Research On The Impact Of Internationalization Of Chinese Gem Enterprises On Technological Innovation

In this paper,based on the principal-agent theory and organizational learning theory,we use data of Chinese GEM listed companies from 2009-2016,and analyze the impact of internationalization strategy on technological innovation,and the regression results show that there is an U-shaped relationship between internationalization and technological innovation in Chinese GEM listed companies.Further,from the perspective of actual controllers,according to the actual controllers belonging to foreign natural persons(foreign organizations)or domestic natural persons(domestic organizations),they are divided into two groups.It is found that the internationalization of foreign actual controllers is positively related to the technological innovation of enterprises,and the internationalization of domestic actual controllers is negatively related to technological innovation.This shows that the GEM companies in foreign countries can make the organizational learning ability play a positive effect.On the contrary,under the actual control of gem enterprises in China,the negative impact of principal-agent problem on technological innovation is greater than the positive impact of organizational learning.Then,from the perspective of technological innovation output,the total number of patents is divided into three parts: invention patent,utility model and exterior design.The relationship between internationalization and these three types of patents is examined respectively.It is found that only the invention patent coincide with the original hypothesis,indicating that the invention patent is a patent category that best reflects the R & D capability of the patent.Finally,the technical personnel ratio is used as the explanatory variable for robustness test,and the regression result is the same as the original hypothesis,which proves the robustness of the empirical results.The paper studies the relationship between internationalization of enterprise and technological innovation from a relatively new perspective,and further deepens the understanding of internationalization impact on technological innovation.