Research On Reverse Technology Spillover Of Manufacturing OFDI Based On Entry Mode

Manufacturing is the lifeblood of China’s industrial economy.Since 2010,the added value of China’s manufacturing industry has ranked first in the world for 12 consecutive years.At the present stage,it is an important strategy for national development to develop Chinese manufacturing into Chinese "intelligent" manufacturing,etc.Therefore,it is crucial to carry out technological innovation in manufacturing industry.In the open economic environment,to improve the technical level of the manufacturing industry,in addition to independent innovation,we also need to rely on the reverse technology spillover of foreign direct investment.How to improve the effect of reverse technology spillover through OFDI,the choice of overseas investment entry mode has a great impact on it.Therefore,it is of certain theoretical and practical significance to study the differentiated impact of different entry modes on the reverse technology spillover effect of manufacturing enterprises,and for manufacturing enterprises to better choose the overseas investment mode.This paper takes Chinese manufacturing enterprises as the research object,distinguishes different OFDI modes,and studies the influence of their choice on their reverse technology spillover.Main research contents are as follows: first,combing the summary of foreign direct investment into the mode and foreign direct investment reverse technology overflow literature.Secondly,the current situation of Chinese manufacturing enterprises in terms of investment scale,industry structure,and investment subject is discussed.Thirdly,the differentiation analysis of the reverse technology spillover mechanism in the three stages is conducted from the perspective of different entry modes,and based on the difference of technology level and ownership nature of manufacturing enterprises,the difference of reverse technology spillover effect under different entry modes is analyzed,and relevant hypotheses are put forward.Fourthly,the total factor productivity of manufacturing enterprises is calculated based on the SFA method,which provides the explained variables for the empirical analysis.Fifth,the propensity score matching method(PSM)was used to successfully match the manufacturing enterprises without investment for the manufacturing enterprises implementing cross-border mergers and acquisitions and greenland investment as the control group,and the reliability of the matching results was verified by balance test.On this basis,build double difference model(DID)empirical analyzes the different foreign direct investment into the mode of manufacturing enterprise total factor productivity differences,and further explore under the condition of different technical level and different ownership conditions,the choice of the difference of the total factor productivity.Finally,the empirical results were tested for parallel trend testing and robustness testing.Through the analysis and demonstration of the whole text,the following conclusions are obtained: First,cross-border mergers and acquisitions and greenland investment can enable manufacturing enterprises to obtain reverse technology spillover.Second,after the overall mechanism analysis and empirical analysis of manufacturing enterprises,it is found that cross-border merger and acquisition can obtain more technology spillover than greenland investment mode.Thirdly,after the mechanism analysis and empirical analysis of the classification of manufacturing enterprises,it is found that:(1)If the manufacturing enterprises choose cross-border mergers and acquisitions to participate in overseas investment,the reverse technology spillover effect of low-technology manufacturing enterprises in high-tech manufacturing enterprises is good;if the manufacturing enterprises choose the greenland investment method to enter the host market,there is no significant difference in the reverse technology spillover between high-tech manufacturing enterprises and low-tech manufacturing enterprises.(2)If the manufacturing enterprise chooses cross-border foreign direct investment,the reverse technology spillover effect of non-state-owned enterprises is better than that of state-owned enterprises;if the manufacturing enterprise chooses greenland investment mode,the reverse technology spillover effect of state-owned enterprises is better than that of non-state-owned enterprises.Finally,according to the research results,this paper puts forward policy suggestions on how to better use the external direct investment model to improve the reverse technology spillover effect of Chinese manufacturing enterprises.At the enterprise level,It is suggested that technology-seeking enterprises and enterprises sensitive to technological innovation should adopt more cross-border mergers and acquisitions when investing abroad.Non-technology-seeking and insensitive to technological innovation enterprises can rationally choose the appropriate entry mode on the basis of considering the costs,benefits and risks.At the government level,the government should encourage manufacturing enterprises to actively conduct foreign direct investment,increase support for innovation of manufacturing enterprises,establish perfect investment guarantee system for overseas investment of manufacturing enterprises.