对外直接投资逆向技术溢出与全要素生产率：基于不同投资动机的经验分析

Reverse Technology Spillovers of Outward Foreign Direct Investment and Total Factor Productivity: An Empirical Analysis Based on Different Investment Incentives

文章利用2003-2011年中国13个OFDI东道国和29个省份的面板数据,基于CH扩展模型,采用工具变量法,从OFDI投资动机的视角实证考察了技术寻求、资源寻求和市场寻求三类投资动机下的OFDI逆向技术溢出对全要素生产率的影响及区域差异。研究结果表明,积极的OFDI逆向技术溢出效应主要来源于对发达经济体的技术寻求型OFDI,这种效应在中国东、中、西部地区均存在,但中部地区的逆向技术溢出效应要比东、西部明显,来源于资源寻求型和市场寻求型的OFDI逆向技术溢出对全国及东、中、西部地区的全要素生产率均呈负向效应,以上结果是由中国OFDI的投资动机和区位选择决定的。因此,积极鼓励技术寻求型的OFDI,适时从传统的"走出去"战略向"投资技术获取"战略转变是当前中国OFDI的新挑战。

From the perspective of investment incentives, based on extended CH model, this paper adopts the instrumental variable method to examine the OF- DI reverse technology spillover effect on TFP and inspect regional difference of this effect under three kinds of investment incentives, namely, technology-seeking, resource-seeking and market-seeking incentives. A sample of 13 hosting countries and 29 sets of provincial panel data over the period 2003-2011 are utilized. The study finds that the positive OFDI reverse technology spillover effect mainly stems from technology-seeking OFDI by developed economies, and this effect exits in eastern, middle and western areas in China, while it is more obvious in middle areas than in eastern and western areas. Besides, resource-seeking and market-seeking OFDI has a negative effect on TFP in all eastern, middle and west- ern areas in China. These conclusions above are determined by investment incen- tives and location choices of China＇ s OFDI. Therefore, the new challenge for China＇ s OFDI is to actively encourage technology-seeking incented OFDI and materialize the transformation from the traditional ＂going out＂ strategy to ＂in- vestment technique-seeking＂ strategy.