| In the era of knowledge economy,high-end technology and high value of scientific innovation ability are becoming the backbone power to climb the global upper value chains in outbound investment activities.Outbound investment based on technology-seeking motivation ushered in the golden age of rapid development,its reverse spillover resources(including the largest proportion of technical factors)are gradually considered as the " magic weapon " for the rapid development of investing countrie.Through the active use of advanced overseas technology,we can effectively boost domestic technological progress and economic restructuring especially the shortage of technology stocks in China.In recent years,the scale of OFDI is growing rapidly,the investment has started a major shift from labor-intensive industry into skill-intensive industry and regional structure has been optimized and upgraded.Under the initiative and guidance of the government,the pace of China’s "going golobal" has been steadily advancing,many enterprises have shifted domestic advantages of traditional industries,equipment manufacturing and emerging services to overseas,and overseas economic and trade cooperation zones also achieved initial success.As of 2015,20,200 domestic investors establish 30,800 foreign direct investment enterprises both abroad and outside the border which are distributed in 188 countries(regions).Outward investment flows in China are moving onto a fast-track of economic and social development.In the neo-classical theory of economic growth,technological progress is an important source of economic and social development,and the difference in the overall economic growth can be assumed as the level of technology between countries.The source of driving force to improve productivity caused by the technological progress is not entirely from home country,it can also be obtained through indirect channels from abroad.Advanced countries with core research technology are mainly concentrated in developed countries.Technology-seeking OFDI can provide technical channels that " Learning by Doing " for developing countries,such as China,which lack of technique and factors endowment advantage.China,as the largest country in the world,is in the crucial period of economic transformation,it can not rely solely on independent research and development to achieve technological innovation.It is necessary to make full use of external channels to acquire advanced technology and management experience,especially technology spillovers of outbound investment channel have a positive influence in promoting domestic technology progress.The theoretical model and the implementation mechanism of OFDI reverse technology spillovers and the absorptive factors are the cornerstones of this paper.Therefore,this article take these as a starting point,combined with the theory of absorptive capacity to explore.The construction of long-term benchmark model also uses the idea of endogenous growth model to reconstruct the theoretical model of technological progress with the technology spillover and absorptive capacity endogenous,and to refine the link of technology absorption,and to show the dynamic path of technological progress fully.On the basis of two benchmark models,this paper use the provincial panel data of 2004-2015 in China to examine and study the long-term and short-term effect of domestic technology progress brought by reverse technology spillover of technology-seeking OFDI.The results are as follows:firstly,regardless of the long or short term,the OFDI reverse technology spillover and the actual absorptive capacity all have played a positive role in technological progress,and expected agreement;for the control variable,foreign direct investment,the scale of government expenditure and the degree of economic nationalization play an opposite role on technological progress in long run and short run;secondly,potential absorptive capacity(including R&D intensity,human capital,financial development level and technology gap)also has a significant positive effect on inter-provincial technological progress in the long term.Further analysis pointed out that in the long run the actual absortive capacity formed by the variables of potential absorptive capacity combined with international technology spillove is greater than that of the short term in the degree of technical progress,except the level of financial development.Furthermore,in the long-term,the human capital exists the threshold effect,the reversed technology spillover of technology-seeking OFDI exhibit a positive effect when the value pass the lowest threshold.Finally,this thesis summarizes the above theoretical framework and empirical results,then put foward the practical policy recommendations on how to better go out to acquire global resources and international new technologies from the perspective of the government and the enterprise which are aimed at promoting domestic technological progress. |
