研发国际化与企业创新绩效:国有股权的调节作用

The Relationship between R&D Internationalization and Innovation Performance:The Moderating Effect of State-owned Equity

研发国际化是新兴经济体跨国企业学习东道国先进技术知识、增强创新能力的重要战略。本文以中国沪深两市的知识密集型高技术行业上市企业为研究样本,将研发国际化分为深度和广度两个维度,分别对二者和企业创新绩效之间的关系以及国有股权的调节作用进行了探讨。研究表明:研发国际化的深度和广度与企业创新绩效之间均呈现倒U型关系,企业隶属层级和国有股权比例负向调节研发国际化对企业创新绩效的影响。同时,与市场寻求型研发国际化的企业相比,技术寻求型企业对应的倒U型的转折点数值更大,表明这类企业能够享受到更长时间的研发国际化为创新绩效带来的正效应。新兴经济体跨国企业应把握不同阶段的研发国际化行为对创新绩效不同的影响作用,以及国有股权在研发国际化不同阶段中的双刃剑效应,合理布局全球研发活动以最大化提升创新绩效。

Innovation is very important for enterprises to survive under the context of economic globalization and competition globalization.Optimizing the allocation of enterprise R&D network in the global scope can make enterprises realize cross-border transfer and utilization of resources,and create new knowledge for enterprises.For the latecomer MNEs from emerging economies,R&D internationalization is an important springboard for them to catch up with or even surpass those of developed countries.The impact mechanism of R&D internationalization on enterprise innovation performance is mainly through the overseas R&D units to acquire the unique knowledge of the host country or further develop the existing knowledge of the home country,and then reverse transfer it to the parent company and affect the innovation performance.At present,most of the domestic research on internationalization variables only set dummy variables or focus on the dimension of diversity,which is difficult to reflect the mechanism of different dimensions of R&D internationalization.The differences in the dimension division of R&D internationalization may be the important reason why the existing research has not reached a consistent conclusion reason.Therefore,in order to explore the mechanism of R&D internationalization on enterprise innovation performance,we take the listed companies of knowledge intensive high-tech industry in China from 2009 to 2015 as objects,and discusses the influence mechanism of R&D internationalization on enterprise innovation performance from two dimensions of intensity and diversity.The results show that,for enterprises in developing countries and emerging economies,the intensity and diversity of R&D internationalization have an inverted U-shaped impact on innovation performance.After distinguishing the purpose of R&D internationalization into two subsamples of technology seeking and market seeking also reaches the same conclusion.Compared with market seeking enterprises,the intensity and diversity of R&D internationalization of technology seeking enterprises have a greater impact on the inverted U-shaped innovation performance.We further investigate the factor of State-owned equity involvement maybe moderate the relationship between R&D internationalization and innovative performance.We subdivide state-owned equity involvement into two variables:the government affiliation level and the state ownership.State-owned equity has a negative moderating effect on the relationship between R&D internationalization and enterprise innovation performance.Higher government affiliation level or state ownership will weaken the inverted U-shaped relationship between R&D internationalization and innovation performance.In the early stage of R&D internationalization,a higher level of state-owned equity will cause enterprises to suffer more legitimacy pressure and institutional constraints in the host country,which may have a negative impact on the innovation activities of enterprises and reduce the benefits of R&D internationalization.However,when the internationalization of R&D reaches a certain level,a higher level of state-owned equity involvement will provide more sufficient guarantee for enterprises to further overseas R&D investment,and use strong governmental power to help enterprises communicate and coordinate in the host country and reduce the inferior risk of outsiders,so as to weaken the negative impact of R&D internationalization on innovation in the second half of inverted U-shaped.Our research offers some implications for the enterprises.They need to take advantage of the benefits from the initial stage of R&D internationalization to improve their innovation capability,and take effective measures to delay the arrival of the negative impact stage of R&D internationalization on enterprise innovation performance,or to reduce the negative impact.Technology seeking enterprises can enjoy the benefits of R&D internationalization for a longer time,which enlightens Chinese enterprises to pay more attention to the search,acquisition and absorption of new knowledge in the process of R&D internationalization.Enterprises should try their best to reduce the negative impact of state-owned equity on enterprises in the initial stage of R&D internationalization.However,when the internationalization of enterprise R&D gradually goes into a new stage,enterprises should give full play to the institutional advantages of state-owned equity,actively strive to obtain scarce innovation resources from the home government and make use of the government to help solve the problems of communication and coordination in the host country.