The Research On Influence Of Intellectual Capital’s Spillover On Chinese Regional Total Factor Productivity Through International Direct Investment

The source of economic growth has been the emphasis in economic field.From the new classical theory to new growth theory,it has been increasingly acknowledged that technological advancement is the impetus of economic development.The intellectual capital that includes technology,knowledge and human capital has also got more and more attention of the economists.The Reforming and Opening up has witnessed the fast development in our country’s economy.And accumulation of intellectual capital has played an important role.The accumulation of intellectual capital has two ways-one is the inputing of research and development by our own country,the cultivating of human capital and the innovation of technology;one is the overflowing of international intellectual capital through participating global trade and direct international investment.Combining the realistic background of our country’s boosting of the “Bringing-in”and “Going out” strategies and analyzing the current situation and features of direct foreign investment and external investment of our country,this thesis established a model of the effects of the overflow of the intellectual capital in investment to the all-factor production rates.On the base of LP model,the thesis also introduced R&D input intensity and human capital to investigate the absorbing capacity of the overflowing intellectual capital.Meanwhile,considering the big gap among the east,middle and west area,this thesis uses panel data of 29 provinces from 2003 to 2014,and studied the different manifestation of the effect among the three areas.We come to the following conclusions by the empirical study.Firstly,domestic R&D capital stock and human capital promote Chinese regional TFP.However,R&D input intensity has a negative effect on TFP.Secondly,intellectual capital’s spillover through FDI has a negative effect on TFP,which means that FDI restrains the development of local enterprises and local industrial upgrade to some extent.Thirdly,reverse intellectual capital’s spillover through OFDI has a positive effect on TFP,which means that distinct results have been achieved in implementing the open strategy.Fourthly,the product of human capital and FDI and the product of human capital and OFDI all show positive effects on TFP,which means human capital plays an important role in absorbing intellectual capital’s spillover.Fifthly,the intellectual capital’s spillover effects are different among China’s eastern,central and western regions.There are more positive effects in eastern region.However,there are more negative effects in central and western regions.This is because there are more stocks of R&D capital and human capital in eastern region than in central and western regions.Therefore,we should differentiate the regional development strategy.We propose the following suggestions: Firstly,we should strengthen the R&D input intensity and training of human capital.Secondly,we should optimize the structure of FDI and improve the quality of FDI.Thirdly,the government should strengthen policy support and supply more services to encourage more enterprises to invest in foreign countries.Fourthly,domestic enterprises should increase the input of research and development,and improve the rules and regulations.