The Influence Of Reverse Technology Spillover From OFDI On Innovation Performance Of Chinese Manufacturing Enterprises

China has unswervingly implemented the basic national policy of “Reform and Opening”,and has made great achievements for more than 40 years.Whether actively implementating the "going out" strategy or proposing the "Belt and Road" initiative,China is always seeking for win-win cooperation constantly in the process of deepening economic globalization.Actively participating in the wave of internationalization must not only attract foreign investment,but also take the initiative to invest abroad.Chinese companies have also firmly grasped the opportunities brought by globalization,strengthened their overall strength through foreign investment,and promoted the optimization and upgrading of the industrial structure.Facing the increasingly complex and profound international environment,the extent to which Chinese companies can make good use of reverse technology spillovers is the main practical significance of this paper.This paper first sorts out the domestic and foreign scholars' research on reverse technology spillovers of foreign direct investment and corporate innovation performance,then describes the development and current situation of China's foreign direct investment and corporate innovation performance,and tries to sort out conduction mechanism of reverse technology spillover.Traditional foreign direct investment theories cannot explain foreign direct investment in developing countries well,especially as this phenomenon becomes more common,so scholars had gradually come up with new theories to explain the foreign investment behavior of developing countries,mainly focusing on investment motivation.Domestic scholars have conducted some empirical research on the behavior of Chinese enterprises' foreign direct investment.Most of the research results have confirmed that China's foreign direct investment will obtain reverse technological spillovers.Scholars have used different indicators when measuring innovation performance,including R&D investment,number of patents,patent quality,and number of new products.Through the analysis of China's status quo,this paper finds that after the rapid growth,investment has gradually stabilized and rationalized,but there are still problems such as large regional differences between the east and the west.China's overall R&D investment is steadily increasing,and patent output is also rising.However there are still some shortcomings such as low research and development intensity.After that,this article further sorts out the transmission mechanism of reverse technology spillovers,and select a company cases for analysis.There are ways for reverse technology spillovers of foreign direct investment at the enterprise level and the industrial level.Mechanisms at the enterprise level,such as online learning and profit sharing,and mechanisms at the industrial level,such as model learning and industrial association,which not only affect companies in the same industry,but also upstream and downstream industries.After obtaining reverse technology spillovers,they can further affect corporate innovation.In the empirical analysis stage,this paper selects China's manufacturing enterprises with foreign direct investment behavior from 2015 to 2017 as the research object.It mainly builds the relevant models of the impact of reverse technological spillovers obtained by Chinese manufacturing enterprises' foreign direct investment on the level of corporate R&D investment and patent output.After conducting a panel-level regression test at the national level,further regression tests were conducted for the eastern region and the central and western regions to try to find the regional differences,then divide industries to verify the empirical results.The main conclusions are: the reverse technology spillover of foreign direct investment has a certain positive effect on the innovation performance of China's manufacturing enterprises,including significant positive effects on the level of R&D investment and patent output,but the latter has a smaller promotion effect;The reverse technology spillover of foreign direct investment in the eastern region also has a significant positive effect on the innovation performance of the company,but slightly higher than the national level;the reverse technology spillover of foreign direct investment in the central and western regions has an insignificant positive effect on the innovation performance of the company.Based on this,this article mainly gives suggestions on how to make better use of foreign direct investment.First of all,based on obvious regional differences,enterprises in the central and western regions should be more active in conducting foreign investment,while paying attention to the motivation and quality of investment to ensure that they can effectively absorb technology spillovers and achieve more efficient foreign investment.Secondly,the manufacturing industry is a technology-intensive industry,investing in a host country with a technological advantage is more likely to obtain reverse technological spillovers.The manufacturing industry should continue to expand foreign direct investment to fully absorb the technological advantages of developed countries,promoting the upgrading of domestic enterprises' technology,and also the upgrading of domestic industrial structure.In the end,China still needs a more open and transparent investment environment,giving more powerful policy support to private enterprises,further stimulating foreign direct investment in the central and western regions,and paying attention to the overall risk prevention of foreign direct investment.