技术寻求型OFDI的逆向技术溢出效应及其影响机制

The Reverse Technology Spillover Effect of Technology-seeking OFDI and Its Impact Mechanism

随着中国对外直接投资活动规模的扩大和对国际市场技术竞争力的渴求,越来越多的中国公司以寻求技术为目的在海外进行直接投资。然而,中美贸易战后,中国公司是否应该继续扩大对外直接投资以及能否继续通过对外直接投资的逆向技术溢出效应提升自身的研发能力,成为学者和业界共同关注的重要问题。基于发展中国家对外直接投资的理论,利用中国A股上市公司2009年至2021年对外直接投资数据,通过倾向得分匹配(PSM)和双重差分(DID)法实证检验中国公司技术寻求型对外直接投资(OFDI)的逆向技术溢出效应,并对研发投入和融资约束等影响机制进行检验。考虑到2018年中美贸易战的影响,通过分组回归比较2018年前后中国对不同国家和地区对外直接投资的逆向技术溢出效应的变化。研究结果表明:(1)中国技术寻求型对外直接投资具有显著的逆向技术溢出效应,对公司的技术创新水平产生了持续的提升作用。(2)研发投入和融资约束均对逆向技术溢出效应产生影响,增强研发强度和增加研发人员占比是发挥逆向技术溢出效应提升全要素生产率的有效途径。就融资约束而言,技术寻求型的对外直接投资更多依赖外部债务融资,因此,公司的债务融资效率至关重要。(3)中美贸易战阻碍了在美技术寻求型对外直接投资活动的开展,在医疗和计算机及信息技术等行业,中国公司对美国存在一定的技术依赖。研究结果提供了技术寻求型对外直接投资对技术创新产生正面影响的公司微观层面证据,并通过实证分析给出中美贸易战对技术寻求型对外直接投资影响的经验证据,丰富了对外直接投资与技术创新相关的实证研究。本研究为中国公司开展技术合作型对外直接投资、服务自主创新和高质量发展提供了借鉴和参考。

With the expansion of China′s outward foreign direct investment(OFDI)activities and the desire for technological competitiveness in the international market,more and more enterprises are investing overseas for the purpose of seeking technology.However,after the Sino US trade war,whether Chinese enterprises should continue to be engaged in outward foreign direct investment and whether they could enhance their research and development capabilities through the reverse technology spillover effect has become an important issue of common concern for scholars and the industry.Based on the theory of outward OFDI of developing countries,using samples of Chinese A-share listing firms over the period 2009-2021 and Stata 14.0 software,this research combines the propensity-score matching(PSM)and difference-in-difference(DID)methods to test the reverse technology spillover effects of technology-seeking OFDI.Then,the moderating effects of R&D investment and financing constraints are also tested.Considering the impact of Sino US trade war in 2018,samples are grouped by different countries and times.Then the changes in reverse technology spillover effects of China′s OFDI before and after 2018 between different groups are compared through group regression analysis.The empirical results indicate that:(1)Technology-seeking foreign direct investment has obvious reverse technology spillover effects,and this effect has significantly and continuously improved the level of technological innovation.(2)R&D investment and financing constraints will affect the reverse technology spillover effect.Enhancing R&D intensity and increasing the proportion of R&D personnel are effective ways to promote the reverse technology spillover effects and improve total factor productivity.As for financing constraints,technology-seeking OFDI relies less on internal financing and more on external financing methods,such as bank loans.The weaker the external financing constraints,the stronger the reverse technology spillover effect obtained by technology-seeking OFDI.(3)The Sino-US trade war had hindered the development of technologyseeking OFDI activities in the United States,and Chinese enterprises have a certain technical dependence on the United States in medical,computer science and information technology industries.The research results provide micro level evidence of the positive impact of technology-seeking OFDI on technological innovation in enterprises,and empirical evidence of the impact of the Sino US trade war on technology-seeking OFDI is also provided by empirical research.Empirical research on the relationship between OFDI and technological innovation is enriched.The results of this study provide reference and guidance for Chinese enterprises on how to carry out technology-seeking OFDI in order to obtain more reverse technology spillover effects.