资本要素市场化改革、对外直接投资与技术创新绩效

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。

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

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.