双向直接投资互动共生与企业创新质量提升:守株待兔还是主动出击  

The Interactive and Symbiotic Relation of Two-way Direct Investment and Innovation Quality Improvement of the Enterprises:Wait for Something to Happen or Take the Initiative

作　　者：董有德[1] 徐小雅 查华超[2] DONG Youde;XU Xiaoya;ZHA Huachao

机构地区：[1]上海大学经济学院 [2]安徽财经大学经济学院

出　　处：《国际经贸探索》2024年第6期66-84,共19页International Economics and Trade Research

基　　金：安徽省科研编制计划项目(2023AH050209);安徽省社会科学创新发展研究课题(2022CX044)。

摘　　要：发达国家封锁关键核心技术,中国迫切需要通过自主创新发展新质生产力。文章将研发风险引入企业创新生产函数,从理论层面刻画双向直接投资对企业创新质量的研发风险异质性效应。文章以2007~2021年A股上市企业为研究对象,探讨了双向直接投资互动共生与企业创新质量的关系。研究结果显示:外商直接投资对处于研发高风险阶段的企业创新质量作用不显著,对外直接投资对企业创新质量的提升作用最大且不存在研发风险异质性。双向直接投资对企业创新质量的促进作用受“叠加效应”和“抵消效应”的调节。机制分析发现,研发高风险企业的双向直接投资不存在“互动共生关系”是造成这种异质性的成因。拓展分析发现“一带一路”倡议和“国家创新型试点城市”政策有效促进了双向直接投资对创新质量的提升效果。基于以上结论,文章提出了相应的政策建议。The developed countries are blocking key core technologies,so China urgently needs independent innovation to develop new quality productive forces.This paper introduces R&D risk into the innovation production function of the enterprises and theoretically describes the heterogeneity effect of two-way direct investment on R&D risk of the innovation quality of the enterprises.Taking A-share listed companies from 2007 to 2021 as the research object,the paper explores the relation between the interaction and symbiosis of two-way direct investment and the innovation quality of the enterprises.The research results show that foreign direct investment has no significant effect on the innovation quality of the enterprises in the high-risk stage of R&D,while outward foreign direct investment has the greatest promotion effect on the innovation quality of the enterprises and there is no heterogeneity in R&D risk.The promotion effect of two-way direct investment on the innovation quality of the enterprises is regulated by“superposition effect”and“offsetting effect”.The mechanism analysis reveals that the non-existence of the“interactive and symbiotic relation”of two-way direct investment of the enterprises with high R&D risk is the cause of this heterogeneity.The expansion analysis indicates that the Belt and Road Initiative and the policy of“National Innovative Pilot Cities”effectively give impetus to the improvement effect of two-way direct investment on innovation quality.Based on the above conclusions,the paper puts forward corresponding policy recommendations.

关 键 词：双向直接投资 互动关系 研发风险 创新质量 新质生产力 

分 类 号：F124.9[经济管理—世界经济] F125.1