An Empirical Study On The Influencing Factors Of Reverse Technology Spillover Effect Of China's OFDI In EU

As the level of economic globalization has increased,more production factors such as capital,labor,and information have flowed rapidly around the world,and countries and countries have also formed closer cooperation.As an intangible product,technology has some characteristics of public products.The emergence of new technologies will not only benefit the inventors,but also promote the development of other enterprises.It is precisely because of the "externality" of technology that technology can flow globally like other production factors.Scholars Coe&Helpman(1995)and so on through a large number of empirical research,found that technology does have the characteristics of transfer and transnational diffusion in the process of foreign direct investment.Technology spreads across different countries.For countries with low technology levels,technology stocks can be upgraded,and technology spillovers formed through different channels can also achieve technical exchanges and sharing between countries,and promote the enhancement of innovation capabilities in the country.And the improvement of innovation mechanisms to catch up with technologically advanced countries in a more favorable environment.As the world's largest developed economy,the EU has its own advantages in terms of human resources and technology.It is an important source of advanced technology and has always been an important destination for international direct investment in all countries of the world.According to the statistics of the 2017 China Foreign Direct Investment Statistics Bulletin jointly issued by the Ministry of Commerce,the National Bureau of Statistics,and the State Administration of Foreign Exchange,from the perspective of stocks,China's direct investment in the EU accounted for 4.8%of China's foreign direct investment in 2017.Second only to direct investment in Hong Kong and ASEAN.Compared with foreign direct investment,China's research on foreign direct investment started late,and in the existing research,the reverse technology spillover effect of foreign direct investment is less.Therefore,this paper enriches the research perspective of China's foreign direct investment to a certain extent,and can promote the improvement of relevant theories.In the research on the spillover effect of reverse technology,the existing research data is blind to the choice of the investment host country,and the objective scientific scheme is not well given.Therefore,this paper selects the EU as the main research object,and takes China's direct investment in the EU as the entry point to study the factors affecting China's reverse technology spillover effect on EU direct investment.Based on the analysis of related literatures at home and abroad and the theoretical analysis of the reverse technology spillovers of foreign direct investment,firstly,from the development of China's direct investment scale to the EU,the distribution of investment host countries,the distribution of investment industries,and technology-seeking direct investment.The practical situation and other aspects analyze the development history and current situation of China's direct investment in the EU;then analyze the mechanism of the reverse technology spillover of foreign direct investment to cause technological progress in the investment home country,and use the technology "overflow source" and technology "absorber" as According to the basis of differentiation,they discuss the relevant factors that may affect the reverse technology spillover effect of the investment home country from the perspective of the investment country and the host country.Finally,the test model is established based on the idea of the LP model and the BK model,based on the perspective of the investment host country-the EU perspective Select human capital level,R&D intensity,economic structure,and domestic economic development level,which may affect China's direct investment in the EU's direct investment reverse technology spillover effects and conduct empirical research.The empirical results show that in the process of China's direct investment in the EU,a certain degree of reverse technology spillover effect has been formed.However,the effect of this effect on China's technological progress is less than that of China's domestic R&D capital.The rich human capital,high-intensity R&D investment and better economic structure of the EU countries have a positive effect on the reverse technology spillover of China's foreign direct investment.The role of EU economic development level in the reverse technology spillover effect is uncertain.Based on the above research conclusions,we finally propose policy recommendations from the perspectives of macro-subjects and micro-subjects in order to strengthen China's reverse investment spillover effects on EU direct investment and promote China's technological progress.For the national level,it is believed that the state should formulate an overall strategy for direct investment in the EU,guide enterprises to direct investment in high-tech industries,optimize human capital structure,improve human capital levels,increase research and development expenditures,and improve independent innovation capabilities.For the enterprise level,enterprises should expand investment in EU member states with advanced technology levels,optimize investment structure;attach importance to R&D investment and personnel training,and strengthen technology absorption and innovation capabilities.