Study On OFDI's Impact On China PV Enterprises' Technology Performance Based On Absorptive Capacity

With the development of China photovoltaic industry,technological innovation has become a key factor restricting the development of photovoltaic industry.Under the encouragement of “going out” strategy,under the pressure of “double reverse” sanctions against China PV industry from Europe and the United States and under the technical bottleneck faced by PV industry,more and more PV companies choose to invest overseas,and With the development of OFDI scale in the PV industry,OFDI reverse technology spillover effect has simulated more and more attention of photovoltaic enterprises.At the same time,through the enhance of technology,PV enterprises can control the production costs so as to solve the problems that PV industry faced.Whether the rapid growth of OFDI has enhanced the technology of China PV industry? What is the mechanism of the outdated technology overflows of OFDI in PV industry? What are the influencing factors? What is the role of the enterprises' own factors played in the OFDI spillover and what thresholds are needed to be more conducive to the absorption of OFDI reverse technology spillovers? Do PV companies choose to “go out” and when or how to go out? Answers to these questions is the purpose and the starting point of this article.In order to study the above problems,this paper summarizes the four mechanisms of OFDI reverse technology spillovers,and divides the absorptive capacity into potential absorptive capacity and actual absorptive capacity and analyze their role in the four mechanism.Based on the analysis of these four mechanisms,this article also analyzes the interaction principle of these four mechanisms.Then it analyzes the development status of OFDI in China's PV listed companies,the trend of technological changes and the short-term relationship between OFDI scale and technical level.On the basis of theoretical and descriptive analysis,the panel data model and the non-dynamic threshold regression model are used to analyze the panel data from the micro-level panel of PV listed companies from 2010 to 2015.In this section,we test the existence of PV enterprises' OFDI technology spillover,the ability of the companies to absorb the reverse technology spillover of China PV enterprises' OFDI and the threshold effect of the self-factors in the absorption of OFDI's reverse technology spillover.The results show that China's PV listed companies' OFDI has significant positive effects on their technological innovation,but the effect of OFDI on technological innovation is quite different from different listing sites.The positive effect of domestic listed PV companies' OFDI on technology innovation is 4.36 times of foreign-listed PV companies.This is mainly because of the different purposes when they carry out foreign direct investment,the domestic listed PV companies are mostly containing the purpose of technology seeking when carrying out OFDI,and the foreign listed companies of China PV companies is not.The enterprise's own factors play a significant role in their technological innovation,among the factors,R&D investment has the most influence on the innovation,followed by is the size of enterprises,once again is the age of enterprises and solvency,and finally is the profitability of enterprises.Considering the absorptive capacity of PV enterprises,it is found that the absorptive capacity of enterprises has a great influence on OFDI reverse technology spillover,and the threshold effect of absorptive capacity is significant.The threshold of R&D capital investment,R&D labor input,enterprise size and enterprise age threshold are 507.038 million yuan,879 people,24187.351 million yuan and 5 years respectively,after these factors step across the threshold,the OFDI reverse technology overflow absorption is significantly enhanced.The profitability of the enterprise is different from that of the above factors.The threshold value of the profitability is 13.489%.After the profitability exceeds 13.489%,however,the influence of OFDI on the performance of technological innovation is weakened,which is mainly related to “double reverse” sanctions and the technical bottlenecks that China photovoltaic industry suffered.