双向跨境投资、技术创新与生产效率

Bidirectional Cross Border Investment,Technology Innovation and Production Efficiency

改革开放的成功经验在于通过外资引入带动经济增长和技术进步,已有研究从不同角度验证了这一逻辑。新时代跨境投资已经演化为“引进来”与“走出去”双向并行的新局面,传统外延式扩张必须转向创新驱动和内生经济增长,因此跨境投资的溢出效应应从显性绩效下沉嵌入创新价值链的纵向传导轨迹。剖析创新价值链的纵向传导结构,厘清技术创新与内生经济增长之间的耦合转化关系,采用中国30个省份的面板数据以非线性模型检验从技术创新到生产效率提升的动态传导特征,识别两者之间的转化机制。解析外资内循环和内资外循环对创新价值链传导的杠杆溢出效应,探讨双向跨境投资、技术创新和生产效率之间的迭代关系,设计线性估计模型和门槛回归模型,实证检验双向跨境投资对创新价值链纵向传导的非线性溢出规律。识别外资引入与对外投资的溢出差异,刻画双向跨境投资对创新价值链纵向传导的交互影响及其空间异质性。研究结果表明,当且仅当各省份创新效率超过0.500后,才能实现从技术创新到生产效率提升的耦合转化;外资引入水平超过80.516亿美元,能够撬动从技术创新到生产效率提升的正向激励;对外投资水平超过33.031亿美元,会加速技术创新对生产效率提升的内生驱动。双向跨境投资对创新价值链纵向传导的杠杆溢出影响存在动态差异,对外投资的溢出空间有待释放。双向跨境投资对创新价值链的纵向传导存在交互溢出特征,只有两者的交互水平超过特定阈值25.293,才会释放正向溢出。跨境投资对创新价值链纵向传导的正向溢出门槛呈现出东高西低的顺势演化规律。研究结果将跨境投资的创新溢出视角从传统的横向扩散延伸至纵向传导界面,得以解构跨境投资、技术创新和生产效率三者之间的迭代关系。因此,建议国家应系统优化双向跨境投资创新溢出效应,协调“引进来”与“走出去”并重,动态调节外资引入的技术门槛,鼓励中国企业积极参与全球创新竞争,注重区域间跨境投资合作,推动并形成多边互利的开放新格局。

The success of reform and opening up could be attributed to the facilitation of economic growth and technological advancement through inward foreigner direct investment(IFDI).Existing studies have corroborated this logic from different perspectives.In the new era of China,cross-border investment has transitioned into a new paradigm with a simultaneous focus on both"Bringing in"and"Going out",Moreover,the traditional extensional expansion needs to be reoriented towards innovation-driven and endogenous economic growth.Therefore,the spillover effects of cross-border investment should be redirected towards the vertical transmission path of the innovation value chain from dominant performance.The study analyzes the vertical transmission structure of the innovation value chain,and elucidates the coupling transformation relationship between technological innovation and endogenous economic growth.Employing the nonlinear model and panel data from 30 provinces in China,this research examines the dynamic transmission characteristics and uncovers the transformation mechanism between technological innovation and production efficiency improvement.Additionally,we analyze the leverage spillover effect of internal and external circulation of FDI on the transmission of the innovation value chain.We explore the iterative relationship between bidirectional cross-border investment,technological innovation,and production efficiency.Linear estimation models and threshold regression models are designed to empirically test the nonlinear spillover pattern of bidirectional cross-border investment on the vertical transmission of the innovation value chain.Furthermore,we identify the spillover differences between IFDI and OFDI,and characterize the interactive impact and spatial heterogeneity of bidirectional cross-border investment on the vertical transmission of the innovation value chain.The research results show that,the coupling transformation from technological innovation to production efficiency improvement is contingent upon the innovation efficiency exceeding 0.500 in any given province.When the IFDI level exceeds 8.052 billion USD,it could leverage positive incentives from technological innovation to productivity improvement.Similarly,the outward foreigner direct investment(OFDI)level exceeding 3.303 billion USD accelerates the endogenous drive of technological innovation towards production efficiency improvement.Moreover,there exist dynamic differences in the leverage spillover effects of bidirectional cross-border investment on the vertical transmission of the innovation value chain,and the OFDI spillover effects still hold untapped potential.Further investigation reveals an interactive spillover characteristic between bidirectional cross-border investment and the vertical transmission of the innovation value chain.Positive spillovers are observed only when the interaction level exceeds the specific threshold of 25.293.In addition,the positive spillover threshold of cross-border investment to the vertical transmission of the innovation value chain exhibits an evolutionary pattern,characterized by higher values in the eastern regions and lower values in the western regions.The research findings provide a novel perspective on the spillover effects of cross-border investment by extending the analysis from the conventional horizontal diffusion to the vertical transmission dimension.This approach enables the deconstruction of the iterative relationship among cross-border investment,technological innovation,and production efficiency.The policy implications for systematically optimizing the spillover effects of bidirectional cross-border investment on innovation are as follows:prioritizing coordination and paying equal attention to both"Bringing in"and"Going out";adjusting the technical threshold of IFDI dynamically;encouraging domestic enterprises to engage in global innovation competition actively;fostering inter-regional cross-border investment cooperation;and facilitating the formation of a new opening pattern that promotes multilateral and mutual benefit.