| China is not only one of the biggest FDI inward countries, but also its outward FDI has been increasing rapidly in recent years on the background of Trade and Investment Liberalization and the entry WTO of China. Manufacturing industry is deeply affected by inward and outward FDI because of its early and wide openness. In order to provide some meaningful theoretic guidance and policy suggestions to improve the quality of FDI utilization, the impact mechanism is explored theoretically and the factual effects are examed in this dissertation.First, the impacts of FDI as a bundle of assets is analyzed in chapter two. How FDI as a bundle of assets promotes technology improvement is discussed and a model of effect mechanism is given on the basis of description on technology transferring, technology spillover, technology diffusion and its system. FDI affects technology improvement by the way of technology transferring and technology spillover in host country, and by the way of innovation incentives and learning incentives in home country. Meanwhile, the factual effects of FDI are reduced by several restricted factors in both host and home countries.Second, the impacts of R&D internationalization is analyzed in chapter three. A dynamic supply-and-demand-based R&D internationalization model is presented on the basis of explaining the paradox of R&D overseas location, and then, how R&D internationalization promotes technology improvement is discussed and a model of impact mechanism is given. R&D internationalization promotes technology improvement by affecting innovation system, innovation resources and innovation circumstance in the host country and by improving R&D efficiency, reversal technology transferring and market expansion in the home country. Likewise, the effects of R&D internationalization are decreased by several restricted factors in both host and home countries.Third, the factual effects on technology of Chinese manufacturing industry by FDI and R&D internationalization are examed in chapter four and chapter five. From the view of host country and taking the 30 2-digit manufacturing industries as a sample, a test is conducted by the method of multi-liner regression equations and OLS, and the result shows that inward FDI has a positive effect on production value, international competence, especially on new productions and patents. A comparison of stated-owned and private-owned manufacturing companies shows that FDI spillover more on the former. Also form the view of home country, a test is conducted from macro perspective, and the econometric analysis shows the effects of outward FDI are not robust.Last, FDI policy promotion is discussed in chapter six on the basis of above theoretical and practical analysis. It is suggested that Chinese inward FDI policy should be shifted from incentives-based policy to rule-based poligy, in details, the measures include healthy law framework, fair competition market, increasing human capital and R&D investment, and so on. On the other hand, promotion outward FDI policy should be made to carry out the huge potential of outward FDI by Chinese TNCs and the measures are related to management and law institution, finance and fiscal support, insurance and information services, and so on.
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