Research On The Impact Of OFDI Reverse Technology Spillover On Yangtze River Economic Belt’s Independent Innovation

Under the increasingly severe constraints of global resources and environment,innovation and technological development has become the main characteristics and trends of international competition.China is in a critical period of the transformation between old and new driving forces.It is particularly important to change the driving force of growth and realize economic growth from factor and resource driven to innovation driven.Regional economy is an important foundation and space carrier of the national economic system.Therefore,paying attention to regional economic development and cultivating its new driving force is an inevitable requirement for it to serve the national strategic objectives and tasks.In this regard,all provinces must pay attention to the important feature of knowledge economy externality under the background of open economy,make good use of the spillover of international advanced technology and knowledge generated by foreign direct investment,international trade,promote the transformation and upgrading of industrial structure,enhance independent research and development,and accelerate the improvement of regional independent innovation ability.The Yangtze River economic belt covers 9provinces and 2 cities in China.It plays a leading role and affects the whole body.It is related to the overall situation of China’s strategic development.In 2019,the stock of foreign direct investment in the Yangtze River Economic Belt reached US $319.063 billion,accounting for 40.69% of the national stock of foreign direct investment;The number of patent applications authorized reached 1143100,accounting for 46.55% of the total national patent authorization.Both foreign direct investment and independent innovation of the Yangtze River economic belt show a rapid development trend,and the relationship between them has also attracted scholars’ attention.Therefore,taking the Yangtze River economic belt as the research object,it is of great theoretical and practical significance to explore the impact effect and path of OFDI reverse technology spillover on regional independent innovation,so as to effectively improve the independent innovation ability of the Yangtze River economic belt,and better serve the national overall strategy and achieve the goal of high-quality economic development.Therefore,this paper takes the Yangtze River economic belt as the research object,selects the panel data of 9 provinces and 2 cities from 2003 to 2019,and constructs the panel model and intermediary effect model.Focusing on the impact of reverse technology spillover of foreign direct investment in the Yangtze River Economic Belt on independent innovation,this paper makes an in-depth exploration on the following problems: can OFDI reverse technology spillover effectively improve the independent innovation ability of the Yangtze River economic belt? Are there differences in different watersheds? Are the innovation effects of OFDI reverse technology spillovers flowing to different host countries different? What mechanism does OFDI reverse technology spillover affect regional independent innovation? The answers to these questions are extremely urgent for China to deepening reform and opening up,improving regional independent innovation ability and realizing highquality economic development.Firstly,through the analysis of basic theories and existing literature,this paper summarizes the impact mechanism of OFDI reverse technology spillover on regional independent innovation,and then demonstrates it through econometric analysis.In the empirical study,using the panel data of the Yangtze River economic belt from 2003 to 2019.The two-way fixed effect model is used to study the impact of OFDI reverse technology spillover on the independent innovation of the Yangtze River Economic belt and different river basins.Furthermore,the investment host countries are divided into developed countries and developing countries,and the differences of the impact effects of OFDI Reverse Technology Spillovers on regional independent innovation are analyzed.In the aspect of mechanism test,this paper constructs the intermediary effect model,and studies the role of the rationalization of industrial structure in the process of regional independent innovation affected by OFDI reverse technology spillover.Finally,in order to further improve the research,the related variables are lagged by one period,and the measurement methods of dependent variables and intermediate variables are changed to test the robustness,so as to ensure the robustness of the empirical results.The main conclusions of this paper are as follows: First,OFDI reverse technology spillover has a significant positive impact on independent innovation in the Yangtze River economic belt,but compared with domestic R & D investment and financial development,the impact of OFDI reverse technology spillover is relatively small;Second,there is regional heterogeneity in the impact of OFDI reverse technology spillover on independent innovation in the Yangtze River economic belt.OFDI reverse technology spillover can promote the independent innovation of all river basins in the Yangtze River economic belt,the downstream region is the most significant,followed by the middle and upper reaches.OFDI reverse technology spillovers to developed countries can significantly improve regional independent innovation,while OFDI reverse technology spillovers to developing countries have a certain inhibitory effect on regional independent innovation;Third,in terms of intermediary effect test,the rationalization of industrial structure has some intermediary effects between OFDI reverse technology spillover and independent innovation in the Yangtze River economic belt.Finally,based on the conclusion of this paper,four suggestions are put forward: First,strengthen the top-level design and build a new pattern of opening to the outside world;Second,optimize the location distribution of OFDI and encourage technology seeking of OFDI;Third,pay attention to regional development differentiation and improve regional independent R & D investment;Fourth,promote the transformation and upgrading of industrial structure and accelerate the promotion of regional independent innovation.