Research On China's OFDI Reverse Technology Spillover,Home Country Technology Progress And Its Threshold Effects

With the strategy of “going out ”and “the Belt and Road” initiative into practice,China is turning into a focus on absorbing FDI and OFDI rather than absorbing FDI before,especially in the situation of the rapid development of OFDI,and the technology acquisition has become the major investment motive.How to make OFDI to promote technological progress has become the focus of attention from all walks of life.Therefore,it is necessary to explore the influencing factors and regional differences of OFDI reverse technology spillover effect in order to provide better guidance for practice.Based on the inter-provincial panel data of China from 2003 to 2016,this paper constructs a regression model of international R&D spillover based on C-H model and L-P model,tests the spillover effect of China's OFDI reverse technology,and analyzes its impact on TFP from the perspective of R&D spillovers(domestic R&D capital stock,import-induced R&D spillover,export-induced R&D spillover,ofdi-induced R&D spillover,and human capital).The results show that: from the perspective of the whole sample,China's technological progress at this stage mainly depends on domestic R&D capital stock and human capital,and the technology spillover through OFDI has positive but not significant improvement in TFP,indicating that it has not yet become the main channel for China to acquire technology.From the perspective of sub-samples,there are regional differences in the impact of OFDI on TFP.At present,OFDI reverse technology spillover effect occurs in eastern and central regions.On this basis,this paper using the threshold panel model to further analyze the threshold characteristics of the absorption capacity of OFDI reverse technology spillover,from the perspective of provincial technical progress.The research shows that human capital,openness,and economic development have significant impact on reverse technology spillover,and when the regional indicators reach a certain threshold,the impact will lead to a positive OFDI reverse technology spillover.