本研究对发达国家实施制造业振兴战略对中国对外直接投资制造企业创新产生的政策效果及影响机制进行跟踪研究。从逆向技术溢出的视角，将发达国家制造业振兴战略的政策冲击视为一次准自然实验，基于2003－2017年“走出去”的中国上市制造公司样本，主要采用双重差分法、有调节的中介模型进行分析。研究发现：发达国家制造业振兴战略总体上对中国制造企业创新绩效产生显著的正向影响，并会通过较高的东道国创新环境质量发挥正向中介作用，而此中介作用受国家间技术差距的正向调节，即东道国和母国技术差距越大，东道国创新环境对中国制造企业创新绩效的正向作用越强。鉴于此，提出应加强逆向投资的区位优化、充分利用投资区位创新环境的支撑、积极开发投资区位技术势差下的逆向溢出效应，以促进中国对外直接投资制造企业创新效率的提升。

This study follows up the policy effect and influence mechanism of the implementation of manufacturing industry revitalization strategy in developed countries on the innovation of Chinese outward foreign direct investment manufacturing enterprises. From the perspective of reverse technology spillover, the policy impact of manufacturing industry revitalization strategy in developed countries is regarded as a quasi-natural experiment. Based on the samples of Chinese listed manufacturing companies "going global" from 2003 to 2017, the analysis is mainly conducted by using the difference-in-differences method and the moderated mediation model. The study finds that, the manufacturing industry revitalization strategy in developed countries has a significant positive impact on the innovation performance of Chinese manufacturing enterprises in general, which is positively mediated by the higher innovation environment quality of the host country. The mediating effect is positively moderated by the technology gap between the host country and the home country, that is, the greater the technology gap between the host country and the home country, the stronger the positive effect of the innovation environment of the host country on the innovation performance of Chinese manufacturing enterprises. In view of this, it is proposed to strengthen the location optimization of reverse investment, make full use of the support of the innovation environment of investment location, and actively utilize the reverse spillover effect under the technology gap of investment location, so as to promote the innovation efficiency of Chinese outward foreign direct investment manufacturing enterprises.

F273.1；F276.7；F224；G301

教育部人文社科规划基金“GIN视角下中国企业海外子公司组织模式设计与对策研究”(19YJA630085)；江苏省社科基金面上项目“GIN视角下江苏省制造业研发国际化的微观层次研究”(18GLB025)；江苏省研究生科研与实践创新计划项目“逆向投资发达国家背景下中国制造企业的公司治理优化研究”(KYCX21_1042)