Research On ODI Reverse Technology Spillover Effect Of Chinese Overseas Investment Enterprise

Technological progress is the most important driving force to maintain a healthy and stable development of the country's economy,there are two main ways to improve the technical level,one is through R & D investment to improve the level of domestic innovation,the other is through foreign investment to absorb international technology spillovers.China's outward foreign direct investment(ODI)started late,for a long time the academic focus is on the international trade and foreign direct investment(FDI)technology spillover;as the issue of China's "going out" strategy,Chinese enterprises overseas investment rise steadily in recent years,attention in this area began to improved,although it is not studied as deep as the foreign direct investment(FDI)technology spillover effect,and domestic scholars in this regard has not come into a unanimous conclusion.Foreign studies on ODI reverse technology spillover effect started earlier,are also more comprehensive,and almost got the same conclusion,namely that the ODI reverse spillover technology has a certain role in promoting the technology level of the home country.As most foreign scholars choose developed countries as the study sample,and China as a developing country are very different from developed countries in various fields,so the results of foreign scholars may not meet the actual situation in China.We cannot just copy the foreign research results,based on this,domestic scholars must proceed from China's actual situation,to do targeted research.Firstly,this paper reviews the development of technology spillover theory and then analyzes the current scale of overseas investment,industry distribution and location selection,etc.Then,it summarizes the general theory mechanism of reverse technology spillover.As we all know,enterprise innovation is mainly from two channels,one is to strengthen the internal R & D investment,the other is through external channels,such as partners,competitors or research institutions,to obtain technology spillovers.In the past,the research on the reverse technology spillover effect was mainly focused on the macroscopic level,and paid little attention to the microscopic level.This paper takes the listed companies directly,on the basis of accurately measuring the total factor productivity of "going out" enterprises,analysts the reverse technology spillover effect of ODI in Chinese listed enterprises.Considering the availability and accuracy of the data,we select 50 listedcompanies unbalanced panel data from year 2007 to 2015.First,foreign investment is set to be a dummy variable in order to examine whether it has an impact on the technological progress of enterprises,it is found that foreign investment on TFP companies do have a significant impact.Secondly,the use of fixed effect method analysis showed that the industry foreign investment has not produced the expected positive role in promoting TFP.On this basis,we separate the overall sample of companies into a total of three categories,i.e.manufacturing,mining and other industries,then after the panel data analysis,it is found that except the manufacturing industry,the foreign investment behavior of mining and other industries has a positive promotion to TFP,but results are not obvious.The reason may be that the scale of current overseas investment is limited,and there is also a weak absorptive capacity represented by the human capital and institutional factors.Finally,according to the empirical results of this paper,we offer some corresponding policy recommendations from the national level and the enterprise level,to help Chinese enterprises with a better absorb of foreign technology so that it can promote domestic innovation and R & D activities to promote absorption of foreign technology Spillover better and faster,and then comprehensively enhance the enterprise innovation activities and development capabilities.