值，应用装备制造和基础设施等国际产能合作重点行业相关上市公司数据，从微观层面分析了国际产能合作战略实施的预期绩效。结果表明，国际产能合作在引领中国制造业海外市场模式转型方面具有显著的国家层面“战略价值”，但是企业层面的“微观绩效”影响比较复杂，“市场嵌入”和“文化嵌入”对于“微观绩效”具有促进作用，“生产嵌入”则存在一定的抑制作用。国际产能合作代表了我国制造业海外市场战略转换方向，但是不应片面追求海外“生产性资产”扩张，而是要以“生产嵌入”作为“载体”和“纽带”，以“市场嵌入”和“文化嵌入”作为战略重点，以此提升国际产能合作的“微观绩效”，并谋求国际产能合作的国家层面的“战略价值”与企业层面的“微观绩效”契合统一。

英文摘要：

In response to the transformation and upgrading of global manufacturing and the adjustment of the international trade environment, ＇international capacity cooperation＇ was put forward as a new exploration by China. This paper analyzes the realistic dilemma of Chinese manufacturing, and it points out that the commodity export mode is facing ＇three kinds ofbidirec- tional pressure＇. Then this paper analyzes the strategic value of ＇international capacity cooperation＇ at the macro level. At the same time, it empirically analyzes the expected performance of the strategy implementation of＇international capacity coopera- tion＇ by using the section data of related listed companies from the key industries of ＇international capacity cooperation＇ at the micro level. The results show that ＇international capacity cooperation＇ has significant ＇strategic value＇ in terms of guiding Chi- nese manufacturing overseas market transformation. But the effect of ＇international capacity cooperation＇ on ＇micro-perfor- mance＇ is multidimensional and complex. On one hand, ＇market embedded＇ and ＇cultural embedded＇ have promoting effects on ＇micro-performance＇. On the other hand, to some extent, ＇production embedded＇ has inhibiting effects on ＇micro-performance The international capacity cooperation represents the strategic transformation direction of overseas market of Chinese manufacturing, but the one-sided pursuit of overseas ＇productive assets＇ expansion should not be encouraged. In order to improve micro-performance and realize the unification of the ＇strategic value＇ at the national level and the ＇micro-performance＇ at the enter- prise level of the international capacity cooperation, we should make use of ＇market embedded＇ effectively and regard ＇market embedded＇ and ＇cultural embedded＇ as key points of the strategy implementation.