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获取技术溢出效应是我国对外直接投资(OFDI)的重要动因,国内关于技术寻求型OFDI的研究主要针对逆向技术溢出效应是否存在、影响机制等问题,研究层面主要停留在宏观视角;已有文献关于OFDI制度因素的研究主要集中于制度环境对企业OFDI投资流量和投资区位选择的影响,尚未探讨东道国与母国制度距离、海外华侨华人网络对企业对外直接投资逆向技术溢出效应的微观调节作用。文章从微观企业视角出发,基于《中国工业企业数据库》与《境外投资企业(机构)名录》合并数据,运用Logit回归和PSM方法检验OFDI逆向技术溢出的存在性,运用Huber-White稳健残差、面板回归分析制度距离和海外华侨华人网络对企业OFDI逆向技术溢出的调节效应,研究发现:(1)OFDI促进企业技术创新且存在“生产率悖论”现象。(2)OFDI逆向技术溢出受制度距离和华人关系的调节作用;制度距离、海外华侨华人网络与OFDI逆向技术溢出分别存在“制度距离悖论”和“关系嵌入性悖论”现象。实证结果表明,OFDI企业应注重制度差异,提升学习能力;加强华侨华人交流,优化海外华侨华人网络,为吸收OFDI逆向技术溢出创造良好的投资环境。
The technology spillover effect is an important motivation for China’s OFDI. The domestic research on technology-seeking OFDI focuses on the existence of the reverse technology spillover effect and its impact mechanism, and the research level mainly stays at a macro perspective. The research on the factors of OFDI system mainly focuses on the impact of institutional environment on OFDI investment flows and location choices of enterprises. The distance between the host country and the home country system and the micro-regulation effect of overseas Chinese and overseas Chinese networks on the reverse technology spillover effect of FDI have not been discussed. Based on the combined data of “China Industrial Enterprise Database” and “Overseas Investment Enterprises (Institutions) Directory”, the article examines the existence of OFDI reverse technology spillover using Logit regression and PSM method. Using Huber-White robust residuals, Panel regression analysis of the institutional distance and overseas Chinese overseas network OFDI reverse technology spillover effect, the study found that: (1) OFDI to promote technological innovation and the existence of “productivity paradox ” phenomenon. (2) OFDI reverse technology spillover is regulated by the institutional distance and the Chinese relationship. The system distance, overseas Chinese network and OFDI reverse technology spillover exist in the phenomenon of “system distance paradox” and “relational embedded paradox” respectively . The empirical results show that OFDI enterprises should pay attention to system differences and enhance their learning abilities. They should also strengthen exchanges with overseas Chinese and optimize overseas Chinese and overseas Chinese networks to create a good investment environment for absorbing OFDI reverse technology spillovers.