新兴市场企业对外直接投资模式与企业创新绩效——内部研发是协同还是替代

Will Outward Foreign Direct Investment Models Influence Innovation Performance of Emerging Market Firms? Is There Complementarity or Substitutability of Internal R&D Strategies?

近年来,中国越来越多的企业选择对外直接投资进行对外资本输出。动机之一是为了进入东道国市场、获取战略资源;其二作为新兴市场企业,获取先进技术、实现技术的逆向溢出从而增强自身创新能力才是更为重要的目的。同时,企业内部研发也是实现企业创新的重要手段。文章选取了深沪股市中346家上市公司从2000—2016年的对外直接投资数据作为样本,并收集了这些公司专利申请数目,以及这些企业内部研发数据建立模型。结果发现,对于新兴市场企业而言,对外直接投资可以促进其技术创新绩效的显著提高,但仅限于跨国并购和国际合资这两种模式,绿地投资不会产生显著影响,而且跨国并购相对于国际合资正向影响更为明显;内部研发活动与对外直接投资间不存在协同互补的关系。

In recent years,more and more enterprises in China are exporting capital by outward foreign direct investment.One of the motives is to enter the host countries’markets and obtain strategic resources.On the other hand,it is more important to improve innovative ability through acquiring advanced technology and reverse spillover of the knowledge.At the same time,internal R&D is also a vital means to achieve firm innovation.This article selects the OFDI data of 346 listed companies in Shenzhen and Shanghai stock markets from 2000 to2016,and collects the data of these companies’patent applications and R&D investment.The results from our study indicate that cross-border mergers and acquisitions and international joint venture have positive influence on innovation performance,and there is no significant impact by greenfield investment.In particular,the positive impact of cross-border mergers and acquisitions is stronger than international joint venture.There is no complementarity between internal R&D and OFDI.