中国对外直接投资与全球价值链升级

Outward Foreign Direct Investment and Global Value Chain Upgrading Effect

研究目标:通过对行业层面和国家层面的对外直接投资(OFDI)逆向技术溢出效应的测定,从理论和实证上分析其对中国全球价值链的影响。研究方法:利用2003~2011年行业层面数据,采用两步系统动态GMM方法。研究发现:行业层面和国家层面的OFDI逆向技术溢出对中国全球价值链升级呈现显著的促进效应;但是在分行业视角下,对于技术密集型行业尤其是高新技术密集型行业,逆向技术溢出效应的促进效应并不显著;行业全要素生产率提升、行业贸易规模扩大均对行业全球价值链的升级具有显著的促进效应。研究创新:本文对于OFDI逆向技术溢出与中国全球价值链的嵌入程度和地位进行了全面实证分析。研究价值:在当前"一带一路"战略推进中,完善企业走出去相关政策机制,着重推动技术密集型企业参与对发达国家的直接投资,对中国全球价值链升级具有重要的价值和意义。

Objectives： This paper empirically analyses the effect of China＇s outward foreign direct investment （OFDI） on upgrading its position in the global value chain through OFDI reverse technology spillover effect. Research Methods： We use industry-level data between 2003 and 2011, and GMM method. Research Findings： Both industry-level and coun- try-level OFDI reverse technology spillover demonstrates a significant effect on upgrading China＇s position in the global value chain. However, the upgrading effect through reverse technology spillover is not significant in technology-intensive industry, especially in high-technology-intensive industry. This paper also finds that industry-level total factor produc-tivity and trade expansion also have a significant effect on upgrading the industry＇s position in the global value chain. Research Innovations： In the implementation of ＂One Belt and One Road＂ strategy, it is important for China to make a rational assessment of the current position of China＇s manufacturing industry in the global value chain. Research Value： To promot domestic technology-intensive enterprises to make direct investment in developed countries which can benefit more from OFDI reverse technology spillover effect.