| Driven by the strategy of “going out” and “innovation-driven development”,Chinese enterprises are accelerating the pace of internationalization.By conducting overseas R&D investment and making full use of innovative resources scattered around the world,Chinese enterprises are gradually becoming an important participant and activist from the “outer zone” of R&D globalization.At the same time,the research focus on overseas R&D investment has gradually shifted from the situation of developed countries in Europe and America to the situation of emerging economies represented by China.Based on this research background,this paper proposes the following three progressive research questions by combing,reviewing and evaluating existing literature:(1)How do China's domestic institutional factors affect the propensity and intensity of overseas R&D investment?(2)Can overseas R&D investment improve the innovation performance of enterprises?(3)What is the internal influence mechanism of overseas R&D investment on enterprise innovation performance?In order to answer the above three progressive research questions,the following three sub-studies are designed for discussion,which are as follows:(1)The first study main applied institutional theory,integrated resource dependence theory,this paper constructs a theoretical model that the formal and informal system at the regional level and the political connection at the enterprise level affect the propensity and intensity of overseas R&D investment of enterprises.And through the Probit,Tobit model and Heckman two-stage model of large sample panel data of Chinese manufacturing listed companies,the empirical test is carried out.The results reveal,firstly,the quality of China's regional market-oriented institution significantly promote the propensity and intensity of enterprises' overseas R&D investment.The innovation spirit of regional entrepreneurs significantly promotes the propensity and intensity of enterprises' overseas R&D investment.Although the entrepreneurial spirit of regional entrepreneurs does not affect the propensity of enterprises' overseas R&D investment,it has a positive impact on the intensity of enterprises' overseas R&D investment.The political connection of enterprises will significantly promotes the propensity and intensity of overseas R&D investment.Secondly,the joint interaction between enterprise political connection and regional institution will have a negative impact on the propensity and intensity of enterprises' overseas R&D investment,that is,the interaction between enterprise political connection and the quality of regional market-oriented institution will negatively affect the propensity and intensity of enterprises' overseas R&D investment.The interaction between regional entrepreneurs' entrepreneurial spirit and political connection has a negative impact on the propensity and intensity of overseas R&D investment.The interaction between regional entrepreneurs' innovative spirit and political connection has a negative impact on the propensity and intensity of overseas R&D investment.(2)In the second study,in view of the current inconsistent conclusions about the impact of overseas R&D investment on corporate innovation performance,this paper analyzes the promotion mechanism of overseas R&D investment to enterprise innovation from the perspectives of knowledge base and organizational learning.At the same time,it analyzes the negative impact mechanism of overseas R&D investment on enterprise innovation from the perspectives of institutional theory,economic geography and organizational economics.And through the Chinese manufacturing large sample panel data counting model and propensity score matching model for empirical testing.The research results show that,on the whole,Compared with enterprises without overseas R&D investment,overseas R&D investment does significantly improve the innovation performance of Chinese enterprises.(3)On the basis of second study,the three study reveals the non-linear influence mechanism of overseas R&D investment breadth and intensity on enterprise innovation performance from the perspectives of institutional theory,knowledge base view,economic geography,organizational economics,information processing theory,etc.At the same time,this paperexplored the moderating effect of three factors,namely,absorption capacity,investment location portfolio and institutional distance,on the non-linear relationship between breadth and intensity of overseas R&D investment and enterprise innovation performance.And through the Chinese manufacturing industry large sample panel data count model to carry on the empirical test.The result shows,firstly,there is an inverted u-shaped relationship between the breadth of overseas R&D investment and the innovation performance of enterprises,that is,there is a threshold for the impact of overseas R&D investment breadth on enterprise innovation performance,When the breadth of overseas R&D investment is less than this value,as the breadth increases,the marginal innovation performance of the enterprise is improved.When the threshold is exceeded,the marginal innovation performance of the enterprise is declining.Secondly,there is a U-shaped curve relationship between overseas R&D investment intensity and enterprises innovation performance,that is,there is also a threshold for the impact of overseas R&D investment intensity on enterprises innovation performance,When the intensity of overseas R&D investment is less than this value,the marginal innovation performance of enterprises decreases with the increase of the intensity.When the intensity exceeds this threshold,the marginal innovation performance of enterprises begins to improve.Thirdly,the absorption capacity and investment location portfolio of enterprises have a positive moderating effect on the non-linear relationship between the breadth and intensity of overseas R&D investment and the innovation performance of enterprises.Institutional(formal institutional and cultural)distance has a negative moderating effect on the non-linear relationship between the breadth and intensity of overseas R&D investment and the innovation performance of enterprises.Through the above theoretical analysis and empirical research,this study mainly makes contributions to the theoretical research of international business and innovation management in the following three aspects.Firstly,this paper expands the application context of the institutional theory and provides a new theoretical research perspective for the interpretation of the prefactors of Chinese enterprises' overseas R&D investment.Secondly,this paper defines the overseas R&D investment activities of enterprises from the two dimensions of breadth and intensity,and empirically tests the non-linear influence relationship between these two dimensions on the innovation performance of enterprises,and deepens the research on the results of overseas R&D investment.Thirdly,the analysis of the moderating impacts of the three factors of enterprise absorptive capacity,investment location combination and institutional distance on the relationship between overseas R&D investment and corporate innovation performance has better identified the Mechanism conditions for overseas R&D investment to influence the innovation performance of enterprises.In practice,this papert can provide reference significance for government departments at all levels to build institutional environment for promoting enterprises' overseas R&D investment,and provide guidance for enterprise executives to balance the degree and scale of diversification of enterprises' overseas R&D investment from multiple perspectives,so as to formulate reasonable overseas R&D investment strategies. |
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