A Study On The Threshold Effect Of Technological Innovation Spillover Of Multinational Corporations On Technological Progress Of Domestic Enterprises In China

With the rapid flow of international capital in different countries,the technology spillover effect brought by foreign capital has become an important aspect of the learning and growth of local enterprises in host countries.However,in reality,not only the effect of innovation output in China is unsatisfactory,but also the overall technical level of domestic enterprises is low.This shows that the efficiency of China's utilization of foreign capital is low.How to improve the efficiency of China's utilization of foreign capital has become the focus of China's further opening up.Especially at present,the global strategic positioning of MNCs has changed.They regard the host country as an innovation node,and use the local resources and advantages of the host country to innovate in China to provide strategic support for the nationalization of R&D.Driven by the internationalization of R&D of multinational corporations,the knowledge spillovers received by host countries and the ways to use them have changed.Therefore,under the background that MNCs innovate in China with the host country as the innovation node,how can their innovation activities promote the technological progress of domestic enterprises?What is the promotion effect? It is of great practical and theoretical significance to clarify these problems.In view of this,this paper starts from the perspective of technological progress of local enterprises,combined with the relevant theories of international direct investment and technological progress,uses CSMAR database and Wind database to collect the A-share data of Chinese listed companies from 2010 to 2017,and through the panel threshold regression model and Stata analysis software,this paper discusses the impact of multinational companies' technological innovation spillovers on domestic enterprises The impact of technological progress.This paper finds that: first,there is an inverted U-shaped relationship between the technological innovation spillovers of MNCs in China and the technological progress of domestic enterprises;second,the research on the ownership nature of sub industries and sub enterprises shows that the non-linear relationship between technological innovation spillovers of MNCs in China and technological progress of domestic enterprises is heterogeneous,and there are optimal promotion intervals;thirdly,we separate the industries that pay attention to basic research.The results show that in the industries that pay attention tobasic research,the technological innovation spillovers of MNCs in China have always promoted the technological progress of local enterprises,and are increasing marginally;fourthly,further mechanism analysis shows that foreign competition and domestic imitation are isomorphic to the technological innovation spillovers and domestic capital of MNCs in China The inverted U-shaped relationship between technological progress of enterprises has a significant positive regulatory effect.Under the regulatory effect of regional intellectual property protection,the relationship between technological innovation spillovers of multinational companies in China and technological progress of domestic enterprises has changed from the original "inverted U" type to the "U" type nonlinear relationship.In a word,this paper puts forward the threshold effect of technology innovation spillover of multinational companies in China under the background of globalization.This threshold effect has important practical and theoretical significance for China's foreign capital utilization and technology learning of local enterprises.Moreover,the possible contributions of this paper lie in the following aspects.From the perspective of literature review,this paper studies the relationship between technology spillovers of multinational companies from the perspective of multi-level literature ? Second,from the perspective of research objects,the existing literature on how foreign technology spillovers affect the technological progress of domestic enterprises mostly focuses on the scale of foreign direct investment,while this paper takes the quality of foreign direct investment-Foreign R&D innovation investment as the research object,and reveals the impact of technological innovation spillovers of multinational companies in China on the technology of Chinese enterprises from the perspective of enterprise technological progress The unique significance of progress.Thirdly,from the research conclusion,this paper proves for the first time that foreign competition and domestic imitation isomorphism as well as regional intellectual property protection have significant moderating effects on the threshold effect between MNCs' technological innovation spillovers and domestic enterprises' technological progress.