外商直接投资对科技服务业上市公司创新能力影响

An empirical study of foreign direct investment affecting the innovation capability of listed companies in the science and technology service industry

本文旨在分析外商直接投资对科技服务业上市公司创新能力的影响,选取2012—2018年间82家科技服务业上市公司的面板数据为样本,构建了以吸收能力作为调节变量的外商直接投资影响科技服务业上市公司创新能力模型,结果表明:外资开放程度对企业创新能力提升有抑制作用,而外资水平有利于国内企业创新能力的提升;外资对国有上市公司的促进作用不显著,对非国有企业创新有一定的抑制作用;吸收能力在外资开放程度、外资水平与上市公司创新之间存在调节作用。吸收能力越强,对企业创新能力的促进或抑制作用越强;上市公司的规模和效益与企业创新能力呈显著正相关。

With the transformation of the global economy from Product-Dominant logic to Service-Dologic, the science and technology service industry(The corresponding concept abroad is knowledge-intensive service industry) has become an inevitable choice because it has a means of integrating science and technology resources and gathering innovation elements due to its high added value, technological progress and outstanding innovation. The "Several Opinions on Accelerating the Development of Science and Technology Service Industry" issued by the State Council in 2014 promoted the rapid growth of the science and technology service industry. In 2017, Chinese science and technology service industry utilized foreign capital of 13.1 billion US dollars, three times the 2012 figure of 1.678 billion US dollars. However, the current innovation output efficiency of Chinese science and technology service industry is still not high, the number of invention patent application authorizations has not increased significantly, the innovation vitality of the innovation main body is insufficient, and foreign companies hold a low share of listed companies in the science and technology service industry.This paper analyzes how foreign direct investment impact the innovation capabilities of listed companies in the field of science and technology service industry. Based on the panel data of 82 listed companies in the science and technology service industry from 2012 to 2018, a model of how foreign direct investment impact the innovation capabilities of listed companies in the service industry,and figure out is constructed and absorptive capacity as the adjustment variable introduced. The results show that the degree of openness of foreign investment has an inhibitory effect on the improvement of enterprise innovation capacity, while the level of foreign investment is conducive to the improvement of innovation capacity of domestic enterprises;It has a certain inhibiting effect;the absorptive capacity has a regulating effect between the opening of foreign capital, the level of foreign capital, and the innovation of listed companies. The stronger the absorptive capacity, the stronger the promotion or inhibition of the innovation ability of the company;the scale and effectiveness of the listed company and the corporate innovation ability is highly positively correlated.The theoretical significance of this research lies in the establishment of the mechanism of foreign direct investment′s impact on enterprise innovation capabilities from the macro and meso level, which has promoted the in-depth research on the innovation and development of the science and technology service industry. Decomposing FDI variables into the degree of foreign capital opening and the level of foreign capital, through constructing an econometric model, interpreting the promotion theory and suppression theory from different perspectives, further verifies that there is also a "double-edged sword" effect of foreign investment in the science and technology service industry. Using absorptive capacity as a moderating variable to examine the impact of FDI on an enterprise′s innovation capability under dynamic changing conditions, it was found that the differences existed were consistent with the conclusion of Liu Hedong. This paper incorporates both the enterprise effect and the industry effect into the econometric model, and finds that between state-owned foreign capital and non-state-owned foreign capital, there is a difference in the technology spillover effect of FDI′s impact on the enterprise′s innovation capability;among the control variables, the size and efficiency of the enterprise present a stable positive effect on the enterprise′s innovation capability. The impact of corporate debt on the innovation capacity of listed companies is not significant. These studies provide a useful supplement to the theory of FDI affecting domestic corporate innovation.This paper believes that on the one hand, government policies should focus on controlling a reasonable proportion of foreign investment, and guiding high-quality foreign investment to the science and technology service industry, and promoting the accumulation of knowledge capital in the manufacturing industry, so as to promote the innovation capacity of enterprises to further improve the business environment, and at the same time increase the confidence and level of foreign capital holdings to increase the effect of foreign capital on innovation promotion of domestic listed science and technology service companies. On the other hand, listed companies in the science and technology service industry should improve their digestion, absorption and re-creation capabilities, and strengthen their independent innovation awareness and ability. In short, it is necessary to further guide the allocation of domestic and foreign financial resources to the field of science and technology, accelerate the formation of a diversified, multi-level, and multi-channel technology financial investment and financing system, and realize the effective docking of financial resources and scientific and technological resources and the coordinated development of industrial chain, innovation chain, and capital chain. Continually, we should improve the scale and effectiveness of listed technology service companies, form new technology financial listed companies, cultivate and expand the technology financial intermediary service market, and then enhance the overall efficiency of the science and technology service industry′s independent innovation system.