专利出海与中国企业对外直接投资  

Patenting Abroad and Outward Foreign Direct Investment of Chinese Enterprises

作　　者：曲如晓[1] 王陆舰 杜毓琦 QU Ruxiao;WANG Lujian;DU Yuqi(Beijing Normal University,Beijing 100875)

机构地区：[1]北京师范大学经济与工商管理学院,北京100875

出　　处：《经济与管理研究》2024年第6期112-130,共19页Research on Economics and Management

摘　　要：专利出海作为开放创新生态的重要内容,是推进高水平对外开放的新优势。本文选取2003—2021年中国专利出海上市企业为研究对象,探究专利出海对中国企业对外直接投资的影响及作用机制。研究结果显示,专利出海能够促进中国企业对外直接投资,其动态滞后效应在第2期达到最大。在考虑多维专利出海质量、内生性问题和进行一系列稳健性检验后,结论依然成立。机制检验结果表明,专利出海通过技术领先效应和声誉传递效应促进中国企业对外直接投资。异质性分析结果显示,专利出海对数字化企业、顺向投资企业和民营企业对外直接投资的促进作用明显,对中国企业向投资网络社区内东道国、高知识产权保护东道国的投资促进作用更强。本文为依托创新全球化布局推动企业对外投资提供了微观依据,对提升国际循环质量和实现更高水平开放型经济具有重要启示。As an integral part of the open innovation ecosystem,patenting abroad is a new advantage for promoting high-standard opening up.In the period of globalization downturn,it is valuable to underscore the importance of fostering China’s high-standard opening-up and enhancing the quality of international circulation by building an open innovation ecosystem with patenting abroad.This paper selects listed patenting abroad enterprises in China from 2003 to 2021 as samples to investigate the impact of patenting abroad on Chinese enterprises’outward foreign direct investment(OFDI)and its mechanism.The data on Chinese enterprises’OFDI are from the fDi market database and the Zephyr database.The data on patenting abroad are from the IncoPat database.Control variables are primarily sourced from the CSMAR database,WDI database and WGI database.This paper matches data based on listed enterprises’stock code,host country code and year code to obtain firm-year-country level panel data and empirically analyzes the impact of patenting abroad on Chinese enterprises’OFDI.The results show that patenting abroad can promote Chinese enterprises’OFDI.This promotion effect has a dynamic lag effect and reaches its maximum in the second lag stage.The conclusions hold after considering the multidimensional patenting abroad quality,endogeneity issues and a series of robustness tests.Theoretical analyses and mechanism tests show that patenting abroad promotes Chinese enterprises’OFDI through the technology leadership effect and reputation transmission effect.Heterogeneity analyses reveal that patenting abroad promotes OFDI,especially for digital enterprises,downstream investment enterprises and private enterprises.From the perspective of host countries,patenting abroad plays a more prominent role in promoting Chinese enterprises’investment within the investment network community or with high intellectual property protection.The marginal contributions are as follows.First,this paper explores the impact of patenting abroad on OFDI

关 键 词：专利出海 创新 对外直接投资 企业生产率 企业声誉 

分 类 号：F125.4[经济管理—世界经济] F832.6