Abstract: This paper is designed to reveal the value chain spillover effects of China OFDI’s reverse innovation and corresponding policy implications. The study is conducted by using China provincial panel data of 2006~2015, together with the technique of threshold regression. Research Findings: OFDI has the significant value chain spillover effect as far as the reverse innovation is concerned, and its positive impact on technology development capability is greater than that of technology transformation capability. The dynamic reverse spillover of OFDI shows positive and incremental marginal efficiency and positive "U" non-linear feature, in the stage of technology development and technology transformation respectively. The spillover laws of two-stage innovation all have significant spatial heterogeneity. Especially the dynamic characteristics of the positive and diminishing marginal efficiency of OFDI reverse spillover in the eastern region deserve attention. In the new era, OFDI in the eastern and central China all have the comparative dynamic advantage of reverse innovation value chain overflow, while the effect in the western region is relatively limited. Based on the perspective of innovation value chain, a full empirical analysis is carried out on the stage heterogeneity and spatial heterogeneity of OFDI reverse innovation spillover. Research Significance: It provides the enlightening references for coping with the inherent relationship between OFDI and technological innovation more accurately and rationally in the new era.

摘要： 本文采用中国2006-2015年的省际面板数据，运用门槛回归技术考察了对外直接投资(OFDI)逆向创新的价值链外溢效应及政策启示。研究发现：(1)OFDI具有显著的逆向创新价值链外溢效应，且对技术开发能力的积极影响大于技术转化能力；(2)OFDI的动态逆向溢出在技术开发阶段和技术转化阶段分别表现出正向边际效率递增和正向“U”型非线性特征；(3)两阶段创新的外溢规律均具有显著的空间异质性，特别是东部地区出现OFDI逆向外溢的正向边际效率递减的动态约束值得关注；(4)新时期东、中部地区OFDI均具有逆向创新价值链溢出的持续动态比较优势，而西部地区OFDI逆向外溢效果则相对有限。本文基于创新价值链视角得出了OFDI逆向创新溢出存在阶段异质性和空间异质性等新结论，这为新时代背景下更加精确和理性地处理OFDI与技术创新的内在关联提供参考借鉴。