Technological Progress Effect Of OFDI

Reverse technology spillover of OFDI is an important way of domestic technology progress.On macro perspective,the implementation of "going out" strategy brings acceleration of outward foreign direct investment,and also improves the production efficiency of enterprises.On micro perspective,since the government encourages various participation in outward foreign direct investment,non-state-owned enterprises continuously expanded their invest scale,and many enterprises won the benefits of reverse technology spillover.However,the investment scale and the overall technology import level of Chinese enterprises are still inefficient,and there is a lot of room for improvement.Therefore,at the time of the 40th anniversary of Chinese economic reform,and under the condition of the continually advancing foreign investment strategy,further discussion of the effect of outward foreign direct investment on technology of domestic enterprises has extremely important practical significance.To study the technology improvement effect of outward foreign direct investment on domestic enterprises,scholars has,based on different assumptions,put forward many theories,including the "Ownership Internalization Location theory",technology seeking theory,reverse technology overflow theory,and the technology absorb theory.However,these theories focous mainly on the macro scope and lacks the revealing of the microscope mechanism of OFDI.And the reasearches on the productivity effect theory is still in its initial stage.Therefore,it is of great theoretical significance to study the domestic technology improvement effect and its microscopic mechanism of OFDI.In the context stated above,this thesis focuses on solving three problems:the existence of OFDI reverse technology spillover;the mechanism of this spillover;and the influence of heterogeneity to this spillover.This thesis studies the domestic technology improvement effect and its microscopic mechanism of OFDI according to three hierarchical:existence-regulating mechanism-heterogeneity regulating,which are based on the macro and micro characteristics of China's outward direct investment.In particular,"existence" refers to whether there is a reverse technology spillover effect of OFDI on domestic technology progress at the macro and micro level "Regulating mechanism" refers to whether the human and material capital stock of home country and parent company have regulating mechanism on the two effects referred above.Regulating mechanism study helps to build the path of domestic technology improvements and path of parent company productivity improvements."Heterogeneity regulating" means,enterprises in China have heterogeneities in ownership and investment mode,so separate paths of parent enterprises' productivity promoting effect should been built in order to discuss the effect of enterprise heterogeneity on the reverse technology effect of OFDI.In the light of this framework,the thesis starts with a background study and a document review.On the basis of this review,the thesis uses Romer's endogenous technological progress framework to construct the model of China enterprises' OFDI technology progress and the model of heterogeneous technology progress.The thesis also brings out the mechanism of parent company productivity improvement drawn by heterogeneous enterprises' OFDI.Whith the study of model and mechanism,the thesis uses the method of empirical study to test the technology progress effect of OFDI,to test the parent company productivity effect of different ownership body,and to test the the parent company productivity effect of different OFDI mode.In the end,the thesis puts forward the policy enlightenment and the possible future research directions.According to the research of this thesis,main conclusions are as follows:(1)China's foreign direct investment promote home technology progress by reverse technology overflow.Domestic human capital and R&D capital play regulating roles in this process.(2)On micro level,there exists the productivity effect of the company's outward direct investment,and the parent company's human capital and material capital stock have a moderating effect on the productivity effect on OFDI.(3)Enterprises with different ownerships have different OFDI productivity effect.The effect of human capital adjustment and financing capacity of state-owned enterprises is better than that of non-state-owned enterprises.(4)There are differences in OFDI productivity improvement effects between Greenfield investment and M&A.Greenfield investment calls for a long construction period and a large amount of capital,which will lead to lagged effects of productivity improvement on parent companies.Meanwhile,M&A calls for a strong integration ability,and the improvement of the parent company's productivity depends on the result of M&A integration.The main contribution of this thesis are as follows:Firstly,the thesis supplemented the macro path of domestic technology improvement of OFDI.This thesis interprets reverse technology overflow path as four mechanisms:reverse technology transfer,research achievements feedback,R&D capital share and R&D talent flow.Using empirical research,the thesis examines these four types of mechanism.Similarly,we interprets domestic absorption effect as two parts:human capital absorption and R&D capital absorption,and the thesis examines the effects of these two absorption mechanisms respectively.Secondly,the thesis builds the micro mechanism of parent company productivity effect brought by OFDI.With the existence test of micro reverse technology overflow,the thesis compares the human capital stock and financial capacity of companies with heterogeneous ownership and investing mode.Based on this,the thesis constructed micro mechanisms of heterogeneous parent companies'OFDI.The mechanisms are examined by empirical researches.Thirdly,the thesis deduces the macro and micro model framework of outward foreign direct investment,and constructs the heterogeneity microscopic mechanism.Based on the Romer model of endogenous technology progress,the thesis constructes a domestic technology progress model of OFDI in an open environment.We also constructed a domestic enterprises productivity improve model with heterogeneity by joining enterprise heterogeneity of human capital and material capital.Furthermore,this thesis also constructs the theoretical framework of outward foreign direct investment of heterogeneous enterprises,and provides a mechanism for the theory of productivity effect of OFDI on heterogeneous enterprises.