中国对外投资逆向技术溢出效应与吸收能力实证研究.docVIP

文章所属领域 摘要：利用中国2003至2008年省级对外直接投资面板数据，本文实证分析了无特定优势中国跨国公司对外投资是否产生逆向溢出效应。结果显示，以各省的对外投资额为基础构建的国外研发资本存量变量与对外投资企业所在省市全要素生产率的提高密切相关，表明逆向溢出效应确实存在。然而，本文进一步发现，对外投资的逆向溢出效应并非是普遍和一致的，而是取决于跨国公司所在省市的吸收能力。通过发现逆向溢出证据，本文不仅在实证证据上提供了对于“资产寻求型”对外投资动机假说的支持，为中国企业通过跨国经营获取外生性创新驱动要素提供了一个全新角度的解释, 同时为我国各省区提升逆向技术溢出吸收能力指明了战略创新方向。 关键词：对外直接投资；逆向溢出效应；吸收能力；全要素生产率。 [中图分类号]F062.9　[文献标识码]A　[文章编号] An Empirical Study on Chinas ODI Reverse Technology Spillover and Absorptive Capacity Abstract：Employing provincial level data of China over the period of 2003 and 2008. this study examines empirically the existence of reverse spillover effects of outward foreign direct investment (OFDI) by emerging-market multinationals that are often regarded as lacking of the typical firm-specific advantages possessed by conventional multinationals. The results suggest that our OFDI-based measure of foreign stock of RD enhances total factor productivity of the region where the multinational comes from. indicating the existence of reverse spillovers. Our results. however. further suggest that such effects are not uniform but rather depend on the absorptive capacity of the individual home regions. The finding of such reverse spillovers provides empirical support for the “strategic assets-seeking OFDI” and offers powerful and novel explanation of why emerging-market multinationals exist，At the same time.the finding pointed out the strategic direction of innovation for Chinas provinces to enhance the absorptive capacity of the reverse technology spillovers Key words: Outward foreign direct investment; Reverse spillover effects; Total factor productivity; China 中国对外投资逆向技术溢出效应与吸收能力实证研究 一、引言 经典跨国公司理论主要是基于企业技术优势而展开的。垄断优势理论（Hymer，1960）[1]以市场不完全为前提，认为企业对外直接投资(ODI)必须满足两个条件：其一是企业必须拥有垄断优势，以抵消在与当地企业竞争中的不利因素；其二是不完全市场的存在，使企业维持并利用这种垄断优势。此后不论是Buckley和Casson（1976）[2]的内部化理论，还是Dunning（1981）[3]的折衷理论实际上都认定企业拥有独特竞争优势是ODI发生的前提，认为企业进行ODI的动机在于利用这种优势在海外市场寻租(Filatotchev et al. 2007)[4]，并实现规模经济、范围经济和生产合理化(Hitt et al. 1997)[5]，所以，传统跨国公司所进行的ODI从总体上说属于所谓