对外直接投资速度、研发国际化与企业创新  

Outward Foreign Direct Investment Speed,R&D Internationalization and Corporate Innovation

作　　者：陈冬[1] 周慧[1] 吴佳慧 Dong Chen;Hui Zhou;Jiahui Wu(Economics and Management School,Wuhan University,Wuhan Hubei 430072,China;China Yangtze Power Co.,Ltd.,Chengdu Sichuan 610017,China)

机构地区：[1]武汉大学经济与管理学院,湖北武汉430072 [2]中国长江电力股份有限公司,四川成都610017

出　　处：《会计与经济研究》2021年第5期79-96,共18页Accounting and Economics Research

基　　金：国家自然科学基金项目(71772139);教育部人文社会科学研究青年基金项目(16YJC790005)。

摘　　要：中国企业对外直接投资速度加快,企业创新活动也从"跟随模仿"进入"创新追赶"阶段。文章基于2001-2015年中国上市公司对外直接投资数据,从投资速度视角研究上市公司对外直接投资对企业创新的影响,并探寻其中的影响渠道。研究结果表明,企业加快对外直接投资速度能够提升企业创新绩效(企业的专利申请数量和专利引用数量),加快对具有技术优势东道国的直接投资速度,企业创新促进效应会更显著。中介效应检验发现,研发国际化是对外直接投资促进企业创新的传导机制。研究对企业优化对外直接投资战略、布局研发国际化具有启示意义。The speed of Chinese enterprise outward foreign direct investment(OFDI) is accelerating, and the enterprise innovation is in transition from the initial following imitation to innovation catching up. Based on the OFDI data of Chinese listed companies from 2001 to 2015, this paper studies the impact of outward direct investment behavior of listed companies on enterprise innovation from the perspective of investment speed, and explores the influence channels. The results show that the acceleration of OFDI has a significantly positive effect on enterprise innovation performance measured by the number of patent applications and patent citations, and the positive effect is more significant when the investment on the host country with technical advantages is accelerated. The mediating effect test shows that R&D internationalization is the transmission mechanism between OFDI speed and enterprise innovation. The findings can enlighten enterprises to optimize their OFDI strategy and plan R&D internationalization.

关 键 词：对外直接投资 投资速度 研发国际化 企业创新 创新绩效 

分 类 号：F275[经济管理—企业管理]