对外直接投资、逆向技术溢出与经济增长质量——基于不同投资动机的经验考察

Outward Direct Investment, Reverse Technology Spillover and Economic Growth Quality——An Empirical Investigation Based on Different Investment Motives

基于2005—2016年我国及投资东道国的面板数据,从不同的投资动机出发,考察了对外直接投资的经济增长质量效应。结果显示:对外直接投资(ODI)逆向技术溢出能提升经济增长的效益及质量,但也存在某些局限性;对不同目的国的ODI或出于不同动机的ODI所产生的逆向技术溢出,对经济增长质量作用的侧重点不同,影响力度存在差异;生产率在ODI逆向技术溢出影响母国经济增长质量的过程中起重要的调节作用,尤其是在全要素生产率较高的地区,ODI逆向技术溢出将对经济增长质量发挥最优作用。

Based on the panel data of China and host countries for investment from 2005 to 2016, this paper investigated the quality effect of economic growth of outward direct investment(ODI) from different investment motives. The empirical results show that,although there exists some limits, the reverse technology spillover of ODI can promote the efficiency and quality of economic growth.Besides, some results point out that, the reverse technology spillover of ODI in different destination countries or with different motives impact economic growth quality with varying degrees in different emphasis. Productivity plays an important regulating role in the process of ODI reverse technology spillover affecting the quality of economic growth, especially helping the reverse technology spillover of ODI optimally affect economic growth quality in areas with higher total factor productivity.