摘要
在中国制造业转型升级的关键时期,探索如何最大限度地发挥对外直接投资的逆向技术溢出效应,对促进企业创新具有重要意义。本文利用2002~2017年制造业企业大样本数据,基于不同投资方式考察了对外直接投资对企业创新的影响和微观机制。研究结果显示:(1)对外直接投资显著地提高了企业的创新产出,但跨国并购的促进作用明显大于绿地投资;(2)对外直接投资通过海外收入、技术转移和市场竞争优势三条溢出路径影响企业的创新投入,进而作用于创新产出。具体地,绿地投资与跨国并购的主要溢出路径分别为海外收入和技术转移;(3)吸收能力和政府补贴对绿地投资的创新溢出效应具有正向调节作用。以上研究结果表明,企业可以通过更有针对性地选择对外直接投资方式和路径,发挥逆向技术溢出效应对企业创新的促进作用。
During the critical period of transformation and upgrading of China’s manufacturing industry,exploring how to maximize the reverse technology spillover effect of FDI is of great significance to promote enterprise innovation.Based on different investment ways and with a large sample data of manufacturing enterprises from 2002 to 2017,this paper studies the impact of OFDI on enterprise innovation and its micro-mechanism.The results show that:(1)OFDI significantly improves the innovation output of enterprises,the promotion effect of transnational M&A is significantly greater than that of greenfield investment.(2)OFDI influences the innovation input of enterprises through three spillovers:overseas income,technology transfer and market competitive advantage,and then acts on innovation output.Specifically,the main spillover paths of greenfield investment and transnational M&A are respectively overseas income and technology transfer.(3)Absorptive capacity and government subsidies have a positive moderation effect on reverse technology spillover effect of greenfield investment.This shows that enterprises can play a role in promoting the innovation of enterprises through the more targeted selection of OFDI ways and paths.
作者
于立宏
苏晨
YU Lihong;SU Chen(School of Business,East China University of Science and Technology,Shanghai 200237)
基金
国家自然科学基金项目“双重负外部性下战略性资源企业技术升级的激励机制与政策体系研究”(71773029)。
关键词
跨国并购
绿地投资
创新溢出
中介效应
调节效应
Transnational Mergers and Acquisitions
Greenfield Investment
Innovation Spillover
Mediating Effect
Moderating Effect
