中国对外直接投资的动力机制与逆向技术溢出效应的研究

发布时间：2018-04-29 03:23

  本文选题：中国对外直接投资 + 动力机制　； 参考：《东南大学》2015年博士论文

【摘要】：进入21世纪以来,产品内分工成为新国际分工的重要组成部分。世界经济体系的联系正从旧国际分工模式下注重“贸易”逐步转向新国际分工模式下更加注重“生产”,国际化生产成为连接国与国之间经济的“桥梁”。国际化生产主要通过对外直接投资(FDI)的途径展开,FDI的流入和流出成为生产要素,尤其是资本、技术和劳动,在全球范围内优化配置的重要推动力量。中国作为世界上最重要的新兴经济体之一,近年来对外投资政策由“引进来”为主转变为“引进来”与“走出去”并重,逐渐成为对外直接投资(OFDI)大国之一。即便在全球金融危机期间和之后,全球外商直接投资增长乏力的情况下,中国OFDI却屡创新高,逆势上扬。2013年中国OFDI流量达到历史最高点1078.4亿美元,位居美日之后,排名世界第三。中国OFDI已经实现连续十一年的正增长,2002-2013年间年平均增长率高达39.8%。中国OFDI的飞速发展,给以“国际生产折衷理论”(OLI范式)为代表的传统对外直接投资理论提出了新的课题。传统对外直接投资理论建立在“垄断优势”基础上,指出企业OFDI的前提和基础是必须拥有某种所有权优势。然而,中国OFDI不仅包括对其它发展中国家的平行和下行投资,而且还包括对美日欧等发达国家的上行投资。对于前一种投资,传统对外直接投资理论具有一定的解释力。对于后一种投资,传统对外直接投资理论却很难解释清楚为什么中国企业在缺乏所有权优势的情况下却积极开展上行投资。“战略三角”理论框架系统整合了战略的资源观、产业观和制度观,极大丰富了传统的基于OLI范式的分析框架,为新兴经济体OFDI拓展了新的研究空间。本文借鉴“战略三角”理论框架,结合中国OFDI的实践,研究中国OFDI的动力机制和逆向技术溢出效应。这一研究对于我国如何通过实施“走出去”战略带动我国外向型经济的转型升级,从而实现我国的产业结构调整以及指导我国企业如何“走出去”,具有重要的理论指导意义。本文首先针对中国对外直接投资的异质性特点,从母国的推力(push)和东道国的引力(pull)两方面研究了中国对外直接投资的动力机制。中国企业OFDI的动力机制既包括母国的推力,也包括东道国的引力。在母国的推力方面,本文基于“战略三角”的理论框架,利用304家中国制造业上市公司OFDI的微观数据,通过建立计数模型,从企业资源、产业特征、制度因素三方面实证检验了中国OFDI的母国推动力。研究结果表明：企业规模、企业RD投入、企业出口能力、企业盈利能力和产业竞争程度对中国企业OFDI有显著正向影响,说明由研发能力、出口能力、管理能力共同构成的企业所有权优势对企业“走出去”有明显的促进作用。在东道国的引力方面,本文在分析中国自然资源寻求型、市场寻求型和战略资产寻求型微观投资动因的基础上,利用2003-2012年中国对69个国家OFDI的国别面板数据,通过建立扩展的引力模型,检验了影响中国OFDI区位分布的东道国因素。实证结果表明：中国对发达国家的OFDI是逆梯度的上行投资,主要集中于人均GDP较高、与中国进出口贸易联系紧密的国家。中国对发展中国家的OFDI是顺梯度的平行或下行投资,主要集中于人均GDP较高、技术较先进以及从中国进口规模较大的国家。这一实证结果表明市场寻求是中国目前OFDI最主要的动因。其次,本文在RD全球化的背景下分析了中国海外RD投资的动因及影响因素。RD全球化是经济全球化的重要组成部分。跨国公司海外RD投资的动机主要有两种：市场支撑型和技术寻求型,目前技术寻求型海外RD投资正成为研究热点。本文在对跨国公司海外RD投资文献综述基础上,介绍了中国海外RD投资的实践,总结了其发展历程、动机、区位和模式。随后,本文利用101家中国制造业上市公司的177个海外子公司投资数据,通过建立三元选择Logit模型,从投资企业和东道国两个层面分析了中国企业市场支撑型和技术寻求型海外RD投资的影响因素。实证结果表明：中国企业市场支撑型海外RD投资受东道国人均购买力和RD资源禀赋的影响,技术寻求型海外RD投资受母公司技术水平和东道国RD资源禀赋的双重影响。最后,本文基于创新驱动增长理论研究了中国对外直接投资的逆向技术溢出效应。由于知识溢出存在地理空间的约束性以及知识的隐性特征,企业只有靠近技术创新源,才能成为知识溢出的最大受益者。因此,只要存在技术扩散的可能性,即便不存在垄断优势,技术追随企业依然会选择FDI方式而不是出口的方式服务国外市场。本文在分析中国OFDI逆向技术溢出四大机理的基础上,利用1985-2008年中国工业TFP、国内RD资本存量和进口、IFDI、OFDI三种渠道溢出的国外RD资本存量数据,实证检验了中国OFDI的逆向技术溢出效应。分析结果表明：目前中国OFDI的逆向技术溢出效应并不显著。相对于IFDI而言,中国OFDI的整体规模和水平仍处于初级阶段,技术寻求型OFDI在对外投资中所占比重较小,逆向技术溢出存在一定的滞后期,这些因素是导致中国OFDI逆向技术溢出效应并不显著的主要原因。本文立足于中国企业对外直接投资的实践,博采各家理论之长,在继承基础上进行了一定的创新,通过理论研究和实证检验分析了中国对外直接投资的动力机制,并探讨了中国海外RD投资动因和影响因素,以及通过海外RD投资获取逆向技术溢出效应的机理,实证检验了中国OFDI逆向技术溢出效应的存在性,并对中国企业如何更好地利用“走出去”来促进国内技术进步和产业升级提出了相应的对策建议。
[Abstract]:Since the twenty-first Century, the intra product division of labor has become an important part of the new international division of labor. The connection of the world economic system is focusing on "trade" under the model of the old international division of labor and gradually turning to the new international division mode to pay more attention to "production", and international production becomes the "bridge" to the economy between countries and countries. Through the way of foreign direct investment (FDI), the inflow and outflow of FDI becomes the essential factor of production, especially capital, technology and labor, and the important impetus to optimize the allocation in the world. As one of the most important emerging economies in the world, the foreign investment policy has changed from "Introduction" to "Introduction" in recent years. "" and "go out" together, gradually become one of the big countries in foreign direct investment (OFDI). Even in the period of the global financial crisis and after the lack of global foreign direct investment, China OFDI has been repeatedly innovating. In.2013, China's OFDI flow reached a historical peak of 107 billion 840 million US dollars, ranking the world after the United States and Japan. Third. China's OFDI has achieved positive growth for eleven years. The average annual growth rate of the 2002-2013 years is up to the rapid development of 39.8%. China OFDI. It gives a new topic to the traditional FDI theory represented by the "International Production Compromise Theory" (OLI paradigm). The traditional FDI theory is based on the "monopoly advantage" basis. On the basis of this, it points out that the premise and foundation of enterprise OFDI must have a certain ownership advantage. However, China's OFDI includes not only parallel and downlink investment to other developing countries, but also the upside investment to the developed countries such as the US Japan and Europe. The latter kind of investment, the traditional foreign direct investment theory is difficult to explain why Chinese enterprises actively carry out uplink investment in the absence of ownership advantage. The "strategic triangle" theory framework integrates the strategic resource outlook, industrial outlook and system view, which is very rich and rich in the traditional OLI paradigm based analysis framework. On the basis of the "strategic triangle" theory framework and the practice of China's OFDI, this paper studies the dynamic mechanism and reverse technology spillover effect of China's OFDI. This study will promote the transformation of China's foreign oriented economy through the implementation of "going out" strategy and thus realize our country's OFDI. The adjustment of industrial structure and how to guide Chinese enterprises to "go out" have important theoretical guiding significance. Firstly, this paper, aiming at the heterogeneity of China's foreign direct investment, studies the dynamic mechanism of China's direct foreign investment from the two aspects of the push and pull of the host country. The dynamic mechanism of the Chinese enterprise OFDI It includes both the thrust of the home country and the attraction of the host country. In the aspect of the mother country's thrust, this paper, based on the theoretical framework of "strategic triangle", uses the micro data of 304 Chinese manufacturing listed companies OFDI, and empirically tests the mother country of China's OFDI from the enterprise resources, the industrial characteristics and the system factors by establishing the counting model. The results show that enterprise size, enterprise RD investment, enterprise export ability, enterprise profitability and industrial competition have a significant positive impact on Chinese enterprise OFDI. It shows that the enterprise ownership advantage, composed of R & D capacity, export ability and management ability, has obvious promotion effect on enterprise "going out". In the aspect of gravity, based on the analysis of the motivation of China's natural resource seeking, market seeking and strategic asset seeking, this paper tested the host country factors affecting the location distribution of China's OFDI by establishing an extended gravitational model by using the country panel data of the OFDI in 69 countries for 2003-2012 years. China's OFDI of the developed countries is a reverse gradient upside investment, mainly concentrated in countries with higher per capita GDP and close ties with China's import and export trade. China's OFDI is parallel or downside investment to developing countries, mainly concentrated on the higher per capita GDP, technology advance and importing larger countries from China. The empirical results show that market search is the main cause of China's current OFDI. Secondly, this paper analyzes the motivation and influencing factors of China's overseas RD investment under the background of RD globalization..RD globalization is an important part of the economic globalization. There are two main motives of the transnational corporations' overseas RD investment: market support and technology seeking, At present, technology seeking overseas RD investment is becoming a hot spot of research. Based on the review of overseas RD investment literature of multinational corporations, this paper introduces the practice of overseas RD investment in China and summarizes its development process, motivation, location and model. Then, this paper uses the investment data of 177 foreign subsidiaries of 101 Chinese manufacturing listed companies. The three yuan selection Logit model is established, and the influence factors of Chinese enterprise market support and technology seeking overseas RD investment are analyzed from two aspects of investment enterprises and host countries. The empirical results show that the Chinese enterprise market supported overseas RD investment is affected by the per capita purchasing power and RD resource endowment of the host country, and the technology seeks the overseas RD investment. Under the dual influence of the technical level of the parent company and the resource endowment of the host country RD. Finally, this paper studies the reverse technology spillover effect of China's foreign direct investment based on the theory of innovation driven growth. Because the knowledge spillover has the constraints of geographical space and the hidden characteristics of knowledge, only the enterprise is close to the source of technological innovation to become knowledge. As long as there is the possibility of technology diffusion, so long as there is the possibility of technology diffusion, even if there is no monopoly advantage, the technology following the enterprise will still choose the FDI mode instead of the export way to serve the foreign market. Based on the analysis of the four mechanism of the OFDI reverse technology spillover in China, this paper uses the Chinese industrial TFP and the domestic RD capital on the basis of the 1985-2008 years' reverse technology spillover. The stock and import, import, IFDI, OFDI three channels overflow of foreign RD capital stock data, empirical test the reverse technology spillover effect of China OFDI. Analysis results show that the reverse technology spillover effect of OFDI in China is not significant at present. Relative to IFDI, the overall regulatory model and level of Chinese OFDI is still in the primary stage, technology seeking OFDI The proportion of the foreign investment is small, and the reverse technology spillover has a certain lag period. These factors are the main reasons that cause the OFDI reverse technology spillover effect in China. This article is based on the practice of Chinese enterprises' foreign direct investment. The research and empirical test analyses the dynamic mechanism of China's foreign direct investment, and probes into the motivation and influencing factors of China's overseas RD investment, as well as the mechanism of obtaining the reverse technology spillover effect through overseas RD investment, and empirically examines the existence of the OFDI reverse technology spillover effect in China, and how to make better use of the "walk" for Chinese enterprises. Put forward corresponding countermeasures and suggestions to promote domestic technological progress and industrial upgrading.

【学位授予单位】：东南大学
【学位级别】：博士
【学位授予年份】：2015
【分类号】：F279.2;F125
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本文编号：1818183