This paper examines the absorptive capacity＇s moderating effect in technology spillovers on domestic firms＇ productivity progress, based on the panel data of manufacturing firms in Guangdong province from 2001 to 2007. The results show that： domestic firms＇ absorptive capacity can significantly enhance their productivity. The absorptive capacity moderates the relationship between technology spillovers and firms＇ productivity progress. The moderating effect turns to be positive through backward linkages, and negative through horizontal channel and forward linkages. This effect of absorptive capacity is particularly evident on the private finns.%本文基于2001—2007年广东省制造业企业面板数据，运用Levinsohn—Petrin半参数方法估计企业全要素生产率（TFP），考察了吸收能力对本土企业TFP的影响以及吸收能力对外商直接投资（FDI）溢出效应的调节效应。检验结果发现：本土企业的吸收能力对生产率提升有显著正向作用；吸收能力通过后向关联渠道对溢出效应起正向调节作用，而在水平方向和前向关联渠道上，调节效应呈现负向影响。研究结果还发现，吸收能力的这种作用对私营企业尤其明显。
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