Abstract: Under the background of protectionism and anti-globalization, how domestic foreign direct investment enterprises should adjust their investment strategies and knowledge strategies to cope with changes in their own knowledge needs and changes in the international investment environment has become an urgent problem to be solved. In view of this, our paper firstly uses the knowledge structure theory and 10 Chinese cases to construct a theoretical model of enterprises' outward direct investment driving technological progress, and believes that the paths of outward direct investment driving enterprises' technological progress include: ① Knowledge base of foreign affiliates → reverse spillover knowledge (breadth × intensity) → knowledge absorption → knowledge base of domestic investment enterprises (number of knowledge reserves) → technological progress; ② knowledge base of foreign affiliates → reverse spillover knowledge (depth × intensity) → Knowledge absorption → domestic investment enterprise knowledge base (knowledge frontier level) → technological progress. However, in different investment stages, the utility of the breadth and depth of reverse spillover knowledge has changed, as shown in: In the early stage of foreign direct investment, investment enterprises are restricted by the disadvantages of ownership and internalization, and tend to choose a canyon-type structure characterized by depth or a pool-type structure with balanced and less investment activities; With the improvement of corporate ownership and internalization advantages, and the weakening of the location advantages of the host country, investment enterprises will gradually tend to choose a lake-type reverse spillover knowledge structure characterized by breadth. Compared with other research, our paper has three contributions: ① We combine knowledge structure theory with the concept of reverse spillover knowledge, exploring how reverse spillover knowledge promotes technological progress in investment enterprises from different dimensions of knowledge, aiming to fill the theoretical gap in the drive of technology progress by outward direct investment of enterprises. ② Our paper used internalization theory and investment development cycle theory to summarize the phased characteristics of foreign direct investment goals and knowledge structure adjustment of enterprises, aiming to extend the original static research perspective to a more practical dynamic perspective. ③ Our paper re-examines the differences between the dimensions of knowledge depth and knowledge intensity from a spillover perspective, addressing the issue of unclear concepts of knowledge intensity and knowledge depth in current research.

摘要： 保护主义和逆全球化背景下，国内对外直接投资企业该如何调整投资策略与知识策略来应对自身知识需求变化和国际投资环境变化已然成为亟待解决的问题。鉴于此，本文首先借助知识结构理论与10家中国案例企业构建了企业对外直接投资驱动技术进步的理论模型，认为对外直接投资驱动投资企业技术进步的路径包括：①国外关联企业知识基→逆向溢出知识（广度×强度）→知识吸收量→国内投资企业知识基（知识储备数量）→技术进步；②国外关联企业知识基→逆向溢出知识（深度×强度）→知识吸收量→国内投资企业知识基（知识前沿水平）→技术进步。但在不同投资阶段，逆向溢出知识广度和深度所发挥的效用有所变化，表现为：对外直接投资前期受到所有权劣势和内部化劣势的限制，投资企业倾向于以深度为特征的峡谷型结构或者整体均衡且投资活动较少的水池型结构；随着投资企业所有权优势与内部化优势提升、东道国区位优势弱化，投资企业会逐渐倾向选择以广度为特征的湖泊型逆向溢出知识结构。