摘要
本文分析了对外直接投资对企业“脱实向虚”的影响,剖析了母国知识产权保护的重要调节作用,并利用中国制造业A股上市公司数据进行经验分析。研究得出:对外直接投资对企业“脱实向虚”具有显著抑制效果,而知识产权保护会强化这一抑制作用。进一步发现,对外直接投资和知识产权保护能够通过促进技术创新、提升产品竞争力抑制企业“脱实向虚”。对外直接投资的“脱实向虚”抑制作用和知识产权保护的强化作用在东部地区、低生产率企业中更加突出。
This paper theoretically analyzes the impact of OFDI on the financialization of Chinese firms,and dissects the important moderating role of IPR protection in the home country,using data from A-share listed Chinese manufacturing firms.The paper concludes that OFDI has a significant inhibitory effect on the financialization of Chinese firms,and IPR protection reinforces this inhibitory effect.Further analysis shows that OFDI and IPR protection can inhibit the financialization of firms by promoting technological innovation effects and enhancing product competitiveness.This paper also finds that the inhibiting effect of OFDI on financialization and the strengthening effect of IPR protection is more prominent in the sample of eastern region firms and low productivity firms.
作者
谢众
卢文玲
Xie Zhong;Lu Wenling
出处
《投资研究》
CSSCI
北大核心
2022年第10期62-77,共16页
Review of Investment Studies
关键词
对外直接投资
企业“脱实向虚”
母国IPR
技术创新效应
Outward foreign direct investment
Corporate financialization
Home country IPR
Technological innovation effects
