本文将R&D两面性纳入分析框架,建立国际R&D溢出回归模型,选取14个主要国家数据,对1985-2006年我国技术吸收能力与对外直接投资的逆向技术溢出效应进行实证检验。结论表明,ODI方式获取的国外溢出研发资本对国内R&D存量存在挤出效应;逆向技术溢出效应受我国技术水平制约有限,通过利用当地丰富的研发资源能够显著提高创新效率。 In this paper, we put the two sides of R & D into the analysis framework, established the international R & D spillover regression model, and selected 14 major countries’ data to test the empirical technology spillover effect between China’s technology absorptive capacity and OFDI from 1985 to 2006. The conclusion shows that the foreign spillover R & D capital acquired by ODI has crowding-out effect on the domestic R & D stock. The reverse spillover effect is limited by the technological level of our country and can significantly improve the innovation efficiency by using abundant R & D resources.