海外投资与企业创新——基于东道国异质性和企业异质性的实证检验

Overseas Investment and Enterprise Innovation:An Empirical Test Based on the Heterogeneity of Host Country and the Enterprise

在理论分析海外投资对企业创新作用机制的基础上,利用2010~2016年中国上市公司数据,运用前沿性的倾向得分匹配法(PSM)和双重差分法(DID)考察了海外投资对企业创新的影响。结果显示:(1)海外投资显著提高了企业创新水平;(2)文化距离、经济发展水平等东道国异质性特征影响海外投资对创新的作用效果;(3)进一步研究表明,在不同地区和不同行业之间,海外投资对企业创新的作用效果存在显著差异。文章在此结论的基础上,就如何通过海外投资提升中国企业创新水平,提出了一些针对性的建议。

By theoretically analyzing the mechanism of how overseas investment affects enterprise innovation, this paper conducts an empirical test with the methods of propensity score matching（PSM） and difference-in-difference（DID） based on the data of Chinese listed companies from 2010 to 2016. The results show that：（1） overseas investment significantly improves the level of enterprise innovation;（2） the heterogeneity of host country, such as cultural difference and economic development level, affects the influence of overseas investment on innovation;（3） further research reveals that the impact of overseas investment on enterprise innovation differs in diverse regions and industries. In view of this, this paper provides some pertinent suggestions for the ways of improving the innovation level of China＇s enterprises through overseas investment.