服务型对外直接投资与企业自主创新

文章构建了一个含有中国企业服务型对外直接投资(OFDI)详细信息的微观数据集,结合2002~2017年中国A股非金融类上市企业的数据,使用倾向得分匹配法和双重差分法考察了服务型OFDI对企业自主创新水平的影响。研究发现:服务型OFDI显著促进了企业自主创新水平的提升,而且投资金额越大,促进效应越明显;异质性检验表明,高管理效率、生产型行业、投资模式是绿地投资的企业从服务型OFDI中获益更大;与纯生产型OFDI相比,服务型OFDI对企业创新的积极影响更大,两者创新效应的差异凸显了在通过"走出去"战略促进企业转型升级过程中服务型OFDI的重要地位;进一步的机制检验表明,服务型OFDI主要通过"市场规模效应""资金流效应""逆向技术溢出效应"促进母公司创新。文章研究结论对中国制定对外直接投资政策、提升企业竞争力具有重要参考价值。

Service-Oriented OFDI and Self-innovation of Chinese Enterprises

This paper constructs a microdata containing detailed information on Chinese companies’ service-oriented outward foreign direct investment( OFDI). Based on data from Chinese A-share non-financial listed companies from 2002 to 2017,using the PSM method and DID method to examine the impact of service-oriented OFDI on the self-innovation of enterprises. The study found that service-oriented OFDI significantly promoted the improvement of enterprises’ self-innovation,and the larger the investment amount,the more obvious the promotion effect. The heterogeneity tests showed that companies with high management efficiency,production-oriented industries,and investment modes that are greenfield investments benefit more from service-oriented OFDI. In addition,compared with pure production OFDI,service-oriented OFDI has a greater positive impact on corporate innovation. The difference between the two innovation effects highlights the important role of service-oriented OFDI in the process of promoting enterprise transformation and upgrading through the " going out" strategy. Further mechanism tests show that service-oriented OFDI mainly promotes parent company innovation through " market size effect", " fund flow effect",and " reverse technology spillover effect". The conclusions of this paper have important reference value for the formulation of China’ s OFDI policies and the improvement of corporate competitiveness.