A Study On The Reverse Technology Spillover Effect Of Outward Foreign Direct Investment

Since the economic globalization,China,s foreign investment policy has been tightened.After 2000,the country experienced a transition from a single emphasis on“bringing in"to proposing a;"going out"strategy.At the same time,in 2013,Mr.Xi advocated and promoted the"Belt and Road"construction for Outward Foreign Direct Investment.Hereinafter referred to as OFDI)has opened up a broader world,and China's OFDI has entered a stage of rapid and sustainable development for more than a decade.The foreign direct investment of the host country will promote the acquisition of advanced production factors and resources,knowledge and technology by Chinese enterprises in the global market,thus generating reverse technology spillover effects and promoting China's technological progress and economic growth.Since the absorption capacity of the host country is not the same as that of the host country,many domestic and foreign scholars have different results on the empirical analysis of the OFDI reverse technology spillover effect of the host country enterprises The existing research on the existence and influencing factors of the reverse spillover effect of OFDI is mostly carried out from the mother country.It is more and more profound to explore the reverse spillover effect of OFDI from the perspective of the host country.This paper uses the panel data of 56 host countries from 2003 to 2016 to test whether there is a reverse technology spillover in China's OFDI through C-H and L-P international R&D spillover models,and compare the differences in technology spillovers between developed countries in Europe and the United States,countries along the Belt and Road,and middle-income countries.It is found that the reverse spillover effect of China's OFDI on technical efficiency exists and is significant,but the impact on total factor productivity is not significant,and the current foreign direct investment has not brought the reverse spillover effect of technological progress to China.This paper also constructs the financial development level factor and analyzes its regulatory role in the reverse technology spillover effect of foreign direct investment.At the same time,the Hansen threshold regression model was further used to empirically test the impact of the financial development factors of the three host countries on the threshold characteristics of the reverse technology spillover of the foreign direct investment of the home country.Furthermore,it puts forward some countermeasures and suggestions on how to make decisions about the level of financial development of the host country to promote the reverse technology spillover of China's foreign direct investment.