Abstract: The promotion effect of reverse spillover knowledge on the technological progress of investment enterprises has always been a research hot spot, but the current research system has not yet revealed its mechanism from a deeper level. With the help of Knowledge Structure Theory, our paper explores the mechanism and evolution characteristics of OFDI reverse spillover knowledge on the technological progress of investment enterprises from the dimensions of breadth, depth and intensity, and we use the data of 123 listed Chinese manufacturing companies to test the research hypotheses. The main conclusions are as follows: Chinese foreign direct investment enterprises acquire overseas reverse spillover knowledge to promote their own technological progress. The richer the industry scope, technical scope and product type involved in the reverse spillover knowledge, the more conducive the investment enterprise to achieve technological progress. The higher the level of specialization of reverse spillover knowledge, the easier it is for the investing enterprise to achieve technological progress. In addition, this promotion effect is also positively moderated by the number and frequency of knowledge interactions between affiliated firms. With the increase of feedback knowledge and the increasingly rigid relationship between the core domain knowledge and development mode of investment enterprises, the depth of OFDI reverse spillover knowledge is less and less helpful to the technological progress of investment enterprises, and the importance of the breadth of reverse spillover knowledge is becoming more and more prominent. On the contrary, investment enterprises lack the ability to effectively identify and deal with heterogeneous domain knowledge in the early stage of reverse spillover knowledge. Therefore, if the breadth of OFDI reverse spillover knowledge is too obvious in the early stage of foreign investment, it may lead to cognitive overload of investment enterprises. At this time, investment companies should try their best to focus on a small range of knowledge fields and enhance their own knowledge specialization level. The research contribution lies in: first, make up for the research vacancy of dynamic knowledge structure and provide a more in-depth research perspective for follow-up research; Secondly, from the dynamic perspective, this paper discriminates the difference between the depth and intensity of reverse spillover knowledge, and puts forward a concept definition method that can be used for reference; Thirdly, it provides a reference basis for Chinese foreign investment enterprises to accurately grasp the reverse spillover knowledge and adjust their investment strategies in time.

摘要： 逆向溢出知识对投资企业技术进步发挥的促进效应持续受到学界关注，但既有研究体系尚未从更深层面揭示其内在机理。本文借助知识结构理论，从广度、深度和强度3个维度出发剖析逆向溢出知识在投资企业技术进步中发挥的作用，并借助123家国内制造业上市企业数据对其进行检验，主要结论有：增加逆向溢出知识广度和深度有助于促进投资企业技术进步，而且该促进效应受到逆向溢出知识强度的正向调节作用；随着OFDI逆向溢出知识增加，溢出知识广度对投资企业技术进步的促进效果愈发增强，而溢出知识深度的促进效果逐渐减弱。依据所得结论，文中提出了相应的管理启示。