Based on the panel data of 8 provinces in central region of China and the expounding the realization mechanism of spillover effect on Taiwan, this paper uses a dynamic panel data model to analyze spillover effects of Taiwanese investment in the mainland to domestic enterprises. The empirical tests show that the effect of Taiwan capital inflows on domestic-funded enterprise may be the inverted U-shaped curve--the growing inflow of Taiwan-funded exactly have a positive spillover effect on output of the domestic enterprises, but when the Taiwan-funded enterprises increased local market share to a certain extent, the marginal positive spillover effects will be reduced with the increased investment, Or even become negative spillover effect.%基于大陆台资集中区8个省份的面板数据，在阐述台资溢出效应实现机制的基础上，运用新经济增长理论构建考察溢出效应的动态面板数据模型。研究表明，台资流入对内资企业发展的影响轨迹呈倒U型曲线：不断增长的台资流入确实对内资企业的产出有正溢出效应，但当台资企业所占当地市场份额增加到一定程度时，台资对内资企业的溢出效应可能就会随其投资额的增加逐渐递减，甚至变为负溢出效应。
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