产品创新如何影响我国企业对外直接投资速度?——基于微观层面数据的实证检验

How Does Product Innovation Affect the Speed of Foreign Direct Investment of China's Enterprises?——An Empirical Test Based on Micro Level Data

在国际投资理论中,传统观点认为具有产品创新的优势企业有更大的动机进行对外直接投资,而近年来发展中国家的实践则表明劣势企业出于获取创新资源的目的也有较大的动机进行对外直接投资,文章从产品创新和企业对外直接投资速度视角对此进行检验。文章匹配《中国工业企业数据库》和《境外投资企业(机构)名录》构建微观实证研究数据库,并对企业对外直接投资速度和产品创新进行度量。在此基础上,文章的实证研究发现,一方面在产品创新倾向维度,无产品创新的企业比有产品创新企业有更快的对外直接投资速度;另一方面,在有产品创新企业内部,创新程度的提升则能加快企业对外直接投资速度。进一步地,文章利用倾向得分匹配对产品创新倾向如何影响企业对外直接投资速度进行反事实估计,验证了实证研究结果的稳健性。

In the international investment theory,according to the traditional viewpoint the firms with product innovation have greater motivation for foreign direct investment,but the practice of firms in developing countries in recent years indicate that the enterprises which in order to obtain innovation resources also have a great motivation for foreign direct investment. In this paper,we attend to test these two standpoints from the perspective of product innovation and foreign direct investment speed. We match the Database of China＇s Industrial Enterprises and the List of Overseas Investment Enterprises（ Institutions） to build a micro empirical database,and measure the speed of foreign direct investment and product innovation. Based on this,our empirical research finds that,in the aspect of product innovation orientation,enterprises with no product innovation have a faster speed of foreign direct investment than the ones with product innovation; however,in the internal of enterprises with product innovation,the rise of the degree of innovation can accelerate the speed of foreign direct investment. Furthermore,we use the method of propensity score matching to effect of product innovation tendency on foreign direct investment speed,and verify the robustness of our empirical results.