资本要素市场化改革、对外直接投资与技术创新绩效  

Outward Foreign Direct Investment and Technological Innovation Performance:The Adjustment Effect of Capital Market Distortion

作　　者：朱顺林[1] ZHU Shun-lin(School of Business,Ningbo University,Ningbo 315211,China)

机构地区：[1]宁波大学商学院,浙江宁波315211

出　　处：《经济体制改革》2020年第1期149-155,共7页Reform of Economic System

基　　金：浙江省社会科学规划优势学科和重大委托课题“引进外资与对外投资战略协调机制和实现路径研究”(16YSK05ZD-2YB);浙江省科技厅软科学计划项目“民营企业海外并购型‘走出去’反哺本土产业技术创新路径及对策研究”(2018C35G2070283)。

摘　　要：对外直接投资对母国产业的技术创新具有反哺促进效应,但同时受资本要素市场扭曲的调节作用影响。本文运用2003~2016年的面板数据,设定双因素基准模型并进行东、中、西部地区分样本回归以检验资本要素市场扭曲对OFDI的技术创新的调节作用。结果发现:OFDI通过逆向技术溢出促进了母国的企业技术创新绩效。同时,资本要素市场扭曲抑制了OFDI反哺技术创新绩效的正向作用,且资本要素市场扭曲对OFDI的技术创新的调节效应存在地区差异性。因此,深化要素市场化改革,调整对外直接投资结构和优化营商环境,是实现OFDI协调发展以推动技术创新绩效提升的有效途径。Drawing on panel data from 2003 to 2016,this paper examines the impact of China’s outward foreign direct investment on its technological innovation performance from the perspective of capital factor market distortion,The adjustment effect model verifies that capital factor market distortion will restrain the positive effect of outward foreign direct investment on the technology innovation level,but there are differences in different regions,this adjustment effect is significant in the central region,but not in the eastern and western regions.Therefore,deepening the reform of factor market,adjusting the structure of foreign direct investment and optimizing the business environment are the effective ways to realize the coordinated development of OFDI to promote the performance of technological innovation.

关 键 词：对外直接投资 技术创新 资本要素市场 市场化改革 调节效应 

分 类 号：F812.2[经济管理—财政学]