Research On Spillover Effects Of FDI In Chinese Hotel Industry From The Perspective Of Total Factor Productivity

When China has become the world’s second largest country of absorbing foreign direct investment(FDI),the multinational hotel industry continues to expand in China,the social consumption structure is gradually transforming and upgrading,and the hotel industry’s supply-side structural reform is accelerating,evaluating the effectiveness of foreign investment in Chinese hotel industry over the past more than ten years comprehensively and deeply has important and far-reaching significance.Does the direct investment of the multinational hotel industry in China contribute to the development of Chinese domestic hotel industry in terms of the improvement of total factor productivity?What are the influencing factors of this process?Which path does the foreign-invested hotel affect the total factor productivity of domestic hotel industry?How to further improve the quality and efficiency of Chinese domestic hotel industry,so as to better adapt to the increasingly fierce international competition environment?In order to answer these questions,this thesis first sorted out the relevant research results of FDI spillover effects and summarized the channels,influencing factors,research perspectives of FDI spillover effects and the research progress of FDI in the hotel industry;Secondly,based on the classic theories related to FDI and combined with the hotel industry environment in China,this thesis constructed the theoretical analysis framework of FDI spillover effects in the hotel industry;Once again,in order to investigate the performance of FDI spillovers in the hotel industry,this thesis set up an empirical model with the total factor productivity of domestic hotels and its decomposition term as explained variables,the business income of foreign hotels as the core explanatory variable,average star level,human capital,financial development level,industry concentration degree and so on as control variables;Then,this thesis used non-parametric DEA-Malmquist index estimation,fixed effect model estimation and other analysis methods to conduct empirical analysis on FDI spillover effects of Chinese hotel industry.On this basis,this thesis introduced influence factor variables such as star level,ownership type and source of foreign capital to test the correlation between them and spillover effects;Finally,this thesis tested the stability and reliability of the the empirical analysis results by using three robustness test methods;endogenous control,considering hysteresis effect and winsorize.The empirical results show that:(1)The total factor productivity of domestic invested hotels in Chinese all provinces increased by 0.7%annually during the study periods,which was mainly due to the improvement of technical progress;(2)FDI in Chinese hotel industry has a significant negative intra-industry spillover effects.Further research shows that the negative hindering effects is mainly reflected in the restriction of technological progress.(3)There is a significant regional difference in the spillover effects of FDI in Chinese hotel industry.The spillover effects is negative in the western and northeastern regions,while it does not pass the statistical significance test in the eastern and central regions.(4)The domestic hotel star level,ownership type and technology gap have a certain degree of impact on the FDI spillover effects of hotel industry,while the impact of foreign capital source is not significant.In order to enhance the overall competitiveness and international influence of Chinese hotel industry,this thesis put forward some suggestions according to the results of the above empirical analysis:(1)Chinese domestic hotels should strive to cultivate their own absorption capacity,strengthen technological innovation and management innovation,gradually reduce dependence on foreign capital,curb the potential influence of brain drain,technology lock-in,market stealing and other negative "crowding out"effects,so as to make full and effective use of the transfer and diffusion effects of foreign capital in hotel industry;(2)The government should further optimize the business environment,adjust and optimize the investment scale and structure according to the development situation of different regions,so as to provide good foundation and guarantee for the full release of FDI spillover effects in the hotel industry.