股权性质、技术创新与对外直接投资——基于中国制造业A股数据的经验分析

Ownership Property,Innovation and Outward Foreign Direct Investment

研究以中国2013—2015年沪深两市A股制造业的217家上市公司为样本,对企业股权性质、技术创新和对外直接投资(OFDI)的关系进行了实证分析。研究的主要结论是:非国有控股企业相对于国有控股企业具有更强的技术创新倾向;非国有控股企业相对于国有控股企业更具有对外投资的动机;相对于国有控股企业,非国有企业控股下的企业技术创新对OFDI的正相关影响会得以加强。

This study finds non state-owned firms have a stronger propensity on innovation and OFDI than state-owned firms. Further, this study finds that ownership property interacts with innovation positively affect the OFDI under non-state ownership. Theoretically, this study integrates strategic decisions and ownership prop- erty to discuss the topic; empirically, this study proposes suggestions on how to strengthen and improve the inter- nal and external mechanism to optimize the decision behaviors and enhance the competitiveness of the firms.