Research On The Multidimensional Distance,Organization Learning And Reverse Technology Spillover Effect Of Chinese Enterprises OFDI

With the implementation of the "going-out" strategy,the outward foreign direct investment(OFDI)amount of our country has been steadily increasing year by year,so the spillover effect of foreign direct investment has become the core issue of scholars.China,as a developing country,has a weak technical foundation,and the core technology of most industries has not yet achieved a breakthrough.Therefore,it is of great strategic significance to carry out OFDI in order to narrow the gap with the advanced level of the world and achieve technological catch-up.However,the relevant literature suggests that there is an inconsistency in the studies of the country,and the main focus is on the macro level,and it's not directly focused on microenterprises.Foreign scholars' research on OFDI reverse technology spillover effect is relatively early and comprehensive,and almost unanimous conclusion is that it is believed that OFDI reverse technology spillover has a certain promoting effect on the improvement of the technical level of the home country,but their conclusion is based on the developed countries,which is not necessarily in line with the actual situation of China.It require us to start from that microsphere of the enterprise and deeply research the spillover effects of the technology of China's external direct investment.In this background,this paper which is based on the enterprise level,on the basis of the analysis of previous literature,using propensity score matching(PSM),and other empirical analysis.First of all,we constructs the matching vector and Logit model to verify the existence of the spillover effect of OFDI reverse technology in China.The multi-dimension distance(institutional distance,cultural distance,geographic distance and economic distance)is used as the independent variable,and the total factor productivity of the enterprise as the dependent variable.Secondly,the method of linear regression is used to prove that whether multidimensional distance has an effect on reverse technology spillover effect.To determine their relationship,a Hansen nonlinear threshold model is further used to measure the threshold value of the multi-dimensional distance and perform the inspection.Finally,we take the organizational learning into the model,and discuss the role of the organization in the process of the reverse technological spillover effect of the Chinese corporation.Based on the empirical analysis herein,the main conclusions are drawn as follows:(1)OFDI reverse technology spillover effect does exist.Using PSM to exclude "self-selected" effects,it's a higher level of productivity than non-OFDI enterprises,which shows that corporations can be able to get the advanced technology knowledge back to the parent corporation through cross-border investments;(2)it has been found that multidimensional distance has an influence on the overcurrent effect of OFDI reverse technology,in which the institutional distance and economic distance have a promote effect,and the geographical distance and the cultural distance retard the generation of the OFDI reverse technology spillover effect,but the economic distance is less effective;(3)the multidimensional distance on OFDI reverse technology overflow effect exists nonlinear threshold effect.Among them,the cultural distance has a single threshold effect,and the institutional distance,geographical distance and economic distance have double threshold effect;(4)organizational learning can be divided into two categories: exploitative learning and explorative learning.Exploitative has a positive regulating effect on institutional distance,cultural distance and geographical distance,while explorative learning can negatively regulate the institutional distance and cultural distance of the system.Based on the theory and empirical analysis,this paper suggest: at the national level,we should encourage transnational corporations to make foreign direct investment,and establish a diversified cooperation mechanism,in order to actively promote the construction of “the Belt and Road”.At the enterprise level,the enterprise should attach importance to organizational learning capability,so as to reduce the adverse impacts of "outsider disadvantages" by exploitative learning and explorative learning.The innovation of this paper is: firstly,it breaks the limitation of single distance,and integrates the institutional distance,cultural distance,geographical distance and economic distance into the model,considering the threshold effect,and deeply explores the influence of multi-dimensional distance on the spillover effect of the OFDI reverse technology of China's enterprises;Secondly,it demonstrates the influence of organizational learning on the spillover effect of OFDI reverse technology in Chinese enterprises.