With the implementation of the"bring-in"and"go-out"strategies,the technology spillover from foreign direct investment(FDI)and the reverse technology spillover from outward foreign direct investment(OFDI)have become important paths for China to acquire advanced technological knowledge.However,there is no unanimity in the academic community on whether the two types of technology spillover promote innovation.We examine the impact of FDI tech-nology spillover and OFDI reverse technology spillover on China's regional innovation capability,and investigate the moderating role of intellectual property protection in this process,so as to further clarify the mechanism of the effect of the two types of technology spillover on innovation,and enable China to formulate"import"and"go out"strategies to promote innovation according to the impact results.In addition,we focus on the interaction between FDI technology spillover and OFDI reverse technology spillover,and introduce the degree of coordination between the two into the research framework to explore the role of coordinated development of international two-way investment on regional innovation capacity.We used 30 provincial-level administrative regions in China from 2007 to 2018 as the research sample.The L-P model was applied to calculate the scale of technology spillover acquired by each province through FDI and OFDI channels,and the individual fixed-effects model was used to examine the FDI technology spillover,OFDI reverse tech-nology spillover,and two-way FDI technology spillover coordination on regional innovation capacity.We further explored the moderating effect of intellectual property protection intensity in the process of technology spillover affecting regional innovation capacity.After multivariate regression analysis and robustness test,we found that(1)the regression estimated coefficients of FDI technology spillover are significantly positive at the 5%confidence interval,and the regression estimated coefficients of OFDI reverse technology spillover are significantly positive at the 1%confidence interval,with the impact coefficients of 0.104 and 0.17,respectively,indicating that FDI technology spillover and OFDI reverse technology spillover both have significant positive effects on regional innovation capacity.The regression estimated coefficient of the coupling degree of two-way FDI technology spillover is significantly positive at the 1%confidence level,indicating that two-way FDI tech-nology spillover has a significant positive influence on regional innovation capability,with an impact coefficient of 0.619,indicating that the positive influence of the coordination level of two-way FDI technology spillover on regional innovation capability is more prominent than that of FDI technology spillover and OFDI reverse technology spillover.(2)In the pro-cess of technology spillover influencing regional innovation,the moderating effect of IPR protection level reflects regional differences,and the level of IPR protection in the western region significantly enhances the positive influence of FDI tech-nology spillover,OFDI reverse technology spillover and two-way FDI technology spillover coordination level on regional innovation capacity,while in eastern and central regions,the moderating effect of IPR protection level is not significant.This is related to the different innovation bases and technology acquisition methods in the eastern,central,and western regions.The research results show that the coordination degree of FDI technology spillover,OFDI reverse technology spillover,and two-way FDI technology spillover has a significant positive impact on innovation capability.Therefore,China should continue to steadily develop FDI,introduce high-quality foreign investment,and increase direct investment in countries with high technology levels.At the same time,the government should also pay attention to the coordinated development of both FDI and OFDI and avoid too rapid growth of foreign investment introduction in the short term.In addition,China should continue to improve and perfect the laws and regulations related to intellectual property protection,strengthen the enforcement of intellectual property rights in all regions,and promote the transformation from imitation innovation to independent innovation in all regions.
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