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Technology Spillover Effects of China's Investment in Malaysia Under the Belt and Road Initiative: Evidence from Listed Companies

Year: 2026

Type: article

Abstract: Based on the micro-level investment data of Chinese A-share listed companies in Shanghai and Shen Zhen and the firm-level data of local Malaysian enterprises, this study adopts the difference-in-differences method to systematically test the technological spillover effect of China's investment in Malaysia, and analyzes the effect differences of different spillover channels, industry heterogeneity, and the moderating role of host country absorptive capacity. The results show that China's investment in Malaysia has generated a significant positive technological spillover on local enterprises in the host country, among which industrial linkage is the dominant channel. The technological spillover effect of high-tech industries is significantly stronger than that of traditional manufacturing, and both the human capital level and institutional quality of the host country have a positive moderating effect on the technological spillover effect. The study can provide empirical reference for China and Malaysia to optimize investment cooperation policies and promote the high-quality development of the Belt and Road Initiative.

Source: Journal of Economics Finance and Management Studies

DOI: 10.47191/jefms/v9-i11-10

Authors: Yeong Hong Yi, Dewi Purwati

Institution: Nanjing University of Information Science and Technology

Language: English

Topic: International Business and FDI

Subfield: Strategy and Management

Field: Business, Management and Accounting

Domain: Social Sciences

SDGs: Industry, innovation and infrastructure, Decent work and economic growth

Open Access status: diamond

OpenAlex ID: W7225389368