| In recent years, with the accelerated pace of economic globalization and the government support of the strategy of "going out", more and more domestic companies begin to operate outward foreign direct investment (OFDI). According to economic statistics published by Ministry of Commerce in2009, the non-financial overseas investment by mainland investors has amounted to43.3billion dollars, an increase of6.5%year-on-year. In2010, the number has reached59billion dollars, with the growth of36.3%year-on-year. What’s more remarkable is that the OFDI taken by our domestic companies has presented the apparent characters of technology sourcing, such as building overseas research centers, having overseas science and technology intensive enterprises by M&A and so on. It is well known that our country has attracted plenty of foreign direct investment especially after1992, but the effect of improving the overall technology of our country become confused because of the crowing-out effect and the related reasons. So whether the technology sourcing OFDI, which is aimed to obtain advanced foreign technology, can offer another path to produce positive effect to our country’s technology level through technology spillovers is an important question we should think over and look into.Based on the above thinking, this paper carries out research according to the line of "theory analysis——practice analysis——empirical analysis conclusion and suggestion".There are four parts in this paper. In section I, the research background, main framework and possible innovation points are stated.Section Ⅱis the literature review. Based on plenty of related papers by researchers at home and abroad, this section summarizes in four directions:the theoretical investigation of technology sourcing OFDI; the transmission mechanism and influencing factors of reverse technology spillovers; and empirical study of the extent of reverse spillovers effect. According to the above classification, the paper puts forward new ideas critically. Section Ⅲ is mainly about the theory analysis. Based on the game theory model brought forward by Fosfuri&Motta (1999) and assuming the situation that neither developed countries invest nor export, this section discusses the possibility of operating technology sourcing OFDI without advantages. It is concluded that when the technology level is lower compared with the enterprises in developed countries, the domestic companies will invest abroad rather than other ways to serve overseas market in order to obtain the reverse technology spillovers. This conclusion can also be established even if the cost of export is zero. Other related findings are presented in this section too.Section Ⅳ is the part of practice analysis. Through summarizing the technology sourcing activities by some domestic companies, this section analyzes the change of technology sourcing OFDI characters in recent years.Section Ⅴ is the key part of this paper. Using time-series data for the period1985-2008and having China’s OFDI to10major countries as research objects, the existence of the reverse spillover effects of OFDI taken by our domestic companies is tested empirically. The results show that the reverse technology spillovers through OFDI are significant and robust. What’s more, the domestic R&D is still the most important source of our improving technological sophistication and the spillovers through the disembodied direct channel are significant too. In contrast, the technology spillovers through FDI are positive, but not so significantly. The role of import to TFP is negative and we explain why reasonably.Apart from above empirical analysis, through dividing the whole observations into three historical periods, the role of different channels of technology spillover in separate period is also examined. It demonstrates that OFDI become more and more important as a way of technology spillover in recent years, as well as the disembodied direct channel.According to the conclusions, Section VI puts forward some relevant suggestions. |
PDF Full Text Request