The Impact Of OFDI On The Technological Innovation Of Chinese Listed Companies

With the deepening of China's opening to the outside world and the rapid growth of foreign direct investment,China has gradually transformed from an inflow of investment into an investment flow abroad,and the net output of capital under two-way direct investment has been realized for two years in a row.More and more enterprises realize that the globalization strategy is not only the product output,but also the international level of the industrial chain.Through the development of foreign direct investment and strengthening the technological innovation ability,it should become an important way to improve the competitive advantage of Chinese enterprises and the active strategic choice to deal with the challenge of the global competition.The existing research has explained the impact of OFDI on technological innovation at the macro level,and at the micro enterprise level,scholars affirmed the existence of technology acquisition OFDI in theory,but few of the empirical analysis of the impact of enterprise OFDI on its technological innovation.This paper systematically reviews the views and conclusions of scholars at home and abroad on the impact of OFDI on technological innovation.Based on the practice of foreign direct investment in Chinese enterprises,the practical effect of enterprise OFDI on its technological innovation is studied.It is of practical significance to the enterprise to improve the technological innovation level and the government's precise implementation policy,and to supplement and enrich the Chinese enterprises.The study of foreign direct investment is of theoretical significance.Combing the theory and mechanism of the impact of foreign direct investment on enterprise technological innovation,by analyzing the micro enterprise data of foreign direct investment of Chinese listed companies,by analyzing the current situation of foreign direct investment and technological innovation of listed companies,we know that the main investment of Listed Companies in China is "developed country" with high innovation ability,research and development set.In the invention patent with high technical content,the number of foreign enterprises and the patent application volume of the listed OFDI companies in China in the past 2008-2016 years are on the rise.There is an accompanying relationship between foreign direct investment and technological innovation,and there are obvious regional and industrial differences in the foreign direct investment and technological innovation of Chinese listed companies.By using the system generalized moment estimation method(GMM),this paper estimates the dynamic panel model and empirically analyzes whether the foreign direct investment of Chinese listed companies has an impact on its technological innovation,and examines the impact mechanism of OFDI on technological innovation,and from the three aspects of enterprise ownership,regional distribution and industry distribution,we further test the existence and difference of OFDI's impact on technological innovation of enterprises.The results show that:(1)The listed companies have a forward and backward connection with more and more host enterprises from overseas enterprises,promote technological innovation of enterprises in general and have significant positive impact on the invention patents with high technical content,but not enough on the utility model and design patents with lower innovation degree.The.(2)To test the impact mechanism of OFDI,it is found that OFDI causes R&D substitution and weakens the impact of R&D investment on technological innovation,and the effect of operating profit rate on technological innovation will be enhanced,and the profit feedback mechanism will help enterprises to improve the technological innovation level.(3)The state-owned enterprises,based on their own scale advantages,policy advantages and capital advantages,have more research and development resources to learn and absorb advanced technology.Compared with non-state-owned enterprises,OFDI has a greater impact on its technological innovation.(4)OFDI significantly enhanced the technological innovation level of enterprises in the eastern region,and the enterprises in the central region only promoted the utility model with low technical threshold,and the western enterprises were more likely to improve the design innovation ability of the lowest technical threshold.(5)OFDI can promote technological innovation of manufacturing enterprises,especially for technological innovation of middle and high technology manufacturing industry.