垂直对外直接投资与服务创新

Vertical OFDI and Service Innovation

随着产业结构服务化,服务业已经成为中国经济的主导部门,服务创新能力是实现中国经济高质量发展的重要驱动力量。本文利用1996—2018年服务企业微观数据,考察垂直对外直接投资(OFDI)对服务企业创新能力的影响,得到以下结论:第一,进行垂直OFDI的企业,专利授权数增加12.75%。这种影响主要集中在生产性服务业,在消费性服务业中没有发现证据。这说明,垂直OFDI对创新的影响存在行业异质性,本地化倾向较高的消费性服务业无法通过垂直关联来增强其创新能力。第二,垂直OFDI的创新效应具有显著的门槛特征,只有高生产率企业和大型企业采用垂直OFDI能增强创新能力,中小企业和低生产率企业难以从垂直OFDI中享受创新溢出。此外,没有发现垂直OFDI战略的区域差异性。第三,“逃离竞争效应”在服务企业创新活动中具有重要的作用,竞争压力越大的行业,垂直OFDI的创新效应越强。第四,机制研究表明,研发成本水平下降和市场规模扩张有助于增强垂直OFDI的创新效应。

With the service-oriented of industrial structure,the innovation ability of the service industry has become an important driving force to realize the high-quality development of China's economy.Based on the micro data of service firms from 1996 to 2018,this paper investigates the impact of vertical integration and government subsidies on the innovation capacity of service firms,and draws the following conclusions:First,enterprises with vertical integration strategy increase their innovation capacity by 12.75%.Moreover,this effect was mainly concentrated in producer services,and no evidence was found in consumer services.This indicates that there is industry heterogeneity in the impact of vertical integration on innovation,and it is difficult for consumer service industries with high localization tendency to improve their innovation ability through vertical correlation.Second,the innovation effect of vertical integration has significant threshold characteristics.Only high productivity enterprises and large enterprises can improve their innovation ability by adopting vertical integration,while small and medium-sized enterprises and low productivity enterprises can hardly enjoy innovation spillover from vertical integration.Furthermore,no regional differences in vertical integration strategies were found.Third,the"escape from competition effect"plays an important role in the innovation activities of service firms.The higher the competitive pressure is,the stronger the innovation effect of vertical integration will be.Fourth,the reduction of R&D costs and the expansion of market size contribute to the enhancement of the innovation effect of vertical integration.