摘要
我国实施“走出去”重要战略以来，对外直接投资(Outward Foreign Direct
Investment，简称OFDI)的数额逐年稳定增长，跨国企业进行对外直接投资时是
否会产生逆向技术溢出效应逐渐引起学者们的广泛讨论。当前我国仍处于社会主
义初级阶段，产业转型尚未完全实现，技术实力较弱，很多行业的核心技术并未
完全掌握。跨国企业进行OFDI能够为我国技术赶超目标的实现提供新渠道。但
是，相关文献表明，当前所得出的研究结论并不一致，且主要集中在宏观层面，
对企业层面的微观数据研究不多。国外学者关于对外直接投资逆向技术溢出效应
的研究较为全面，而且几乎都得出相同的结论，也就是说OFDI逆向技术溢出对
本国技术水平的提高有一定的促进作用，但是其结论是根据发达国家的情况得出
的，未必符合中国的实际情况。这就要求我们从企业的微观层面入手，深入探讨
中国企业OFDI的技术溢出效应
在此背景下，本文立足于企业层面，在对现有文献进行梳理的基础上，采
用PSM等方法进行实证分析。首先，本文利用PSM构建匹配向量和Logit模
型，验证了OFDI逆向技术溢出效应是否存在。多维距离（制度距离、文化距
离、地理距离、经济距离）作为自变量，企业全要素生产率是因变量；其次，
通过线性回归法来证明多维距离对逆向技术溢出效应的影响。为厘清两者之间
的关系，进一步采用Hansen非线性门槛模型来测度多维距离的门槛值，并进
行检验；最后，将组织学习纳入模型，探讨组织学习对中国企业对外直接投资
逆向技术溢出效应的调节作用。经过实证分析，本文主要得出以下结论：（1）
对外直接投资逆向技术溢出效应确实存在。OFDI企业全要素生产率更高，表
明企业通过跨国投资可以将东道国先进技术知识反馈到母公司；（2）多维距离
对OFDI逆向技术溢出效应有影响，其中制度距离和经济距离对其有正向影响，
地理距离和文化距离会阻碍对外直接投资逆向技术溢出效应的实现，但经济距
离的影响较弱；（3）多维距离对OFDI逆向技术溢出效应的影响存在门槛效应
其中，文化距离存在单一门槛效应，制度距离、地理距离和经济距离存在双重
门槛效应；（4）组织学习可分为两类：利用性学习和探索性学习。利用性学习
对制度距离、文化距离和地理距离有正向调节作用,探索性学习则会负向调节
制度距离和文化距离的作用
基于理论与实证分析结果，本文建议：从国家层面来看，应该鼓励企业以
获取技术为目的进行对外直接投资，建立多元化合作机制，积极推进“一带一
路”建设。从企业层面来看，企业应该重视组织学习能力，均衡开展利用性学
II
习和探索性学习来降低“外来者劣势”的不利影响。本文的创新之处在于：首
先是突破了单一距离的限制，并将制度距离、文化距离、地理距离、经济距离
同时纳入模型，考虑门槛效应，深入探究多维距离对我国企业对外直接投资逆
向技术溢出效应的影响；第二，创新性地对组织学习与跨国企业对外直接投资
逆向技术溢出效应的关系进行实证研究
关键词：制度距离文化距离 地理距离 经济距离 组织学习
OFDI逆向技术溢出效应
III
Abstract
With the implementation of the going-out strategy, the outward foreign direct
investment (OFDI) amount of our country has been steadily increasing year by year, so
the spillover effect of foreign direct investment has become the core issue of scholars.
China, as a developing country, has a weak technical foundation, and the core
technology of most industries has not yet achieved a breakthrough. Therefore, it is of
great strategic significance to carry out OFDI in order to narrow the gap with the
advanced level of the world and achieve technological catch-up. However, the relevant
literature suggests that there is an inconsistency in the studies of the country, and the
main focus is on the macro level, and it's not directly focused on microenterprises.
Foreign scholars' research on OFDI reverse technology spillover effect is relatively
early and comprehensive, and almost unanimous conclusion is that it is believed that
OFDI reverse technology spillover has a certain promoting effect on the improvement
of the technical level of the home country, but their conclusion is based on the
developed countries, which is not necessarily in line with the actual situation of China.
It require us to start from that microsphere of the enterprise and deeply research the
spillover effects of the technology of China's external direct investment.
In this background, this paper which is based on the enterprise level, on the basis
of the analysis of previous literature, using propensity score matching (PSM), and other
empirical analysis. First of all, we constructs the matching vector and Logit model to
verify the existence of the spillover effect of OFDI reverse technology in China. The
multi-dimension distance (institutional distance, cultural distance, geographic distance
and economic distance) is used as the independent variable, and the total factor
productivity of the enterprise as the dependent variable. Secondly, the method of linear
regression is used to prove that whether multidimensional distance has an effect on
reverse technology spillover effect. To determine their relationship, a Hansen nonlinear
threshold model is further used to measure the threshold value of the multi-dimensional
distance and perform the inspection. Finally, we take the organizational learning into
the model, and discuss the role of the organization in the process of the reverse
technological spillover effect of the Chinese corporation. Based on the empirical
analysis herein, the main conclusions are drawn as follows: (1) OFDI reverse
technology spillover effect does exist. Using PSM to exclude self-selected effects, it's
a higher level of productivity than non-OFDI enterprises, which shows that。。。。。。