The cities along the Yangtze River in Anhui Province undertaking industrial transfer demonstration area building has obtained the approval of the state council. As the only demonstration area based on industrial transfer so far, the inflow of a large number of foreign capital has become an inevitable trend. This paper makes an analysis on the output effects and the technology spillover effects of foreign direct investment in the cities along the Yangtze River in Anhui Province using panel data from 2006-2009 including 9 cities and FGLS method. The result shows the FDI of the cities along the Yangtze River in Anhui Province indeed has brought about the growth of output, but the technology spillover effects of FDI is not significant. Local independent R＆D investment is the main influencing factor of the innovation, and has positive impacts on both output effects and technology spillover effects. Although human capital constraints the technological progress in the cities along the Yangtze River in Anhui Province, the combination of FDI and human capital promotes the technological progress. The FDI in the cities along the Yangtze River in Anhui Province has not technology spillover effects through local R＆D investment.%皖江城市带承接产业转移示范区作为迄今为止国务院批复的全国唯一一个以产业转移为主题的示范区，外资的大量进入是必然趋势。文章利用2006-2009年皖江城市带9个城市的面板数据和FGLS方法，对皖江城市带外商直接投资的产出效应和技术溢出效应进行了分析。研究表明皖江城市带FDI确实带来了产出的增长，但是对技术溢出的效应不显著。本土的自主研发投入无论是对产出效应还是对技术溢出效应都产生了积极的影响，是创新能力形成的主要因素。尽管人力资本制约了皖江城市带的技术进步，但是FDI与人力资本相结合，促进了皖江城市带的技术进步。皖江城市带FDI并没有通过本土的研发资本投入实现技术外溢效应。
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