| With the deepening of economic globalization,the economic links between countries have become increasingly closer.Since China implemented reform and opening up,the huge market of China has attracted a large amount of foreign capital.Foreign direct investment(FDI)has grown into an external driving force for China's economic growth by making up for lack of domestic funds,and has continuously promoted China's economic development.At the same time,advanced technology of developed countries will accompany the frequent flow of FDI at home and abroad and spillovers in the world,directly or indirectly promote the promotion of Chinese technology,that is,increase China's total factor productivity(TFP).For developing countries,the technology spillover effect of FDI is mainly from the aspects of demonstration and competition,associated effects and personnel mobility,and will transfer advanced technology from developed countries to developing countries greatly promoting the technological advancement and economic growth of these countries.Therefore,whether the technology spillover effect of FDI can effectively promote the technological progress of the host country and promote its effectiveness has become the focus of research by economists at home and abroad.In recent years,small and medium-sized enterprises(SMEs)play an increasingly prominent role in China's national economy.With the advantages of flexible financing,strong market adaptability and sufficient innovation power,SMEs have a very important task in promoting national innovation.Based on the differences between small and medium-sized enterprises and large-scale enterprises,whether the TFP spillover effects brought by the country's vigorously introduced FDI to small and medium-sized enterprises are significant,and how spillover effects will inevitably appear in the study of small and medium-sized enterprises.This article is based on this starting point,through the construction of an empirical model of the relationship between FDI and TFP in small and medium-sized enterprises,using appropriate measurement methods for empirical analysis.In the calculation of total factor productivity,the academic community currently adopts the two methods of Solow residual method and DEA-Malmquist method.Based on the characteristics of s SMEs and the availability of relevant statistical data,this paper compares the above two measurement methods and finally selects the Solow residual method to measure the SMEs' TFP of various provinces in China from 2001 to 2016.In order to further quantify the impact of FDI on the technological progress of SMEs,this paper uses data as a support and has successively adopted the follwing five methods:robust OLS,fixed effect model,random effect model,differential GMM,and system GMM.The article uses the combination of FDI input and R&D absorption capacity of the enterprise,namely,the interaction between FDI and R&D to quantitatively reflect the technology spillover effect of FDI and introduce variables such as international trade,capital stock,and human capital for empirical analysis.The main conclusions of this paper are:first,in terms of total factor productivity,it has obvious time inertia,that is,the growth of total factor productivity in the previous period will have a significant positive effect on the current period;second,FDI has a significant effect on the promotion of total factor productivity of SMEs.The direct effect of single factor FDI on total factor productivity has a positive effect.At the same time,indirect technology spillover effect of FDI on R&D can also have a significant positive effect on the growth of TFP;third,in terms of other factors affecting the TFP of SMEs in China,international trade has no significant effect on the increase in total factor productivity of SMEs,the increase in capital stock will adversely affect the increase in total factor productivity of SMEs,and the impact of human capital on the total factor productivity of SMEs is positive,but the promotion effect is not as obvious as FDI. |
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