知识转移市场与对外直接投资

Knowledge Transfer Market and OFDI

有效配置知识资源是实现高水平科技自立自强的关键环节,国家科技成果转移转化示范区政策是发展自主可控技术、缓和国外技术掣肘的重要举措。本文基于这一政策的准自然实验,使用中国A股上市企业2011—2021年面板数据,采用多期DID方法研究知识转移市场建设对企业OFDI的影响。研究发现知识转移市场的完善可以为企业营造优质创新环境、畅通信息传播通路、拓宽专业知识领域,帮助企业培育竞争优势进而开展多元化对外直接投资。异质性分析显示跨国企业通过知识转移市场扩充知识库,主动缩小与被并购企业的技术差距,可以显著提高跨国并购的成功率,并且带动了数字型OFDI的投资规模。本文认为企业应当善用知识转移平台以丰富“专利池”,破解关键核心技术,为提高对外开放质量注入强大动能。

Effective allocation of knowledge resources is the key link to realize high-level scientific and technological selfreliance,and the policy of national scientific and technological achievements transfer and transformation demonstration zones is an important initiative to develop independently controllable technologies and ease the constraints of foreign technologies.Based on the quasi-natural experiment of this policy,this paper uses the panel data of Chinese A-share listed enterprises from 2011-2021,and employs the multi-period DID method to study the impact of knowledge transfer market construction on corporate OFDI.It is found that the improvement of the knowledge transfer market can create a high-quality innovation environment for enterprises,unimpeded information dissemination channels,broaden the field of expertise,and help enterprises cultivate ownership advantages and then carry out diversified OFDI.Heterogeneity analysis shows that multinational enterprises expand their knowledge base through the knowledge transfer market and actively narrow the technology gap with the acquired enterprises,which can significantly improve the success rate of cross-border M&A and drive the investment scale of digital OFDI.This paper argues that enterprises should make good use of the knowledge transfer platform to enrich the"patent pool",crack the key core technology,and inject powerful kinetic energy to improve the quality of opening-up.