解构中国企业对外直接投资的创新效应*——基于速度、时间和经验的视角

本文基于2003—2016年中国A股上市公司数据，从对外直接投资的速度、时间和经验三个维度全方位刻画企业的对外投资动态决策图景，分析企业对外投资影响企业创新的内部机理。研究表明：（1）投资速度与企业创新存在倒U型关系但尚处于创新改善区间，积累投资经验和延迟投资时间分别表现出显著的激励和抑制效应。（2）与低质量非发明专利相比，高质量发明专利受到的激励和抑制效应更大，且因企业所有权、行业和投资动机的不同而呈现差异。（3）对外投资动态决策不仅影响研发强度，还促进研发效率改善，可通过收入、规模经济和生产率效应影响创新。进一步研究发现，不断积累投资经验有助于企业降低创新风险尤其是高质量创新风险。本文为企业通过“走出去”战略实现转型升级以及我国创新型国家的建设提供具有参考价值的政策建议。

DECOMPOSING THE INNOVATION EFFECT OF CHINA'S OUTBOUND FDI——Perspectives from Speed,Time and Experience

Using the panel dataset of China's A share listed companies from 2003 to 2016, this paper attempts to investigate the OFDI strategies of listed companies from the 3 complementary perspectives consisting of speed, time and experience and examines how OFDI influences innovation and the intrinsic mechanism. The study finds that: (1) OFDI speed has an inverted U shape effect on innovation, but it is still in the range of innovation improvement. OFDI experience has a significant effect of stimulus on innovation, while time term shows a significant effect of repression. (2) Compared with low quality strategic innovation, high quality innovation has greater stimulus and repression effects and these effects vary with ownership, industry and investment motive. (3) OFDI strategies can not only affects R&D intensity, but also improve R&D efficiency, promoting innovation through income effect, economies of scale effect and productivity effect. Further analysis also finds that richer international experience accumulated by companies help them reduce innovation risk, especially high quality innovation risk. This paper provides policy implications for companies to achieve transformation and upgrading by addressing OFDI strategic issues and for China to become an innovative country.