| The Belt and Road Initiative,which connects the booming East Asian economies with the mature European market,is currently a depression for international investment.The Report of the National Congress of the People’s Republic of China called for "high-level opening up".The government has actively responded to the Belt and Road Initiative and the strategy of opening up,and built a platform for international cooperation under the Belt and Road Initiative.It is an important way to realize the mutual promotion of domestic and international cycles by using reverse technology spillover formed by foreign direct investment(OFDI)to promote the high-quality development of domestic economy.With 30 provinces as sample regions and 45 countries along the Belt and Road as sample host countries,panel data from 2008 to2020 were used to analyze the impact of OFDI reverse technology spillovers on the total factor productivity(GTFP)of regional manufacturing.The mechanism and heterogeneity of OFDI reverse technology spillovers are discussed from the perspectives of technology gap,technology difference and technology absorptive capacity.Main research contents and conclusions: First,reverse technology spillover of OFDI in China is on the rise,and the incompatibility and difference between regions are gradually decreasing;The growth stability and growth ability of green total factor productivity in manufacturing industry are relatively strong,showing a stable growth trend on the whole.Secondly,OFDI reverse technology spillover can significantly promote the growth of GTFP in manufacturing industry.After the decomposition of manufacturing GTFP into green technology progress index and green technology efficiency index,it is found that OFDI reverse technology spillover has a significant promoting effect on both green technology progress and green technology efficiency,and the growth of green technology efficiency is the main source of GTFP growth.Thirdly,regional innovation capability plays a positive moderating role in the impact of OFDI reverse technology spillover on the growth of GTFP in manufacturing.Fourthly,the host country is subdivided into three types: technology-rich,resource-rich and market-rich.It is found that the technology spillover of China’s investment in technology-rich and resource-rich host countries significantly promotes the growth of manufacturing GTFP,while impedes the investment in market-rich host countries.Among them,the technology spillover effect on the technology-based host country investment is greater.Fifth,from the perspective of host country heterogeneity,the impact of OFDI reverse technology spillovers on GTFP of manufacturing industry also exists regional heterogeneity and industry heterogeneity.Specifically,technology-oriented OFDI reverse technology spillover has a significant positive impact on manufacturing GTFP in the central region,resource-oriented OFDI reverse technology spillover has a significant positive impact on manufacturing GTFP in the eastern and central regions,and it still inhibits the reverse technology spillover on investment in host countries with abundant market.In addition,the reverse technology spillover effect of technology-oriented and resource-oriented OFDI on GTFP growth of high-tech industries is greater than that of traditional industries.Based on the above analysis,the impact mechanism of reverse technology spillover on manufacturing GTFP is different in different types of host countries,so the degree of impact on the green development of manufacturing is also different.Therefore,20 big report of "high levels of opening to the outside world" under the direction of the actual foreign investment decisions should be combined with the host country resources endowment difference and manufacturing green development demand of the actual situation,this article suggest the following five aspects: first,the response country foreign investment strategy,form the further opening to the outside world.Second,formulate an innovation development strategy for the manufacturing sector,focusing on improving the efficiency of resource allocation of manufacturing enterprises,and effectively promoting the growth of green total factor productivity in the manufacturing sector.Third,give full play to the subjective initiative of enterprises in R&D and innovation,especially R&D investment and innovation investment,to promote the improvement of regional innovation ability.Fourth,pay attention to the difference of resource endowment in host countries and increase direct investment in technology or resource-rich host countries to promote high-quality development of manufacturing industry.Fifth,pay attention to the differences in regional and industrial development,promote the rationalization and efficient outbound investment of enterprises,and accelerate the promotion of regional and industrial differentiated investment policies and industrial differentiated investment policies.Possible innovations of the research: First,to explore the green development of manufacturing industry from the perspective of technology spillover,and to analyze the mechanism of OFDI reverse technology spillover on GTFP of manufacturing industry from the perspective of regional innovation ability,is helpful to further enrich and expand the research on outbound investment.Secondly,based on the difference of factor endowment,the host country is subdivided into three types: technology abundance type,resource abundance type and market abundance type.The research shows that the reverse technology spillover of different host countries has significant differences on the GTFP of manufacturing industry,and its impact also shows regional and industrial differences,which provides a useful reference for relevant departments to further improve the strategy of "differentiated investment".Third,manufacturing industry is the most important industry in the national economy,and also the industry with the most serious environmental pollution and resource consumption.In-depth research on the green development of manufacturing industry provides a useful basis for the government to further formulate the strategy of "sustainable green economic development". |
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