| Under the background of knowledge economy characterized by economic globalization and competitive internationalization,there is an upsurge of R&D internationalization in emerging market economics and developing countries.MENs from China,one of most pioneering latecomer multinationals,also begin taking the R&D internationalization as a type of opening innovating strategy and transfer their R&D activities to the developed countries,aimed at learning the most advanced technology and knowledge from multiple innovation source in the global market and then integrating and making the most of these innovation resources to improve their innovation performance,in order to 'catch up' even 'exceed' those global leading industrial giant from developed countries,and build a sustainable competitive advantage in the global market.However,facing the fierce global competition of technology,the institutional barriers and constraints of both home and host country,Chinese latecomer multinationals,with relatively lack of own core technology and innovation ability at the same time,how to make the best use of their oversea R&D investment to enhance their innovation performance?To address these question,firstly,we studied the interaction effects of external institutions and internal heterogeneous resources of MNEs on their innovation performance from a combined perspective of Resource-and Institutional-Based view.Secondly,based on the 147 R&D international corporations' panel data in the intensive high-tech industry(including electronics manufacturing,transportation equipment manufacturing,pharmaceutical and biological products,information technology industry)during 2009?2014,we built a Two-way fixed effect panel Poisson regression model for empirical analysis and the results verified our theoretical framework.Our results demonstrate that 1)Heterogeneous resources are important factors that affect the innovation performance of R&D international corporations.However,different types of heterogeneous resources have significant different influence on the innovation performance of R&D MNEs.Specifically,both the complementary R&D resources and the international experience of MNEs can significantly promote the innovation performance of enterprise while state-owned equity ownership of MNEs has significant "resource curse" effect,and will restrain the innovation performance improvement of R&D MNEs.2)Institutional environment of home country has a reverse moderate effect on the relationship between enterprise' heterogeneous resources and innovation performance,which means the higher the quality of home country institutional environment,the less the dependence of MNEs on R&D resources and international experience to promote the innovation performance.At the same time,the higher quality of home country institutional environment can significantly reduce the negative impact of state-owned equity ownership on innovation performance.3)further,we study the moderate effects of different institutional factors of home country(such as the relationship between the government and the market,the intellectual property system and the financial marketization degree)on the relationship between enterprise' heterogeneous resources and innovation performance.We found the reverse regulate effect of the relationship between the government and the market has much greater order of magnitude than other two factors.This result suggested that as a typical emerging economy,Chinese government still paly a dominant role in Chinese R&D international practice.4)In terms of the institutional environment of the host country,the reverse regulate effect is not significant to all kinds of heterogeneous resources of R&D MNEs.To be specific,there is no significant moderate effect of host-country institutional environment on the MNEs' complementary R&D resources,but it has a significant reverse regulate impact on the relationship of the other two resources,international experience and state-owned equity ownership,with multinationals' innovation performance,which means the higher the quality of host-country institutional environment,the less the dependence of MNEs on their international experience to promote the innovation performance and the less the negative impact of state-owned equity ownership on innovation performance.But,the complementary R&D resources is still an Irreplaceable key input of R&D internationalization and innovation improvement of MNEs,even if enter into a well-developed institutional host country.5)the institutional environment of the host country has a significant reverse regulatory impact on the relationship between home-country institutional environment and innovation performance as a substitute,which means the higher the quality of host-country institutional environment,the less the dependence of MNEs on their home-country institutional protection.Thus,the institutional motivations of Chinese MNEs to escape from home country enterprise to developed markets has been confirmed.Based on the above conclusions,at the end of the article,the author offered several reasonable suggestions to help Chinese government and MNEs take the international R&D strategies and achieve better innovation performance. |
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