FDI Technology Spillover,Absorption Capacity And Economic Growth

In the context of economic globalization,with the rapid flow of international capital,Foregin Direct Investment(FDI),as one of the manifestations of long-term capital flow,has become an important carrier of international technology flow and transfer.By the end of 2018,China was still the country with the largest utilization of foreign capital in the world.With the continuous inflow of foreign direct investment,FDI has become an important driving force for promoting China's long-term capital flow and technological progress,improving the development level of China's technology and productivity,and forming FDI technology spillover.FDI technology spillover has an increasingly important impact on China's financial market development and economic growth.The central plains city group is the core growth pole for the implementation of the strategy of the rise of the central region and the promotion of the development of the central and western regions.The strategic positioning,policy orientation and geographical location with great advantages make the central plains city group have more opportunities to obtain more foreign direct investment.However,whether the central plains city cluster can make better use of foreign direct investment,so that its technology spillover effect has a positive impact on the economy of the central plains city cluster,and the impact of this technology spillover effect on the economy will be adjusted by those factors.This is the problem of this article.This paper firstly states the theories of FDI technology spillover effect,absorption capacity and endogenous economic growth from the perspective of theoretical analysis,which provides a theoretical basis for the analysis of the problem.Secondly,by analyzing the mechanism of FDI technology spillover effect on economic growth and the mechanism of absorption capacity on the relationship between FDI technology spillover and economic growth,it provides logical support for the research.Thirdly,by describing the economic development status,FDI development status and absorptive capacity influencing factors of the central plains urban agglomeration,the author makes qualitative and quantitative analysis of the regional economic development,capital flow and financial market.Finally,the paper from the empirical point of view,based on the Feder extension model,use of zhongyuan urban agglomeration 5 provinces 30 cities in 2004-2017 panel data to demonstrate the relationship between the FDI technology spillover effects on economic growth,and the introduction of absorption ability,by building a comprehensive index of absorptive capacity,and points the perspective of absorptive capacity of the secondary indicators and according to the characteristics of comprehensive investigation of zhongyuan urban agglomeration region,absorptive capacity of technology spillover of FDI and economic growth relationship adjustment.The empirical results show that(1)the central plains urban agglomeration of FDI technology spillover to present a significant role in promoting economic growth,but by rolling back to different years found that different years of technology spillover of FDI in promoting effect on economic growth is not the same,it shows that different periods of FDI technology spillover effects on the economic growth also accept other factors that influence its area.So we introduce absorptive capacity.(2)by building a comprehensive index of absorptive capacity,and found that the absorptive capacity of zhongyuan urban agglomeration was positively on the relationship between the technology spillover of FDI and economic growth to adjust action.However,through the detailed analysis of secondary absorptive capacity indicators,it is found that different absorptive capacities have their own characteristics in adjusting the direction and degree of the relationship between FDI technology spillover and economic growth.(3)In the basic absorption capacity,the level of infrastructure and financial strength have a positive regulating effect on the relationship between FDI technology spillover and economic growth in the central plains city agglomeration,but the positive regulating effect on the level of industrial agglomeration is not significant,which indicates that the central plains city agglomeration still has a short board in the aspect of industrial agglomeration.The basic manpower level,high quality manpower level and science and technology research level in science and technology absorption capacity have positive regulating effects on the relationship between FDI technology spillover and economic growth in central plains city clusters.In terms of market absorptive capacity,the level of opening to the outside world and the level of labor wages have a positive regulating effect on the relationship between FDI technology spillover and economic growth in the central plains city cluster,but the level of financial market has a negative regulating effect,which indicates that the financial market development in the central plains city cluster is not perfect.Finally,according to the research conclusion of the paper,the corresponding policy Suggestions are put forward.