关键词: 政府研发资助, 外商直接投资, 对外直接投资, 技术创新溢出

Abstract: How to leverage technology innovation spillover of cross- border investment through government R&D funding is the key to promote the comprehensive opening-up and innovation-driven development in China in the new era. From the perspective of dual evolution with IFDI and OFDI, this paper reveals the logical relationship of technology innovation spillover of cross-border investment and the dynamic regulation mechanism of government R&D funding, and empirically studies with threshold model of medium impact and provincial panel data. The results show that IFDI technology innovation spillover is a strong-to-weak process, while OFDI technology innovation spillover shows “U” pattern from restraining to rising; government R&D funding has significant and different threshold effects on the technology innovation spillover of two-way cross-border investment. The R&D funding can leverage IFDI technology innovation spillover when its intensity is higher than 0.2491, and the R&D funding with its intensity exceeding 0.2501 can leverage OFDI technology innovation spillover. The innovation-driven development is more effective in “going global for investment”. Corresponding conclusions are still valid under reasonable endogenous test and robustness test. Further research also finds that the regulation effect of government R&D funding on dual cross-border investment has certain spatial heterogeneity, which shows complex evolutionary characteristics in the eastern, central and western regions of China. Therefore, systematic strategies are proposed with dynamic optimization and heterogeneous adjustment, to improve the efficiency of government R&D funding and leverage the technology innovation spillover benefits of dual cross-border investment.

Key words: Government R&D Funding, IFDI, OFDI, Technology Innovation Spillover