| Investment of international entrepreneurship is one of the main forms of cross-border international entrepreneurship in China.Investment of international entrepreneurship can be measured by foreign direct investment,but the research on whether investment of international entrepreneurship has an impact on technological progress and how such impact is affected by the institutional environment is still uncertain,so foreign direct investment is also one of the important variables in this paper.In recent years,with the full implementation of the “One Belt,One Road” strategy,Chinese companies have rapidly moved to the world,and foreign direct investment has become the fastest growing entrepreneurial model in the international entrepreneurial model.Foreign direct investment is an investment-based entrepreneurial model.It not only plays an important role in Chinese multinational corporations' acquisition,integration,utilization of foreign superior resources,but also makes up for the shortage of domestic resources.It is also conducive to improving China's technological level,promoting industrial structure optimization and upgrading,and economic development transformation.According to the existing research,through foreign direct investment,the home country investment enterprises can absorb and learn the advanced technology of the host country to promote the improvement of their own productivity level,thereby realizing the technology diffusion of the investment destination country to the investment home country,that is,the reverse technology spillover effect.However,there are certain gaps in the degree of system perfection and institutional system in different countries.Whether this gap is the aid or absorption of China's reverse technology spillover effect is still an unknown.Many scholars have found that there is indeed a reverse spillover effect of foreign direct investment,and some scholars have studied the influencing factors and mechanisms of the absorption and acquisition of reverse technology spillovers.However,due to the differences in the degree of development of host countries,what is the current institutional distance? The research on the spillover effect of reverse technology is very scarce.The reason is nothing more than the measurement of institutional distance and the difficulty of obtaining relevant data.This paper breaks through this limitation and based on the different degrees of development of the host country,the existence of the reverse effect of China's reverse technology spillover Through detailed research,we found that China's foreign direct investment reverse technology spillover does exist.On this basis,based on the institutional gap between China and the host country,it is studied whether the formal institutional distance and informal institutional distance will have adverse technology spillover effects.The absorption and acquisition have an impact.Using the data of China and 32 host countries from 2003 to 2015,this paper first introduces the C-H model to explore the impact of R&D capital spills from Chinese host companies on the technological innovation of Chinese enterprises under the different development levels of the host country.Whether the reverse technology spillover effect exists for verification;secondly,in the context of different development conditions of the host country,the mechanism of the effect of institutional distance on the reverse technology spillover effect of the investing country is studied by establishing a threshold effect model.It is found that foreign direct investment in the host country can indeed enable Chinese multinational enterprises to obtain reverse technology spillover effects,and the acquisition of reverse technology spillover effects has nothing to do with the degree of development of the host country;the formal institutional distance between China and the host country,the informal institutional distance The impact on the spillover effect of the reverse technology has not only a threshold effect,but also a significant difference in the impact results.The difference is mainly reflected in whether the formal institutional distance is beneficial to the absorption and acquisition of the reverse technology spillover effect of the investment home country,whether the host country is a developed country or a developing country.The informal institutional distance is inhibited and hindered in the absorption of the reverse technology spillover effect of the investment home country effect.In addition,the different levels of development of the host country will also have an impact on the extent of the impact of institutional distance(formal institutional distance and informal institutional distance)on reverse technology spillover effects.Different from the previous research,this paper analyzes the existence of reverse technology spillover effect according to the difference of the degree of development of the host country;and based on the institutional distance between China and the host country,analyzes the system that affects the absorption and acquisition of the spillover effect of the reverse technology.Factors(formal institutional factors and informal institutional factors)further enrich the theoretical framework of reverse technology spillover effects.At the same time,it provides a certain reference value for the future research from the institutional level and the analysis of the absorption and acquisition of the impact of reverse technology spillovers.First of all,based on the difference in the degree of development of the host country,this paper studies the existence of reverse technology spillover effects when developing countries are investors.It is found that the foreign direct investment of developing countries will have a reverse technology spillover effect,and the acquisition of reverse technology spillover effects has nothing to do with the degree of development of the host country.In the initial stage of foreign direct investment,the reverse technology spillover effect of investment countries(developing countries)in investing in developed countries is more obvious than in developing countries as investment destinations.This is mainly due to the technological endowments in developed countries..However,in reality,technology learning follows the law of diminishing marginal effects like other elements.Therefore,when a certain investment period is reached,compared with developed countries as host countries,when developing countries are host countries,investment countries(developing countries)receive the reverse technology spillover effect is significantly higher.Secondly,this paper introduces the formal institutional distance,and discusses the mechanism of the formal institutional distance from the reverse technology spillover effect of the investment country from the perspective of the system.It is found that the formal institutional distance positively promotes the absorption and acquisition of the reverse technology spillover effect of the investor country.And its effect has a threshold effect.However,when there is a difference in the degree of development of the host country,the impact of the formal institutional distance on the reverse technology spillover effect is also different.The main reason is that the mechanism of formal institutional distance has a different effect on the reverse technology spillover effect.When developed countries are host countries,their sound legal system,rapid government response capability and strong control of corruption bring institutional benefits to the day-to-day operations and technological learning of multinational corporations;when developing countries act as host countries,The existence of a formal institutional distance provides an opportunity for multinational corporations to institutionalize arbitrage,thereby promoting multinational corporations and investment home countries to learn,absorb new technologies,and accumulate knowledge and experience.Finally,based on the differences in the degree of development of the host country,this paper further discusses the impact of the informal system distance on the reverse technology spillover effect.It is found that regardless of whether the host country is a developed country or a developing country,the informal institutional distance will have a negative inhibitory effect on the absorption of the reverse technology spillover effect of the investment home country,and its impact on the reverse technology spillover effect has a threshold effect.The reason why the informal institutional distance hinders the reverse technology spillover effect of the investment home country is mainly because the informal institutional distance increases the difficulty of knowledge replication and knowledge understanding of multinational enterprises,and it increases the cost of internal coordination of multinational enterprises.The research of this paper provides important theoretical guidance for the location selection of foreign direct investment and the establishment and improvement of the system of foreign direct investment.At the same time,it has the effect of effectively acquiring and absorbing reverse technology spillover effects,improving the innovation capability of enterprises and regions,and achieving sustainable economic development.Important practical significance.First of all,the research of this paper has certain theoretical reference value for the formulation of the investment mother country OFDI strategy.This paper believes that there is a difference in the mechanism of the difference in the degree of development of the host country against the reverse technology spillover effect.At the beginning of foreign direct investment,compared with investing in developing countries,the investment in developed countries,the reverse technology spillover effect that can be obtained by the investment home country is obviously high,and when it reaches a certain investment period,it invests in developed countries and invests in the home country.The reverse technology spillover effect that can be obtained is significantly lower.Based on this,in the initial stage of investment,the investment home country can encourage multinational enterprises to invest in the northern countries to imitate and learn the advanced technology of developed countries,thereby improving their own research and development level;with the accumulation of foreign direct investment experience,the investment home country can support multinational enterprises.Turn to invest in developing countries.Secondly,the research of this paper has important reference significance for multinational enterprises to learn advanced foreign technology.How to improve the technical level of multinational enterprises has always been a hot topic of current research.Based on the differences in the degree of development of the host country,this paper explores the important influence of institutional distance on the absorption and acquisition of the reverse technology spillover effect of the investment home country.On the one hand,the research of this paper can make multinational enterprises understand the important influence of institutional distance between countries on their technical learning.On the other hand,multinational enterprises can create more for their own technological learning through institutional learning and institutional integration opportunity.Finally,the research of this paper has certain theoretical guiding value for the location selection of multinational enterprises.Since the choice of location will affect the effectiveness of foreign direct investment by multinational corporations,when considering the location of foreign direct investment,multinational corporations need to consider their own economic conditions,the foreign investment policy of the investment home country,the resources of the host country,and the investment environment.The research in this paper finds that the foreign direct investment of multinational enterprises also needs to take into account the degree of development of the host country and the institutional distance between the countries.These factors are directly related to the efficiency and development of technology learning of multinational enterprises. |
PDF Full Text Request