The Influence Of OFDI Reverse Technology Spillover On Technological Innovation

The “new norm state” requires that the economic development mode changes from "factor driven" to "innovation driven",that is,the economic development needs to shift from relying on cheap labor to more relaying on human capital and technological innovation.The government work report of 2015 made it clear"innovation of the peoples”,which on the policy level emphasizes the importance of innovation on economic development.Since endogenous economic growth theory has been created,the academia begun to pay attention to how to promote the domestic technology through external technology spillover,but many researches focused on the technology spillover channels of FDI and international trade,and the research on the technology spillover of OFDI is relatively less.Especially for many developing countries,including China,OFDI has been paid little attention because of its late start and small development scale.However,with the rapid development of China's economy and the effective implementation of the "going out" strategy,the scale of China's foreign direct investment is growing.Especially in the eastern region since reform and opening up,its outward foreign direct investment has been expanding.Data shows that Tianjin,Shanghai,Guangzhou and others in the eastern area as the bridgehead of China's reform and opening up to the outside world,so far the cumulative foreign investment accounted for more than 75% of the country.Therefore,this paper takes the OFDI in the east as the research object,through the theoretical analysis,the status quo analysis and the empirical analysis,to explore the influence of OFDI reverse technology spillover on the technological innovation of the eastern region.Firstly,the paper reviews the domestic and foreign literature,and theoretically analyses the OFDI reverse technology spillovers,technological innovation and the relationship between them.The results show that OFDI has a promotion effect on the technological innovation of investment country.And then this paper taking the OFDI and the patent applications in the eastern part of 2003-2013 as the main research object carries out the status quo analysis and empirical analysis of OFDI and technological innovation,and uses the 2SLS method to overcome the internal nature of the model in the empirical test.The results show that:(1)OFDI has promotion effect to the technological innovation in the east,but the impact is relatively limited.And the promotion effect of technology seeking OFDI is bigger than the marketseeking OFDI and the resources seeking OFDI;(2)The R&D and patent applications are significantly positive correlated,and its promotion effect is greater than OFDI reverse technology spillover effect,which suggests that independent R&D investment is still the primary factor to promote the technological innovation in the east;(3)the current absorption capacity index of R&D investment intensity,human capital level and financial development level in the east have not yet reached the appropriate threshold value,so they are not enough to support the obtain and utilization of OFDI reverse technology spillover.From the above results can be seen,the technological innovation capability in the east is related to OFDI reverse technology spillover,R&D investment,human capital and financial development and other factors,so in order to enhance the technical innovation capability in the eastern region even the national,this paper suggests to do the following: firstly,expanding outward direct investment continually and constructing the balanced developing structure of OFDI based on technology seeking OFDI and the market and resource seeking OFDI;secondly,based on independent innovation,increasing R&D and human capital investment to enhance the technology spillover digestion and absorption capacity,and promoting the industrialization of scientific and technological payoffs;finally,from improving the financial market structure and efficiency,building the "Inclusive Finance" system.