| Since the reform and opening up,China has issued a series of preferential measures to attract foreign investment.Especially since the 1990s,the development of manufacturing with FDI as the main driving force is an important reason for China's export-oriented economic growth.An important sign is that its productivity growth is at a high level.So,how much does FDI contribute to China's manufacturing technology advancement?Does the FDI technology overflow exist?What is its overflow channel?How do these spillover channels increase the productivity of Chinese manufacturing?What factors affect its spillover?The study of the above questions helps to clarify the relationship between FDI technology spillovers and China's manufacturing productivity growth,and is also a key issue to be solved in this paper.This paper first summarizes the existing research on the existence of FDI technology spillover effects,the factors affecting FDI technology spillovers,and the relationship between FDI technology spillovers and economic growth,and summarizes the areas for improvement.Secondly,it expounds the general situation,entry mode and industry distribution of China's FDI,analyzes the development level of China's manufacturing industry,research and development,and the evolution of total factor productivity,and from the market system,foreign investment incentives,market financial efficiency and economic openness.Four aspects analyzed the status quo of China's institutional development.Thirdly,from the theoretical level,it analyzes the channels through which FDI promotes the productivity improvement of China's manufacturing industry and the influence mechanism of institutional factors on FDI spillovers.Then,using the manufacturing data of 31 provinces,municipalities and autonomous regions in China from 2003 to 2016,a fixed effect model was constructed to examine the impact of FDI technology spillovers on manufacturing output from the perspective of the province and industry.In addition,the total factor productivity of manufacturing industry is decomposed into three indicators of productivity,technical efficiency and technological progress.The dynamic panel model is constructed.The system GMM estimation method is used to test the FDI technology spillover,horizontal spillover,forward spillover and backward spillover.The impact of total factor productivity in manufacturing.Finally,the paper concludes the conclusions and provides relevant policy recommendations for improving the institutional level and promoting FDI technology spillovers in China's provinces based on the research findings.The empirical research conclusions of this paper mainly include three aspects:(1)Through empirical research at the provincial level,FDI significantly hinders the increase of total output of domestic enterprises;market institutional factors and foreign investment incentives significantly positively regulate FDI technology spillovers;Market efficiency and economic openness significantly negatively regulate FDI technology spillovers.(2)Through empirical research at the industry level,FDI has produced a negative technology spillover on the total output of domestic enterprises.The market system has significantly promoted the spillover of FDI technology,and the positive effect of foreign investment incentives on FDI technology spillovers is not obvious.(3)Through the empirical test of the factor-factor productivity decomposition index,it is found that FDI has a significant positive spillover of manufacturing productivity from the test results of FDI technology spillovers,and the positive effect on technological efficiency and technological progress is not significant.The market system has no obvious positive effect on the positive adjustment of FDI to manufacturing productivity,technical efficiency and technological progress.Foreign investment incentives have had a weak negative impact on FDI's spillovers in manufacturing productivity.From the test results of FDI level spillovers,FDI has a positive horizontal spillover of manufacturing productivity and technical efficiency through horizontal correlation,which has produced a negative horizontal spillover of technological progress.The market system and foreign investment incentives have significantly positively adjusted the level of FDI's spillovers in manufacturing productivity and technological progress.From the test results of FDI forward technology spillovers,FDI has produced a negative forward technology spillover of manufacturing productivity and technological progress,and a positive forward technology spillover of technical efficiency.The market system and foreign investment encouragement policies are positively regulating the forward spillover of FDI on manufacturing productivity and technological progress;from the results of FDI to technology spillovers,FDI has a significant negative negative impact on manufacturing productivity and technological progress.It has a weak positive spillover effect on technical efficiency.The intersection of the market system and the backward spillover of FDI positively regulates the backward spillover of FDI on productivity and technological progress.The transfer of foreign investment incentive policies and FDI backward spillovers significantly promoted the backward technology spillover of FDI on technological advancement in manufacturing.The innovations of this paper are as follows:(1)This paper sorts out the influence mechanism of institutional factors on FDI technology spillovers,and empirically tests the impact of FDI technology spillovers on China's manufacturing productivity from the perspective of institutions,supplementing existing institutional factors for FDI.Literature on the impact of technology spillovers.(2)This paper decomposes FDI spillover into horizontal spillover,forward spillover and backward spillover.It examines the impact of institutional factors on these three spillover channels,and makes up for the shortcomings of the existing undifferentiated spillover channel research system. |
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