The reverse spillover effect of Overseas Direct Investment (ODI) on home country's economic growth is investigated in the institutional background of regional market integration. First of all, based on New Growth Theory, the theoretical model which makes Total Factor Productivity (TFP) determined by ODI and the degree of regional market integration is established. Then, China's province-level panel data during 2003-2012 to do empirical research is used. Last, DEA-Malmquist index is used to decompose TFP into three parts: technological level change, resource allocation efficiency change and scale efficiency change, which reveals the channels through which ODI impacts TFP. The empirical results show that: regional market integration and ODI have significant substitution effect on promoting technical progress, have significant complementary effect on optimizing resources allocation, and have no significant effect on achieving economies of scale. After synthesizing the three aspects above, regional market integration and ODI demonstrate significant substitution effect on TFP. In order to ensure the reliability of conclusions, the endogeneity of ODI, test the robustness of the model, and compare ODI's marginal effect in different sample cases are considered.
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