外资在华技术创新溢出是否促进内资企业技术进步——基于门槛效应的经验分析

利用2010—2019年中国A股上市公司数据，构建面板门槛模型，探讨外资在华技术创新溢出对内资企业技术进步的门槛效应。结果表明，外资在华技术创新溢出自身存在单门槛效应，对内资企业技术进步的影响呈倒U型关系；以行业外资竞争、内资模仿同构和区域知识产权保护为门槛变量发现，仅当外资竞争水平较低、内资模仿同构程度较低以及区域知识产权保护力度较大时，外资在华技术创新溢出才能促进内资企业技术进步，且其阈值效应存在行业和企业产权异质性。

Does the Technology Innovation Spillover of Foreign Capital in China Promote the Technological Progress of Domestic Enterprises: Empirical Analysis based on Threshold Effect

Based on the data of China's A-share listed companies from 2010 to 2019, this paper constructs a panel threshold model to explore the threshold effect of foreign technology innovation spillovers on domestic enterprises' technological progress. The results show that: 1) there is a single threshold effect of foreign technology innovation spillovers in China, and the impact on the technological progress of domestic enterprises shows an inverted U-shaped relationship; 2) taking the industry foreign capital competition, domestic capital imitation isomorphism and regional intellectual property protection as the threshold variables, we find that only when the foreign capital competition level is low, the degree of domestic capital imitation isomorphism is low, and the protection of regional intellectual property rights is high, foreign capital has a single threshold effect Only when technological innovation spillover in China can promote the technological progress of domestic enterprises, and these threshold effects have heterogeneity of industry and enterprise property rights.