中国高科技企业OFDI速度对创新绩效的影响——基于总体创新、颠覆式创新和渐进式创新视角

文章采用2008-2017年中国高科技上市公司数据，依据海外子公司投资动机计算企业基于深度和广度的技术寻求型OFDI速度，并此基础上以投资速度对企业总体创新、颠覆式创新和渐进式创新的影响研究为中心，实证检验吸收能力在其中起到的调节作用。结果表明：（1）无论是基于深度还是广度的技术寻求型OFDI速度与企业创新绩效均呈现倒U型关系；（2）吸收能力对企业OFDI速度与创新绩效之间的关系起到负向调节作用；（3）从投资地区异质性看，高吸收能力的企业无论在发达还是发展中国家基本可通过快速技术寻求型投资提升企业创新绩效，但低吸收能力的企业更适合以较低的投资速度进行技术寻求；另外，在发达国家的OFDI尤其可以帮助企业提升颠覆式创新绩效。

Research on the Impact of Enterprise OFDI Speed on Innovation Performance: From the Perspective of Overall Innovation,Subversive Innovation and Gradual Innovation

China is in the transition period from high-speed growth stage to high-quality development stage. As an important force to promote national science and technology innovation and economic transformation, high-tech enterprises will play an important role in promoting innovative economy. With the continuous upgrading of global competition, OFDI has become a new breakthrough for China's high-tech enterprises. Based on the data of China's high-tech listed companies from 2008 to 2017, this paper calculates the technology seeking OFDI speed based on depth and breadth based on the investment motivation of overseas subsidiaries, and empirically tests the moderating effect of absorptive capacity on the overall innovation, disruptive innovation and incremental innovation of enterprises. The results show that: (1) Whether based on depth or breadth, OFDI speed has an inverted U-shaped relationship with the overall innovation performance, disruptive innovation performance and incremental innovation performance; (2) absorptive capacity plays a negative role in the relationship between OFDI speed and innovation performance. At the same time, enterprises with high absorptive capacity will focus more on the breakthrough of disruptive innovation, while enterprises with low absorptive capacity will focus on the breakthrough of disruptive innovation (3) from the perspective of regional heterogeneity, firms with high absorptive capacity can improve their innovation performance through rapid technology seeking investment in developed and developing countries, but enterprises with low absorptive capacity are more suitable for technology seeking at a lower investment speed. In addition, OFDI in developed countries can help Enterprises improve the performance of disruptive innovation.