| With the deepening of economic globalization,multinational companies with their own technology,capital and information advantages have gradually become the main force to drive the world economic development and techno-logical progress through the direct foreign investment which promote the host country's economic growth and industrial progress,especially for the develop-ing countries' economic growth and industrial development,etc.The direct in-vestment from foreign companies is very significant.It's not only bridging the funding gap,more important,the transformation of advanced knowledge and technology will contribute to the FDI technology spillover effect.As our coun-try's strategic pilot industry,high-tech industry is main engine for the economic development.So,focusing on the development of high-tech industries is obvi-ously significant to enhance our international competitiveness.However,the high-tech industries established late in our country.And comparing with west-ern developed countries' matureness,our high-tech industries are still in the phase of absorbing and imitating the advanced knowledge and technology from other countries.From this point of view,it is urgent and realistic to pay atten-tion to whether the domestic companies can fully take the advantage of FDI spillover effect from the foreign companies.This paper analyzes the FDI technology spillover effect on high-tech in-dustries,and considering the absorptive capacity and financial development as threshold variable,discusses their influence on FDI.According to these,this paper proposed the Threshold Effect hypothesis of FDI technology spillover.In the empirical test,firstly,indexed the high-tech industries' technological pro-gress by the whole factor productivity which is measured by DEA-Malmquist method.Secondly,based on the theoretical analysis,a panel threshold model with absorptive capacity and financial development as the threshold variable is established.And this model is tested by the provincial panel data of high-tech industries from 2003 to 2014.The empirical results show that both the absorp-tive capacity and the financial development have a "threshold effect" for the spillovers of FDI in high-tech industries.There are two thresholds in economic development,human capital and R&D investment which are the indicators of the absorptive capacity.When the economic development and R&D investment are less than the lower thresholds,respectively,the technology spillover effect of FDI is not significant.Once crossing this threshold,the spillover effect of FDI will be changed to positive,and the effect enhanced with the increase of them;And once human capital exceeding its higher threshold,the FDI technol-ogy spillover effect will be insensitive to it.There are also two thresholds for financial development,when it is between the thresholds,the FDI spillover ef-fect is positively sensitive to it,and once out of the range,it becomes insensi-tive.The divergences of absorptive capacity and financial development among different regions in our country,lead to a variety on the spillover effort of FDI.According to the different regional economic development and financial devel-opment stage,this paper proposes some policy recommendations to promote our country's high-tech industries to fully absorb the benefits of FDI technology spillover effect and drive the technological progress. |
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