Study On The Impact Of Two-way Direct Investment On Regional Technology Innovation In China

The report of the Nineteenth National Congress of the Communist Party of China stated that it is necessary to focus on the construction of the “Belt and Road”,adhere to the importance of “introducing” and “going out”,follow the principles of mutual consultation,joint construction and sharing,and strengthen innovation and open cooperation.This fully affirms the important role of international investment channels in improving a country's technological innovation capabilities.Over the past decade or so,China's foreign direct investment and foreign direct investment have developed very rapidly and have achieved remarkable results.As the world's largest developing country,China now has the dual identities of the host country and the investment country.More closely,with the vigorous development of two-way direct investment,how does two-way direct investment affect China's technological innovation? It is a problem that deserves attention.Most existing literature discusses the impact of FDI or OFDI on technological innovation from an independent perspective.To this end,try to put FDI and OFDI into the same framework,systematically examine the impact and role of FDI and OFDI combined two-way direct investment on technological innovation at the regional level in China,and then put forward specific countermeasures and recommendations under the goal of promoting the improvement of technological innovation.First,based on the review of relevant literature,try to clarify the mechanism of two-way direct investment on China's technological innovation.Secondly,combined with the analysis of the development status of China's two-way direct investment and technological innovation,the research hypothesis is put forward.Then,using the 2007-2017 Chinese inter-provincial panel data,the interactive effect of FDI and OFDI is tested,a coupling model is established,and the interactive development level of two-way direct investment is estimated.Finally,the interactive development level of two-way direct investment is taken as the core explanatory variable,and the number of patent application authorizations is taken as the explained variable.At the same time,control variables such as R&D investment are added to construct a spatial panel model to empirically test the effect of two-way direct investment on technological innovation.The study found:(1)The regional distribution and industry distribution of FDI and OFDI in China are unreasonable;(2)There is an interactive effect between FDI and OFDI.FDI and OFDI promote each other and coordinate development,and the level of interactive development of two-way direct investment among Chinese provinces,districts and citiesGood,most of the provinces have higher values;(3)Technological innovation is dependent on spatial distribution,and gradually strengthens with time,and technological innovation has formed two different clustering areas in spatial distribution: one is With Shanghai as the center,the high-level technological innovation space cluster area formed with the surrounding Yangtze River Delta region and other eastern coastal provinces,the other is centered on Gansu Province and Qinghai Province,and with neighboring Xinjiang,Ningxia,Yunnan,Inner Mongolia and other western provinces and districts composed of low-level technological innovation spatial cluster areas;(4)Through the coordinated development of FDI and OFDI,the promotion effect of FDI and OFDI on technological innovation is maximized,and the negative impact is minimized to improve China's technological innovation capability.The coordinated development of two-way direct investment not only has a positive effect on technological innovation in the region,but also can promote the improvement of technological innovation capabilities in the surrounding areas,the positive spillover effect is obvious;(5)The positive spillover effect of inter-regional technological innovation is significant.The improvement of the level of technological innovation has a positive effect on the improvement of technological innovation capabilities in the surrounding areas;(6)The impact of R&D labor investment and R&D capital investment on the region's technological innovation capacity is significantly positive,and the regression coefficient of the spatial lag item of R&D capital investment is significantly positive.According to the research results,around how to improve the level of technological innovation,the introduction of foreign capital and targeted foreign direct investment from a high level,increase R&D labor and R&D capital investment,strengthen inter-regional technical innovation exchanges and cooperation,improve and improve intellectual property protection,etc.Recommend countermeasures.