国际投资新规则对我国企业创新能力的影响研究

The Infl uence of New Rules of International Investment on the Innovation Ability of Chinese Enterprises

随着高标准国际投资新规则的实施,我国企业以对外投资获取外部技术,进而快速提升研发能力的创新模式面临新的挑战。本文利用2007~2016年上市公司微观数据,考察了国际投资新规则对我国企业创新能力的影响。研究结果表明:国际投资新规则的实施显著地抑制了企业利用对外投资提升创新的能力;国际投资新规则对企业创新能力的影响效果受企业所有制性质的影响,相比私有企业国际投资新规则对国有企业获取外部技术溢出的负向影响更大;国际投资新规则对不同投资行业的企业创新能力的影响具有异质性,相较于其他行业,国际投资新规则对制造业企业创新能力的发展更为不利。

With the practice of high-standard new rules of international investment,the external environment for Chinese enterprises to acquire external technologies through overseas investment to rapidly improve their innovation ability is particularly severe.Using the microcosmic data of listed companies from 2007 to 2016,this paper investigates the influence of new rules of international investment on the innovation ability of Chinese enterprises.The results show that the implementation of the new rules of international investment has signifi cantly inhibited the innovation ability of enterprises.The ownership of enterprises affects the effect of the new rules of international investment on the innovation ability of enterprises.Compared with private enterprises,the new rules have a greater negative impact on the innovation ability of state-owned outward investment enterprises.Meanwhile,the new rules of international investment have a heterogeneous effect on the innovation ability of enterprises in different investment industries.Compared with other industries,the new rules of international investment are more adverse to the development of the innovation ability of enterprises in manufacturing industry.