臺商投資對中國大陸上市公司創新能力的外溢效果

Spillover Effects of Taiwan Direct Investment on Innovation Activities of China Listed Companies

近年來，中國大陸已成為外國直接投資（FDI）最多的國家，由於地理位置、及文化較接近，台灣已成為中國大陸外國直接投資的主要來源國。有鑑於台灣對中國大陸經濟發展的重要性，本研究旨在探討臺灣直接投資對中國大陸創新能力的外溢效果。本研究實證結果發現：（1）台灣或其他國家的投資對中國大陸上市公司創新活動均有正向的外溢效果；（2）來自台灣直接投資的外溢效果較其他國家大；（3）高科技產業擁有較大的外溢效果；（4）產業的吸收能力越強，外國直接投資對創新能力的外溢效果就越大。

China has been the target of the most FDI among developing countries. Due toits geographical location and cultural similarities with China, Taiwan has been a topplayer for its FDI to China among many countries. In terms of the importance ofTaiwan’s FDI for the economic growth of China, this paper intends to investigatewhether FDI from Taiwan generated spillover effects toward innovation activitiesfor China industries. We find that: (1) FDI from both Taiwan and other countrieshas positive effects on innovation activities for listed firms in China; (2) FDI fromTaiwan significantly outperforms other countries in terms of innovation spillovereffects; (3) the innovation spillover effects of high-technology industry are strongerthan those of non high-technology industries for listed firms in China; (4) the higherabsorptive capacity, the greater spillover effects of FDI on innovation activities.