Research On The Reverse Technology Spillover Effect Of The Yangtze River Delta Region OFDI

With the increasing progress of economic globalization,inputs of technical factors cannot absolutely decide the technological level of a country.The technology spillover from other countries is also an important factor.Among them,the international technology spillover obtained through the OFDI has become a leading category of technology spillover,which is called the reverse technology spillover effect of OFDI.In recent years,although the overall global capital outflow shrinks,China's OFDI has increased.Because China has actively implemented the "Go global" strategy and deepens opening-up.China's OFDI expands rapidly in scale and China grew into a large capital exporting country from the one that attracted large foreign investment.Under this background,a large number of scholars in China have studied the reverse technology spillover effect of China's OFDI from different perspectives.But there is still no final conclusion of the studies on whether the reverse technology spillover effect of Chinese OFDI exists.As a matter of fact,China's economy is developing very fast.At the same time,regional economic development is unbalanced with huge differences.So the studies on the reverse technology spillover effect of Chinese OFDI,which takes all the regions of China as a whole might result in some deviations.Therefore,the paper selects the Yangtze River delta region as the object region.The Yangtze River Delta region is of relatively high development level among all the China's regions,and its regional development is more balanced.Besides,it is also the region with strongest OFDI activities.First of all,this paper summarizes the reverse technology spillover effect mechanism into the following four mechanisms:R&D cost sharing mechanism,embedded correlation transmission mechanism,demonstration effect and competition effect mechanism and personnel flow mechanism.Then the paper selects panel data of Yangtze River Delta region's OFDI between 2007 and 2015,and constructs the model to test the existence of OFDI reverse technology spillover effect in the Yangtze River Delta region according to the theoretical study.In addition,in order to study the technological progress effect of OFDI reverse technology spillover of the Yangtze River Delta area,this paper constructs three regression models respectively introducing the degree of openness,R&D intensity and human capital as the control variables,which are used to measure absorptive capacity.The results show that there is the reverse technology spillover effect of OFDI in the Yangtze River Delta region and absorptive capacity affects the reverse technology spillover of OFDI.Specifically,R&D intensity and human capital show a significant positive effect,and the degree of openness has a significant negative effect.Accordingly,it is suggested that the Yangtze River Delta should increase R&D inputs and human capital,and improve the structure of import and export trade,thereby enhancing the reverse technology spillover effect.