双向直接投资、动态互补效应与工业行业创新效率——基于创新链视角

Two-way Direct Investment,Dynamic Complementarity Effect and Industrial Innovation Efficiency:From the Perspective of Innovation Chain

工业行业创新仍存在着成果转化“死亡之谷”难以跨越的现实困境。本文基于创新链理论,构造并测度了2012—2020年中国共38个工业行业创新效率,从动态互补视角实证检验了双向直接投资对创新链视角下创新效率的影响及其动态互补效应。研究发现:(1)外商直接投资(IFDI)对工业行业创新效率的影响在各个阶段均为正向效应,虽然对外直接投资(OFDI)在产品开发阶段的积极效应存在滞后性,但对其余阶段效率以及总效率影响显著为正;(2)对于创新突破型行业的创新效率而言,OFDI的积极影响更加明显,而IFDI对创新稳定型行业的创新效率影响更加显著;(3)双向直接投资互动发展具有动态互补性,二者的互补性资本挤入效应与互补性技术溢出效应对创新效率具有显著促进作用。

Industrial innovation still has a realistic dilemma that the"valley of death"of transformation of results is difficult to overcome.Based on the innovation chain theory,this paper constructs and meas-ures the innovation chain efficiency of 38 Chinese industrial sectors from 2011 to 2020,and empirically tests the influence and mechanism of two-way direct investment on innovation chain efficiency from the per-spective of dynamic complementarity.The results show that both two-way direct investments can have a significant positive impact on the efficiency of the innovation chain.Although a large amount of OFDI has a short-term inhibitory effect on the efficiency of the product-development stage,OFDI still has a signifi-cant promoting effect in the long run.Besides that,for the innovation efficiency of innovation-break-through industries,OFDI has a more significant positive impact,while IFDI has a more significant impact on the innovation efficiency of innovation-stable industries.In addition,the interactive developments of two-way direct investments have dynamic complementarity.The complementary capital crowding effect and the complementary technology spillover effect have significant promotion effects on innovation efficiency.