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本文提出“技术势能”假说,以高技术产业为研究对象,考察了这种“技术势能”对我国高技术产业国内投资的挤入(出)效应的影响,得出以下结论:FD I对高技术企业国内投资具有明显的挤入效应,规模增加越快挤入效应越明显;“技术势能”的扩大对国内投资具有挤出效应,但在2002年前具有明显的挤入效应;在“技术势能”三个组成中,规模效率改进和技术进步率的差距抑制了FD I的挤入效应;国内企业的TFP水平对国内投资具有正效应,外资企业TFP水平提升对国内投资具有抑制作用;FD I的进入首先对大型企业投资产生了有利的影响,但这种影响正在逐步减弱;挤入效应并没有显著倾向于国有企业;潜在市场规模对资本挤入的影响为正。
In this paper, the hypothesis of “technology potential” is put forward to study the impact of this “technology potential” on the intrusion (out) effect of domestic investment in high-tech industries in China. The following conclusions are drawn: FDI has obvious crowding-in effect on the domestic investment of high-tech enterprises, the more obvious the crowding-in effect is when the scale increases; the expansion of “technological potential” has a crowding-out effect on domestic investment but has obvious crowding-in before 2002 In the three components of “technology potential ”, the gap between scale efficiency improvement and technological progress rate suppressed the crowding-in effect of FDI; the TFP level of domestic enterprises had a positive effect on domestic investment and the level of TFP of foreign-funded enterprises increased Which has a restraining effect on domestic investment. The entry of FD I first had a favorable impact on the investment of large-scale enterprises, but the impact was gradually weakened. The crowding-in effect did not significantly favor the state-owned enterprises. The influence of the potential market size on capital crowding Positive.