Research On Spillover Effect Of Foreign Direct Investment In Chinese Hotel Industry

As the global integration process develops,more and more multinational corporations choose to make direct investment in various countries and regions.These subsidiaries often have advanced research & D capabilities,production technology,management experience and business model,and will penetrate or spill into the host local enterprises,so as to promote the technological progress and productivity of the local enterprises and host countries,which is commonly known as the spillover effect of foreign direct investment.In recent years,China's economic structure has been transformed and upgraded towards the service industry,and the hotel industry,as the key industry of the service industry,has also become the key area of foreign direct investment,and the scale of transnational hotel direct investment in China has developed rapidly.The foreign direct investment of hotel industry can not only improve the capital supply ability of Chinese hotel industry,but also enhance the competitiveness of Chinese hotel enterprises through the path of technology spillover,capital accumulation and market competition,and force the Chinese hotel industry to reform and innovate continuously in the direction of science,modernization and specialization.In this context,it is necessary to have an accurate grasp and scientific measurement of the way and path of the spillover effect of foreign direct investment in the hotel industry,so as to provide reference and reference for domestic hotel enterprises to make better use of the benefit effect of foreign direct investment.To this end,this paper makes use of the data of hotel industry and foreign investment in 31 provinces of China from 2009 to 2017,synthetically uses the historical literature analysis,constructs the theory and the measurement model,the regional comparative analysis and so on standard and the empirical research method,tries to answer the above questions from the output effect,the total factor productivity effect,the transmission mechanism and so on.The main contents of this paper include:First,it reviews the theoretical basis and research trends of foreign direct investment in hotel industry.The theoretical foundation part expounds the basic concepts such as hotel industry,foreign direct investment spillover effect,as well as the motivation,results,common transmission mechanism,influencing factors,theoretical analysis model and so on.The research dynamic part mainly summarizes the research results of foreign direct investment spillover effect in different industries,and critically analyzes its lack of research.Secondly,the C-D model is expanded to construct a theoretical model to analyze the spillover effect of hotel industry FDI,and based on the data of inter-provincial panel of Chinese hotel industry from 2009 to 2017,the overall result of spillover effect of Chinese hotel industry FDI and its sub-regional differentiation effect are empirically tested from the perspective of long-term static and short-term dynamic.Thirdly,based on the introduction of total factor productivity and its related concepts,calculation methods and models,the total factor productivity and its decomposition(technological progress,technological efficiency,scale efficiency)of Chinese hotel industry are measured by DEA-Malquist method,and then the spillover effect of FDI on technological progress and total factor productivity of hotel industry is tested.Fourthly,from the three angles of demonstration effect,capital accumulation effect and market competition effect,the transmission mechanism of direct spillover effect FDI hotel industry is identified and tested by using intermediary effect test method.Fifthly,combined with the results of empirical research,this paper puts forward some enlightenment of these experiences and measures to the Chinese hotel industry.Through the research,this paper draws at least the following conclusions:Firstly,foreign direct investment promotes the output growth of China's hotel industry and has direct spillover effect.On the long run,there is a "reverse relationship between hotel industry FDI and industry output growth,and the test of interprovincial panel data from 2009 to 2017 shows that the FDI size of the hotel industry at about 10.5billion yuan is the most favorable for industry output growth.At present,the hotel industry FDI in other provinces except Guangdong is lower than this scale,which can increase the growth of local hotel industry by increasing the hotel industry FDI.For the short term,the hotel industry FDI significant spillover effects are often particularly evident in the second year.Capital stock,labor force,regional economy,market competition,capital intensity and other factors will have a significant impact on the development of China's hotel industry,but their respective roles in different directions and sizes.Secondly,foreign direct investment promotes the growth of total factor productivity in China's hotel industry,with indirect spillover effect.This is mainly due to foreign direct investment to promote the overall technological progress of the hotel industry rather than technical efficiency.If the technical efficiency is further divided into pure technical efficiency and scale efficiency,it can be found that the inefficiency of technical efficiency is mainly affected by the relative lag of the growth of pure technical efficiency,which reflects that the current management level of hotel enterprises needs to be improved.Thirdly,the transmission mechanism of FDI spillover effect in Chinese hotel industry includes capital demonstration effect,capital accumulation effect and market competition effect.The first two effects play a positive role,but the third effect plays a negative inhibitory role,but the interaction of the three effects is positive as a whole.Among them,the spillover effect in the eastern region is not obvious,and the spillover effect of the FDI on the hotel industry in the western region is mainly realized through technological progress.All three effects exist clearly in the central region,but the competition effect has a negative effect,and the capital accumulation effect and the demonstration effect will promote the spillover effect of the local hotel industry FDI,the former has a greater effect than the latter.In view of the main conclusions of the above research,this paper puts forward the following countermeasures and suggestions:At the national level,the countermeasures include: firstly,to expand the opening up policy to optimize the investment environment of foreign direct investment in the hotel industry;secondly,to improve the independent innovation capacity to speed up the digital transformation;thirdly,to dynamically improve the channel construction for FDI spillover effect transmission in the hotel industry to accelerate mutual benefit and complementary integration development;fourthly,to establish and improve the system construction of hotel talent training system.At the reginal level,the countermeasures include: firstly,timely adjustment and optimization of the scale and intensity of foreign direct investment in the hotel industry in light of the actual situation;secondly,encourage foreign hotel enterprises to carry out strategic adjustment and business transformation according to the level of local economic development;thirdly,improve the differentiated construction of the transmission mechanism of foreign direct investment spillover effect in the hotel industry in various regions.The marginal contribution of this paper to existing research is not just about introducing FDI spillover into the hospitality industry,but extending the field of FDI spillovers.This paper also confirms the demonstration effects,Capital accumulation effects and market competition effects is real in China's hotel industry FDI,while also an important transmission path for FDI spillover effect.Nevertheless,based on the previous research,by selecting the appropriate measurement index,the problem of FDI variable selection and data measurement in hotel industry is improved.The related achievements are expected to enrich and deepen the understanding of the law of hotel industry's own development,it can also provide theoretical reference for relevant departments to formulate and adjust the overall policy of hotel industry development,and provide intellectual support for better absorption and utilization of FDI in different regions.