| At present,China is in the critical period of moving from middle-and high-income countries to high-income countries.There is a possibility of falling into the “middle income trap ”.The key to China ' s crossing the middle-income trap is to achieve continuous technological progress by improving innovation capabilities.Realize industrial upgrading and increase the total factor productivity.One of the original intentions of reform and opening up is to improve China's innovation ability by introducing foreign capital and technology,to make up for China's capital and technology defects,improve production efficiency as well.However,after 40 years of development,the economic development and technical level of foreign investment have not changed substantially.From the perspective of regional,there are large regional development differences between regions,and the technology level also varies from area to area.As for the industry,most of China's advanced manufacturing companies still assume the role of the manufacturing chain with low value in the industry chain,rather than bringing high-profit R&D and sales.Based on the above facts,we can't help thinking about how foreign direct investment can improve China's regional independent innovation capability.Will the difference in regional contract quality affect the ability of FDI to enhance regional independent innovation? Does this effect have a threshold effect? If the answers are affirmative,what kind of mechanism does the quality of the contract cause FDI to generate such a technology spillover?Therefore,based on the threshold effect of contract quality,this paper studies the impact of FDI technology spillover on China's regional innovation capability under different contractual quality from the inter-provincial panel data of 31 provinces in China from 2008 to2016.The paper firstly combs the literature on innovation ability,FDI technology spillover and contract system.Secondly,it analyzes the current situation of China's use of foreign investment,contract environment and regional innovation capability,and then analyzes the theory that different contract quality affects FDI's technology spillover ability.Mechanism,finally establish the basic model of FDI technology spillover and the contract quality model toconduct empirical analysis to draw relevant conclusions and propose policy recommendations.The theoretical research finds that FDI will affect China's regional innovation capability,and the effect will vary with the quality of local contracts.The mechanism is that contract quality will affect the promotion effect of regional innovation capacity through the channels that affect FDI technology spillover,namely demonstration effect,competition effect and correlation effect.The reason for this mechanism is that there are different enterprise behavior mechanisms under different quality contract environment.Under the imperfect contract environment,there may be more opportunistic behavior in the market.At this time,the market operation can not achieve high efficiency,which is not conducive to the reduction of transaction costs,and then affects the investment activities and the willingness of foreign enterprises to invest in R&D,which ultimately leads to the decline of technology spillover to regional innovation capacity.Through empirical research,this paper concludes that contract quality,FDI,economic level,R&D investment and financial level are significantly positively correlated with innovation indicators.That is to say,the improvement of local indicators plays an important role in improving regional innovation ability.Enterprises need to accumulate certain elements to improve innovation ability.In addition,through threshold regression,we find that the effect of contract quality has a threshold effect.When the first threshold is not reached,the promotion effect is not significant,and between the first and the second threshold,the promotion effect is the strongest,and after crossing the second threshold,the promotion effect will begin to weaken. |
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