A Research On Reverse Technology Spillover Effect And Industry Difference Of China's Foreign Direct Investment

After accession to the WTO,the amount of OFDI in China has been increasing rapidly.In 2004,the amount of OFDI was 5.5 billion dollars,while in 2014 it reached 107.84 billion dollars,it increased nearly 20 times in ten years.In 2015,the amount of OFDI exceeded IFDI for the first time,indicating that China has become a country with capital outflow.OFDI is not only able to promote economic growth,but also generate technology spillover,which is one of the most important approaches to achieve the promotion of technology and innovative capacity.China is the world's second largest economy,but there is also a big disparity from developed countries in technology and core-competitiveness.The technology spillover of OFDI is the most effective approach of China to promote the technology and innovative capacity.Therefore,it attach great theoretical and practical importance to study the technology spillover of OFDI.This paper introduces the status of OFDI and reserve technology spillover in China,and analyzes the mechanism and nature of reserve technology spillover.Based on the endogenous growth theory,we build a mathematical model to analyze what influence the reserve technology spillover,the results is R&D capital stocks,R&D personnel,absorptive capacity of home country and R&D capital stocks,spillover ability of host country;R&D capital stocks,R&D personnel and investment ability results the industrial difference.We use empirical method to test the technology spillover from the year of 2004,the results of overall regression indicates that the R&D capital from foreign country promote TFP and technical progress significantly,while hinder the technical efficiency to some extent.Furthermore,R&D capital from foreign country not only transmit in the industry itself,but also transmit among related industries,promote the productive efficiency of related industries and the whole national industries productive efficiency finally.The results of industry regression indicates that there is a significant difference among different industries in technology spillover,R&D capital foreign countries promote the TFP of mining industry and manufacturing industry significantly,but hinder the TFP of electric power,thermal gas and water production and supply industry.At the end,this paper puts forward that we should investment more towards developed countries(regions),improve the level of education and human capital.