【作者】 曾杰；

【导师】 徐坡岭；

【作者基本信息】 辽宁大学 ， 世界经济， 2021， 博士

【摘要】 20世纪90年代以来,经济全球化趋势不断加强,国际经济交往日益紧密,随着对外直接投资快速发展,其所产生的逆向技术溢出效应被逐渐关注。“入世”以来我国对外开放水平不断提升,随着国家“走出去”战略不断深入推进,中国企业开始加速布局海外市场,对外直接投资(OFDI)迅速增长(1),2019年中国对外直接投资流量为1369.1亿美元,已经多年位列世界第2位。2002—2019年间中国对外直接投资增长了50倍,年均增长速度高达26%(2),远超全球平均水平。企业通过向发达国家直接投资,可以获取更加先进的技术、人力资本、管理经验等研发资源,并传导回母国,实现母国技术进步。因此,对外直接投资已成为我国参与经济全球化的重要方式,可借此突破技术瓶颈,提升我国在全球价值链中的地位。技术进步和知识积累对于一国经济增长发挥着重要驱动作用,知识经济时代一个国家只有具备较强的创新能力,才能提升自身的核心竞争力。我国经济经过多年快速发展,综合国力已经显著增强,但是在研发投入强度和万人专利拥有量等科技创新指标上和发达国家依然有一定差距。在经济新常态时期,迫切需要提高技术创新能力,实现由要素驱动向创新驱动转变,才能有效提升经济增长质量。而对外直接投资作为经济新常态下的外向型引擎,应充分释放逆向技术溢出效应的巨大潜能。发达国家是先进技术的来源国,本文主要研究中国对发达国家直接投资的创新效应问题,从宏观和微观视角进行实证分析,解答中国对发达国家直接投资对技术创新的作用效果如何以及有哪些影响因素,对于为国内经济发展寻找新动能,指导中国企业通过对外投资实现技术升级具有重要意义。本文采用实证研究法、比较分析法和规范分析法等多种分析方法,遵循理论基础、现状分析、机理分析、实证分析、结论建议的研究思路,深入具体地研究了中国对发达国家直接投资的技术创新效应问题。从结构安排来看,本文共分为七章。第一章是绪论,主要介绍论文的选题背景和意义、国内外研究现状、各部分主要内容、研究方法及主要创新点和不足。第二章是理论综述,明确界定几个关键概念,阐述发展中国家对外直接投资理论、技术进步和技术创新理论、国际技术溢出理论以及企业异质性理论。第三章是中国对发达国家直接投资概述,包括中国对外直接投资的总体特征,中国对发达国家直接投资的现状和面临的新形势。第四章是OFDI促进母国技术创新的机理与影响因素,从微观、中观、宏观三个层面阐述机理,从母国和东道国两个角度阐述影响因素,最后以华为公司为例进行案例分析。第五章从宏观视角对中国向发达国家OFDI的技术创新效应进行实证分析,包括母国吸收能力视角和东道国视角两部分内容,母国吸收能力视角的分析包括总体检验和门槛特征检验。第六章从微观视角对中国向发达国家OFDI的技术创新效应进行实证分析,阐述了中国企业对发达国家OFDI的特征,并进行企业异质性分析。然后对企业OFDI促进技术创新效应进行实证检验,包括初始检验,动态效应检验,异质性投资动机检验和异质性进入模式检验等几个方面。第七章为结论和建议,对全文的研究结论进行总结,并提出政策建议。本文得出如下几点研究结论:(1)中国对外直接投资发展迅速,但投资行业集中度较高,区位分布不均衡。对发达国家投资比重过低,但投资增速很快、区域集中。近几年发达国家加大外商投资审查监管力度,中资企业OFDI面临更大阻力。(2)中国对发达国家直接投资对母国技术创新的机理,主要通过企业微观、产业中观和国家宏观三个层面进行传导。(3)从宏观视角实证检验,结果表明中国对发达国家OFDI对国内技术创新的促进作用显著为正,远高于对发展中国家OFDI的促进作用。OFDI促进技术创新的母国吸收能力存在门槛效应。东道国的技术差距、经济发展水平、制度环境、研发支出和技术创新能力等影响因素,与对发达国家OFDI逆向技术溢出效应都呈现出显著的正相关关系。(4)中国A股制造业上市公司中,对外投资占比为40%,其中61%投向发达国家。在研发投入、盈利能力和创新能力三方面,向发达国家OFDI企业均强于向发展中国家OFDI企业和非OFDI企业。(5)从企业微观视角实证检验,采用基于倾向得分匹配的双重差分法(PSM-DID),结果表明企业对发达国家OFDI对技术创新的促进作用显著为正,但技术寻求型企业获取的技术创新效应优势不明显,说明从发达国家获取到的先进技术很有限。动态效应呈先上升后下降的“倒U型”趋势,采用绿地投资模式的企业获取的技术进步要明显高于采用并购投资的企业。更多还原

【Abstract】 Since the 1990 s,the trend of economic globalization has been strengthened and international economic exchanges have become increasingly close.With the rapid development of outward foreign direct investment,the reverse technology spillover effect has been paid more and more attention.Since China’s entry into the WTO,the level of its opening-up to the outside world has been constantly raised.With the deepening of the national "going out" strategy,Chinese enterprises began to accelerate the deployment of overseas markets.OFDI has been growing rapidly,with China’s foreign direct investment flows reaching US $136.91 billion in 2019,ranking second in the world for many years.In 2002--2019,China’s foreign direct investment rose 50 fold,with an average annual growth rate of 26%,well above the global average.Through direct investment to developed countries,enterprises can obtain more advanced technology,human capital,management experience and other R&D resources,then transferring them back to their home countries to achieve technological progress in their home countries.Therefore,foreign direct investment has become an important way for China to participate in economic globalization,and to break through the technical bottleneck,enhancing China’s position in the global value chain.Technological progress and knowledge accumulation play an important driving role in a country’s economic growth.In the era of knowledge-based economy,only a country with strong innovation ability can enhance its core competitiveness.After years of rapid economic development,the Comprehensive National Power has been significantly strengthened.However,there is still a gap with developed countries in the indicators of scientific and technological innovation,such as R&D investment intensity and patent ownership of per10000 person.In the new normal period of economy,it is urgent to improve the ability of technological innovation and realize the transformation from factor-driven to innovation-driven,so as to effectively improve the quality of economic growth.As an export-oriented engine under the new normal state of economy,OFDI should fully release the great potential of reverse technology spillover effect.Developed countries are origin of the advanced technology.This paper focuses on the innovative effects of Chinese direct investment in developed countries.Therefore,this paper focuses on the effects of China’s direct investment in developed countries on technological innovation,makes an empirical analysis from the perspective of macrocosm and microcosm,to answer the question of how China’s direct investment in developed countries affects technological innovation and what factors affect it,and to seek new impetus for the development of the domestic economy,it is of great significance to guide Chinese enterprises to upgrade their technology through overseas investment.This paper adopts the methods of Empirical Research,Comparative Analysis,Canonical analysis and follows the research ideas of theoretical basis,current situation analysis,mechanism analysis,empirical analysis and conclusion suggestion,the effect of China’s direct investment in developed countries on technological innovation is studied in detail.From the point of view of structural arrangement,this paper is divided into seven chapters.The first chapter is the introduction,which mainly introduces the background and significance of the thesis,the research status at home and abroad,the main content of each part,the research methods and the main innovative points and deficiencies.The second chapter is the theory summary,clearly defines several key concepts,elaborates the foreign direct investment theory of developing countries,the technology progress,the technology innovation theory and the international technology spillover theory as well as the theory of firm Heterogeneity.The third chapter is an overview of China’s direct investment in developed countries,including the overall characteristics of China’s foreign direct investment,the current situation and the new circumstances of China’s direct investment in developed countries.The fourth chapter is the mechanism and influencing factors of OFDI to promote innovation in home country.It elaborates the mechanism from micro,medium and macro levels,and the influencing factors from home country and host country.Finally,it sets Huawei Company as an example for case analysis.The fifth chapter carries on the Empirical Analysis from the macroscopic angle of view on the OFDI’s technological innovation effect of China’s investment in the developed countries,including the view of home country’s absorption capacity and the view of host country.The analysis of home country absorptive capacity includes general test and threshold characteristic test.Chapter six analyzes the technological innovation effect of OFDI from microcosmic perspective,expounds the characteristics of OFDI from Chinese enterprises to developed countries,and analyzes the Heterogeneity of enterprises.Then the paper empirically tests the effect of OFDI on promoting technological innovation,including the initial test,the dynamic test,the heterogeneous investment motivation test and the heterogeneous entry mode test.The seventh chapter is the conclusion and the suggestion,summaries the research conclusion of the whole article,and proposes the suggestion.This paper draws the following conclusions:(1)China’s foreign direct investment(FDI)is developing rapidly,but there are some problems in investment industry and location distribution.China’s outward investment is highly concentrated,with most of its investment in low-and medium-tech industries,unbalanced geographical distribution,low proportion of investment in developed economies,but rapid and regionally concentrated investment in developed countries.In recent years,developed countries strengthened the supervision of foreign investment,Chinese enterprises’ OFDI face greater resistance.(2)The mechanism of technological innovation in home country for China’s investment in developed countries is mainly conducted through three levels: micro-level of enterprise,medium-level of industry and macro-level of country.(3)Empirical test from a macro perspective,the result shows that the promotion of OFDI to domestic technological innovation in developed countries by China is significantly positive,much higher than that in developing countries.There is a threshold effect on the absorptive capacity of OFDI to promote technological innovation.The technology gap,the level of economic development,the institutional environment,the R&D expenditure and the technological innovation capability of the host country are all positively correlated with the reverse technology spillover effect of OFDI in developed countries.(4)Among the manufacturing listed companies in China’s A-share Market,40 percent are invested abroad,of which 61 percent are invested in developed countries.In three aspects of R&D Investment,profitability and innovation capability,enterprises invested in developed countries are better than those invested in developing countries,much better than those have not invested abroad.(5)Empirical test from the perspective of enterprise micro,the double difference method based on propensity score matching(PSM-DID)was used to examine the promotion of OFDI on technological innovation in developed countries.The results show that the promotion effect is significantly positive,but the advantages of the technological innovation effect of technology-seeking enterprises are not obvious.This means that there is limited access to advanced technology from developed countries.The dynamic effect shows an "inverted U-shaped" trend.The enterprises adopting greenfield investment mode have obtained significantly higher technological progress than those adopting M&A investment mode.更多还原