| With the gradual strengthening of the implementation of the "going out" strategy,China’s economy has also achieved rapid growth with the promotion of policies,but its growth structure remains to be optimized,and economic transformation is imminent.China rose to 13th place in the World intellectual property Organization(WIPO)Global Innovation Index for 2023,surpassing most countries in the world.However,as the second largest economy in the world,there is still a big gap between China and the mainstream developed countries,and our country is at a critical moment of economic transformation,and innovation efficiency will seriously restrict our future economic development.and then hinder our country to get rid of the position at the low end of the value chain for a long time.The improvement of innovation efficiency can not be achieved overnight,and it takes a long time to accumulate.OFDI can obtain advanced technology from developed countries and use it for its own use.Therefore,this paper mainly studies: does OFDI have a positive impact on the innovation efficiency of listed companies in China? What is the promoting effect compared with Redd investment? What is the impact of enterprise heterogeneity on the promotion effect?Based on this,this paper is divided into six chapters,using the combination of theoretical and empirical,qualitative and quantitative methods.The first chapter is the introduction,which briefly describes the background of this topic,opens the way for the following,and explains the practical and theoretical significance of selecting this topic.The second chapter is literature review and theoretical analysis,which summarizes the basic concepts,classical theories and the direct and indirect influence of OFDI on innovation at home and abroad,and summarizes the advantages and disadvantages of the existing literature at the end.The third chapter focuses on the current situation of the development of OFDI and innovation,and finds that although China’s OFDI is growing rapidly and has a large scale,its investment is mainly concentrated in developing countries,and the industry structure is not balanced.The fourth chapter studies the mechanism of the effect of OFDI on innovation,selects four mainstream micro influence paths to introduce,and puts forward the hypothesis on this basis.The fifth chapter enters the empirical part,by selecting the micro panel data of Chinese A-share listed companies from 2009 to 2017 and using the two-way fixed effect to make a stepwise regression of the relevant variables,this paper studies the impact of China’s OFDI on innovation efficiency,and compares it with R&D investment in order to compare the promotion effect of innovation efficiency horizontally.In addition,this paper also makes a theoretical analysis on the impact of OFDI on the innovation efficiency of Chinese listed companies based on corporate heterogeneity,and further pays attention to and analyzes the impact of heterogeneity on innovation.Finally,the sixth chapter summarizes the main conclusions of this paper,and provides targeted suggestions for the government and enterprises.The results show that: first of all,both OFDI and R&D investment can significantly promote the improvement of innovation efficiency in China,but in the degree of promotion,the estimated coefficient of R&D investment is larger than that of OFDI,which shows that the improvement of innovation efficiency of listed companies in China mainly depends on the investment of independent R&D capital.Secondly,the ownership nature,geographical location and enterprise size of listed companies have a certain effect on the effect of OFDI on innovation efficiency,and the effect of OFDI of state-owned enterprises,eastern enterprises and small-scale enterprises on innovation efficiency is better.Finally,from the aspects of national policy and institutional system,the paper puts forward relevant suggestions on how to improve China’s innovation efficiency and break through the bottleneck of development. |
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