Does Institutional Distance Affect Transnational Knowledge Spillovers Between Countries?
研究母国与东道国之间的制度距离对跨国投资技术溢出的影响，利用中国对11国15年数据发现，制度距离阻碍了外商直接投资的技术溢出，而中国对外直接投资未产生显著溢出效应。
This article studies the impacts of the institutional distances between home and host countries on technology spillovers and reverse technology spillovers of multinational investment. Extant research has studied the impacts of the technological spillover effects of foreign direct investment (FDI) and outward FDI (OFDI) on the technology innovation of home and host countries and the impact of the institutional environment on the technological spillovers of transnational investments. However, these studies have failed to distinguish the impacts of institutional profiles and institutional distances on multinational investments. The impacts of institutional profiles and institutional distances on cross-border business activities require additional, diligent theoretical and empirical research. We believe that the technological spillovers of multinational enterprises (MNEs) are affected not only by their institutional environments but also (and perhaps more importantly) by the institutional distances between home and host countries. We used data for Chinese investment in 11 countries over the past 15 years, and the analytical results showed some interesting conclusions. China's OFDI has not produced significant technology spillover effects, so overseas investment by MNEs needs to be more mature and return to rationality. However, FDI has a significant technology spillover effect, and institutional distance has indeed hindered FDI technology spillovers in China.