| China has actively took part in the international division of labor and has become a major manufacturing country with global influence.However,it is still in the low-end position in the global value chain system.Break “low-end lock-in” and realize the transformation from large to strong and from scale cost advantage to quality benefit advantage is inseparable from the inherent drive and strong support of technological innovation.With the implementation of the "going out" strategy,China’s OFDI has seized development opportunities and achieved development,actively driving the cross-border flow and optimal allocation of international R&D resources,have become one of the important ways to proactively acquiring technology and promoting technological innovation.How to better use the role of China manufacting OFDI in promoting technological innovation has important practical significance,is also a focal issue that academia and enterprises are genenally concerned and need to be solved urgently.The article uses industries with different factor intensiveness as the starting point to study the impact of manufacturing OFDI on technological innovation,try to answer the following questions: Why can OFDI affect technological innovation? How does China’s manufacturing OFDI affect technological innovation and what are the constraints? Are there differences in industries with different factor intensiveness? Therefore,first,construct a mathematical model to explain the activity of technology backward companies acquiring advanced technology through OFDI.The analysis found that even if technologically backward companies do not have specific advantages themselves,they still choose to invest directly abroad due to existence of technology spillover effects.Secondly,discuss the mechanism and constraints of OFDI’s influence on technological innovation.Thirdly,this article based on the data of 29 major categories of China’s manufacturing industry from 2003 to 2018,comprehensively uses the revised international R&D spillover regression model,intermediary effect model and threshold regression model to empirically test the influence of OFDI on technological innovation,the mechanism of OFDI’s influence on technological innovation,the constraint conditions of OFDI’s technological innovation effect.Finally,based on the main conclusions drawn from the previous analysis,corresponding policy recommendations are put forward.Through above analysis,this article draws following conclusions:First,manufacturing OFDI can promote technological innovation significantly.Manufacturing OFDI can promote domestic technological innovation steadily,there are industry differences.Among them,the capital-intensive industry OFDI has the most prominent role in promoting technological innovation,followed by technology-intensive industries,the smallest is labor-intensive industries,when international R&D obtained from OFDI incease 1unit,technological innovation measured by patent application will increase 0.462,0.263 and0.178 percentage points respectively.Second,manufacturing OFDI promotes technological innovation through technology spillover,acquisition,transfer,absorption,digestion and re-innovation.Manufacturing OFDI realize technology transfer through personnel exchanges,R&D cooperation,and resource sharing etc.,help to promote technological innovation;assimilate and re-innovate acquired technologies through high-quality human capital to facilitate technological innovation.From the results of mechanism test,the mediating effect of technology transfer and technology absorption and re-innovation account for 64.51% and 12.24% of the total effect,it means effect of technology transfer is best effective.Each mechanism has certain differences in different factor-intensive industries.Among them,the mechanism of technology transfer,technology absorption and re-innovation has the largest mediating effect on technology-intensive industries.Third,the technological innovation effect of manufacturing OFDI is affected by constraints which included degree of openness,human capital,R&D investment,and financial development level.When above constraints cross a certain threshold or within a certain threshold range,the effect of OFDI technology innovation can be fully and effectively brought into play.From the results of the threshold effect test,as the level of human capital and R&D investment continues to increase,it will play a more active role in the development of OFDI’s technological innovation effect;when the degree of openness and the level of financial development are within a certain threshold,the positive impact can be exerted to the greatest effect.Various constraints have certain differences in different factor-intensive industries.Among them,the level of financial development has the greatest impact on the OFDI technology innovation effect in labor-intensive industries,the degree of openness has the greatest impact on the technological innovation effect of OFDI in capital-intensive industries,the human capital and R&D investment have the greatest impact on the technological innovation effect of OFDI in technology-intensive industries.Based on the research conclusions,the following policy recommendations are put forward:First,encourage manufacturing to invest in high-tech countries,and effectively utilize international R&D resources;Second,enhance the embedding capabilities of foreign-invested enterprises overseas to facilitate technology transfer;Third,focus on the training of professional talents and increase R&D investment to enhance the ability to absorb and re-innovate acquired technologies;Fourth,differentiate implementation of investment strategies and policy support to optimize the effect of technological innovation;Fifth,create a good financial environment and release the reverse technology spillover effect of overseas investment. |
PDF Full Text Request