金融发展、研发投入与OFDI逆向技术溢出效应

Financial Development,R&D Investment and OFDI Reverse Technology Spillover Effect

近年来,中国对外直接投资(OFDI)发展很快,但其逆向技术溢出的效应并不理想。根据东、中、西部地区的金融规模和金融效率,构建金融发展影响OFDI逆向技术溢出和自身研发创新关系的调节模型。实证结果显示,当前我国OFDI逆向技术溢出效应已经显现,但东、中、西部地区OFDI逆向技术溢出的两阶段效率仍存在差异。OFDI对我国企业研发资金投入会产生替代效应,东部地区更多依赖自身研发创新,而中、西部地区则更多依赖OFDI逆向技术溢出二次创新。东部地区金融发展既可以直接促进OFDI获得海外技术溢出,也可以通过支持自身研发投入,缓解资金约束,提高海外技术溢出吸收效率,间接促进OFDI逆向技术溢出。中、西部地区则尚不存在上述金融发展影响的直接效应和间接效应。从全国范围看,各地区的金融发展还未有效发挥促进技术成果转化为经济绩效的作用。

China's foreign direct investment(OFDI)achieved rapid development in recent years.But its reverse technology spillover effect is not ideal.Based on the financial scale and financial efficiency in the eastern,central and western regions,this paper establishes a regulation model of the relationship between the financial development and OFDI reverse technology spillover and its own R&D innovation.The empirical results show that the spillover effect of OFDI reverse technology has emerged in China,but there are still differences in the efficiency of OFDI reverse technology spillover in the eastern,central and western regions.OFDI will have a substitution effect on the R&D investment of Chinese enterprises.The eastern region is more dependent on its own R&D innovation,while the central and western regions are more dependent on the spillover secondary innovation of OFDI reverse technology.Financial development in the eastern region can not only directly promote OFDI to obtain overseas technology spillover,but also indirectly promote OFDI reverse technology spillover by supporting its own R&D investment,easing financial constraints,and improving the absorption efficiency of overseas technology spillover.The direct and indirect effects of above financial development are not found in the central and western regions.From a national perspective,financial development in various regions has not yet played an effective role in promoting the transformation of technological achievements into economic performance.