Research On Reverse Technology Spillover Effect Of China's Outward Direct Investment

As an important channel to obtain international technology spillover,overseas direct investment has drawn more and more attention from scholars at home and abroad.Since the implementation of the go global strategy in 2002,China's foreign direct investment has achieved a blowout growth.With the Belt and Road Initiative,China has once again stepped up the pace of ODI.Therefore,more and more domestic scholars begin to pay attention to the study of reverse technology spillover in ODI.Especially in the context of Sino-US trade friction and US's technology blockade to China,it is of great significance for China's economic development under the new normal that how Chinese enterprises at the lower end of the global value chain improve their technological innovation capability and international competitiveness through ODI.Firstly,on the basis of combing the previous research results,and combined with the current realization path of reverse technology spillover and its new characteristics,this paper analyzes and summarizes the mechanism,influencing factors and properties of ODI reverse technology spillover from micro level,medium level and macro level respectively.This paper points out the he important role of economic externality of technology.This paper analyzes the relationship between China's ODI model and reverse technology spillover effect from the theoretical mechanism,mainly involving the heterogeneity analysis of China's ODI subject and the heterogeneity analysis of investment model.This paper introduces the overall development status of China's ODI,and summarizes the development course of China's ODI and the main characteristics of each development stage.Meanwhile,based on the characteristics of the current development of China's ODI,the situation of reverse technology spillover in each development stage is analyzed.Secondly,The empirical study in this paper starts from the macro perspective and the micro perspective,and constructs the corresponding models based on the macro summing-up data and the micro individual data of enterprises,respectively,to investigate and analyze the regional heterogeneity,industry heterogeneity and investment subject heterogeneity of the reverse technology spillover effect of China's ODI.Based on exogenous growth theory and endogenous growth theory,two mathematical models are constructed to analyze the reverse technology spillover effect of China's ODI.The reverse technology spillover effect of ODI in 30 provinces of China from 2003 to 2017 was tested.The overall regression results show that,the spillover of overseas R&D capital from China's ODI channels had a positive impact on China's technological progress in the sense of total factor productivity and in the sense of China's total output value,confirming the existence of reverse technology spillover effect of China's ODI.However,the technology spillover effect of FDI is not significant.At present,the reverse technology spillover effect of China's import trade is not in the sense of technological progress.From a national perspective,the improvement of China's ODI to China's total factor productivity in the sense of technological progress is mainly from the reverse spillover effect in the sense of technological level change.The reverse technology spillovers in eastern,central and western China have regional differences.The empirical conclusions of the two models are different from each other.Furthermore,the reverse technology spillover effect of China's ODI is empirically tested at the industry level,and the results show that the reverse technology spillover effect of China's ODI is further tested at the industry level.For some non-technology intensive industries,there is no reverse technology spillover effect.In R&D intensive industries,the reverse technology spillover effect is more significant.Furthermore,based on the combined data of China industrial enterprises database and list of overseas investment enterprises and institutions,this paper examines the reverse technology spillover effect of Chinese enterprises' ODI from the micro level,and analyzes the heterogeneity between investment subjects and industries.Firstly,the reverse technology spillover effect of China's industrial enterprises' ODI at the innovation level is investigated by using the propensity score matching method.Secondly,the relationship between ODI and total factor productivity is further studied.The empirical results show that the ODI activities of Chinese industrial enterprises have significantly improved the level of enterprise innovation and total factor productivity,the effect of reverse technology spillover effect is influenced by the nature of enterprise ownership,and there is heterogeneity in the reverse technology spillover effect in different industries.The empirical results at both macro and micro levels show that the reverse technology spillover effect of China's ODI has emerged nationwide and showed heterogeneity in terms of region,industry and enterprise ownership.Finally,the corresponding policy suggestions are put forward based on the empirical conclusions.Firstly,Chinese enterprises should choose more developed economies and emerging economies for ODI activities.Secondly,the Chinese government and Chinese enterprises should jointly increase investment in the R&D expenditure of enterprises.Thirdly,the Chinese government should pay attention to talent training and increase the investment of resources and funds in domestic education to significantly improve the level of human capital.Fourthly,implement the outward direct investment in various regions according to local conditions.The future research direction is prospected.