| Since the Reform and Opening up,China has gradually deepened the construction of an open economy.From the initial stage of "bringing in" to the current stage of "going out",the four-decade development process is not only the gradual growth of China's economy,but also the process of Chinese firms' innovation catching-up.With China's economic development entering a new era,the characteristics of economic development have changed a lot.Can the policy of "market for technology" still produce the expected effect? Whether OFDI can be a springboard to enhance innovation capability of domestic firms is still controversial.In particular,China is already in the middle income stage,the middle-income trap just like the sword of Damocles,warns China to change the economic development mode and improve the innovation ability of firms.In the context of economic globalization,how to use IFDI and OFDI to improve the innovation ability of domestic enterprises has become an important topic.In addition,China's economic development is not balanced,and the economic and technological level of different regions and industries are quite different,which further increases the complexity of the mechanism of IFDI and OFDI on Chinese firms' innovation.Therefore,this paper studies the theoretical mechanism of IFDI and OFDI on Chinese firms' innovation catching-up,which is of great significance for the government to improve foreign economic policies and domestic companies to formulate innovation strategies and internationalization strategies.Different from the existing studies that separately analyze the mechanism of IFDI or OFDI on enterprise innovation,this paper sets IFDI,OFDI and enterprise innovation into a systematic analysis framework in the context of China's economic transformation,focusing on the following four aspects:(1)In the case of different technological gaps between domestic enterprises and foreign-funded enterprises,what impact will foreign investment have on the improvement of domestic enterprises' total factor productivity,and what innovation strategies should domestic enterprises select?(2)In the case of different technological gaps between domestic enterprises and foreign-funded enterprises,will domestic enterprises become technology-dependent on foreign-funded enterprises? When domestic enterprises rely on foreign enterprises for technology,will they seek technology at home or abroad to get rid of foreign companies' control over technology? In addition,will improved intellectual property protection increase or lessen domestic companies' technological dependence on foreign companies? In the context of the gradual disappearance of demographic dividend,what impact will the labor cost have on the technological dependence relationship between domestic enterprises and foreign enterprises?(3)Can late-developing enterprises improve their innovation capability through technology-seeking OFDI,and can this influence be sustainable? How do different investment target countries and home country government subsidies affect this mechanism?(4)What kind of influence does the interaction effect of IFDI and OFDI have on enterprise innovation? Is the mechanism of IFDI and OFDI on enterprise innovation mutual substitution or mutual promotion?Based on the existing research,this paper uses the Chinese industrial enterprises data,overseas investment enterprises data and other data to construct corresponding econometrics models to empirically study the above problems.The study found:(1)In the case of a large technological gap between domestic enterprises and foreignfunded enterprises,the higher the degree of foreign investment,the more conducive to the improvement of domestic enterprises' total factor productivity,and domestic enterprises should adopt imitation innovation strategy.When the technology gap between domestic enterprises and foreign-funded enterprises is small,the higher the degree of foreign investment,the more unfavorable to the improvement of domestic enterprises' total factor productivity,and domestic enterprises should choose self-dependent innovation strategy and increase R&D investment.In the case that domestic enterprises catch up with foreign enterprises in technology,the higher the degree of foreign investment is,the more unfavorable it is to the improvement of total factor productivity of domestic enterprises,and increasing R&D investment cannot improve the adverse impact of foreign investment on domestic enterprises.(2)In the case of a large technological gap between domestic enterprises and foreignfunded enterprises,the higher the degree of foreign investment,the stronger the technological dependence of domestic enterprises on the foreign-funded enterprises,and the higher the possibility of technology-seeking OFDI of domestic enterprises.In the case that the technology gap between domestic enterprises and foreign enterprises is small,domestic enterprises still rely on foreign enterprises to some extent.Whether foreign investments lead to technologyseeking OFDI of domestic enterprises depends on whether domestic enterprises can acquire required technical resources and their eagerness to acquire technical resources in China.In the case that the technology gap between domestic enterprises and foreign enterprises is large,with the improvement of the level of intellectual property protection,the promotion effect of foreign investment on technology-seeking OFDI of domestic enterprises will be weakened.When the technology gap between domestic enterprises and foreign-funded enterprises is small and the level of intellectual property protection is relatively low,the higher the degree of foreign investment,the higher the possibility of technology-seeking OFDI for domestic enterprises;but when the level of intellectual property protection is relatively high,the higher the degree of foreign investment,the lower the possibility for domestic enterprises to conduct technologyseeking OFDI.In the case that the technology gap between domestic enterprises and foreignfunded enterprises is large,with the rise of labor cost,the promotion effect of foreign investment on technology-seeking OFDI of domestic enterprises will be enhanced.In the case that the technology gap between domestic enterprises and foreign-funded enterprises is small and the labor cost is relatively low,the higher the degree of foreign investment,the lower the possibility of technology-seeking OFDI for domestic enterprises;but when the labor cost is relatively high,the higher the degree of foreign investment,the higher the possibility for domestic enterprises to conduct technology-seeking OFDI.(3)In the case of a large technological gap between domestic enterprises and foreignfunded enterprises,the impact of technology-seeking OFDI on the innovation performance of investment enterprise has the characteristics of changing with time.In the initial stage of investment enterprises entering the host country,due to the liability of foreignness and technology gaps,technology-seeking OFDI has a weak effect on the improvement of innovation performance;but with the weakening of the liability of foreignness and the improvement of absorptive capacity of investment enterprises,the promotion effect of technology-seeking OFDI on innovation performance is enhanced.Finally,when the technology level of investment enterprises and the host country gradually approaches,the influence of technology-seeking OFDI on the innovation performance will weaken again,or even have a negative impact.For different investment target countries,technology-seeking OFDI has a great difference in the impact on the innovation performance.Compared with seeking technology OFDI from developed countries,seeking technology OFDI from developing countries can more continuously promote the improvement of innovation performance.And government subsidies from the home country after investment enterprises enter the host country can help investment enterprises overcome the liability of foreignness and technology gap,so government subsidies will enhance the promoting effect of technology-seeking OFDI on innovation performance.However,when the technological level of investment enterprises is gradually close to that of the host country,the influence of government subsidies from the home country on the innovation performance of technology-seeking OFDI will be gradually weakened.(4)Under the situation that the technology gap between domestic enterprises and foreignfunded enterprises is large,the influence of domestic technology-seeking OFDI on the relationship of the degree of foreign investment and the innovation performance of investment enterprises has a time-varying feature.Only when investment enterprises overcome the liability of foreignness and the problems of absorptive capacity,technology-seeking OFDI can significantly enhance the promotion effect of the degree of foreign investment on the innovation performance.Similarly,under the situation that the technology gap between domestic enterprises and foreign-funded enterprises is large,the influence of the introduction of foreign capital on the relationship of technology-seeking OFDI and the innovation performance also has obvious time-varying characteristics.The introduction of foreign capital has a significant promoting effect on the innovation performance of investment enterprises in the early and middle stage of technology-seeking OFDI.However,as the technology level of investment enterprises and the host country approaches gradually,the effect of foreign capital on the relationship of technology-seeking OFDI and the innovation performance weakens.The above research conclusions have certain inspiration for domestic enterprises to formulate international strategy and innovation strategy,and also provide beneficial suggestions for the government to improve foreign economic policy,intellectual property protection and subsidy policy. |
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