外商直接投资、技术溢出与企业成长的关系研究——来自马达加斯加企业的经验数据

Relationship between FDI, Technology Spillover and Enterprise Growth—Case of Madagascar

进入21世纪,全球经济一体化趋势日益高涨,资本在国家之间流动的规模也越来越大。作为经济全球化的重要推动力之一,外商直接投资(Foreign Direct Investment, FDI)因对发展中国家的技术能力构建和核心竞争力形成具有基础性作用,而得到了学术界广泛关注。对于发展中国家而言,吸引外资可以弥补经济发展过程中的资金不足,并可能促进国内企业技术创新水平的提高,进而形成企业的综合竞争实力。伴随着外商直接投资的加速涌入,发展中国家如何有效利用外商直接投资的溢出效应,引进先进技术和充分利用劳动力,进而培育本国企业自主创新能力,不仅是发展中国家现阶段引进外资,实现技术创新发展所面临的重大课题,更关系到本国企业长期发展战略的制定和成长能力的构建。迄今为止,对外商直接投资的研究更多地围绕着外商直接投资对东道国的经济溢出效应,鲜少有考察外商直接投资对微观企业影响的研究成果。而对于马达加斯加这一发展中国家而言,近些年来,外商直接投资在技术和技能转让、贸易网络的建立、产业升级以及国际市场关系的改善等方面给本国的企业成长带来了许多外部效应。因此,以马达加斯加企业为样本,积极研究外商直接投资的技术溢出效应及其对本国企业成长的影响,在理论和实践层面都具有重要意义。在实证研究设计中,本文用替代变量来检验外商直接投资、技术溢出和企业成长之间的关系,其中,外商直接投资为自变量,研发溢出和劳动力溢出为中介变量,而股权治理结构为调节变量,企业成长为因变量。

In the 21st century, the trend in global economic integration has triggered the scale of capital flow between countries to a remarkable increase. FDI has been considered to be one of the most important driving forces of economic globalization, thus its influence towards companies are hotly debated both in academic as in public area. As it seen to play a significant role in global business by providing new markets and marketing channels, cheaper resources, access to new technologies and knowledge, and upgrades skills and financing, attracting FDI has become a major part of development strategies among developing countries, to a point that it has been key drivers in its outward-oriented development strategy improving enterprise conditions. For developing countries, foreign investors are believed to have the power to help their companies to fill the gap between economic development and the level of technology. Moreover, the flow of FDI has been growing with a speed from time to time and has come to swamp all other financial flows. So thus, the major issue is to know how developing countries effectively use the spillover effect of FDI and make full use of the labor force to improve the performance of their own companies. It is not only a major issue for developing countries to introduce foreign capital at this stage to achieve technological innovation and development, but also related to the formulation of long-term development strategies and the building of growth capabilities of domestic enterprises. However, there is a lack of understanding, previous literatures focus more on the impact of FDI on economic growth without taking in consideration that before the economy knows growth, there is still a lot of scope of exploration on growth as internal process of development, such as the growth of the domestic companies. For Madagascar, foreign direct investment is expected to bring external effects such as technology and skills transfer, trade network establishment, industrial upgrading and improvement of international market relations. Therefore, taking Malagasy enterprises as samples is of great theoretical and practical significance to actively study the technology spillover effect of foreign direct investment and its impact on the growth of domestic enterprises. In the empirical research, this paper used substitution variables to examine the relationship between FDI, technology spillover and enterprise growth. Among them, FDI is defined as independent variable, R&D spillover and labor force spillover are mediating variables, while the proportion of foreign capital shares is a moderating variable, and enterprise growth is used as dependent variable.