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OFDI动态决策对企业双元创新跃迁的影响研究
Research on the impact of OFDI dynamic decision on the ambidextrous innovation leap of enterprises
双元创新跃迁对持续激发企业创新活力、发挥企业创新主体作用具有重要意义。然而,已有研究较少关注双元创新跃迁的前因。国际化行为是影响企业创新活动的因素之一,因此,本文以2006-2021年沪深A股上市公司为样本,采用固定效应模型从投资速度与广度视角考察OFDI动态决策对企业双元创新跃迁的影响。研究发现:(1)加快OFDI速度显著促进了正向跃迁,显著抑制了负向跃迁;(2)OFDI广度削弱了加快OFDI速度对正向跃迁的促进作用以及对负向跃迁的抑制作用;(3)异质性分析表明,与国有企业相比,非国有企业加快OFDI速度对正向跃迁的促进作用更强,而对负向跃迁的抑制作用较弱;与发展中经济体相比,加快向发达经济体的OFDI速度对正向跃迁的促进作用更强,对负向跃迁的抑制作用则较弱。研究结论在一定程度上拓展了企业OFDI的创新效应的研究视角,并为企业及政府推动双元创新跃迁提供了管理与政策启示。
Ambidextrous innovation leap is of significant importance in continuously stimulating enterprises' innovation vitality and utilizing the role of enterprises as the main body of innovation. However, established studies have paid little attention to the influencing factors of ambidextrous innovation leap. Internationalization is one of the factors affecting innovation of enterprises. Therefore, this paper examined the impact of outward foreign direct investment (OFDI) dynamic decision on ambidextrous innovation leap from the perspectives of investment speed and breadth by using the data of China's A-share listed companies from 2016 to 2021 and constructing an industry-time dual fixed effect model. The research results indicated that: (1) Accelerating the OFDI speed significantly promotes the leap from exploitative to exploratory innovation and inhibits the leap from exploratory to exploitative innovation. (2) The OFDI breadth weakens the promoting effect of accelerating OFDI speed on the leap from exploitative to exploratory innovation and the inhibiting effect on the leap from exploratory to exploitative innovation. (3) Heterogeneity testing found that accelerated OFDI by non-state-owned enterprises has a stronger promoting effect on the leap from exploitative to exploratory innovation and a weaker inhibiting effect on the leap from exploratory to exploitative innovation compared with state-owned enterprises. Compared with developing economies, accelerating OFDI to developed economies has a stronger promoting effect on the leap from exploitative to exploratory innovation and a weaker inhibiting effect on the leap from exploratory to exploitative innovation. The findings will expand the research perspective on the innovation effects of OFDI by enterprises and provide management and policy insights for the enterprise and the government to promote ambidextrous innovation leap.
OFDI速度 / OFDI广度 / 探索式创新 / 利用式创新 / 创新跃迁
OFDI speed / OFDI breadth / exploratory innovation / exploitative innovation / innovation leap
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China is in the transition period from high-speed growth stage to high-quality development stage. As an important force to promote national science and technology innovation and economic transformation, high-tech enterprises will play an important role in promoting innovative economy. With the continuous upgrading of global competition, OFDI has become a new breakthrough for China's high-tech enterprises. Based on the data of China's high-tech listed companies from 2008 to 2017, this paper calculates the technology seeking OFDI speed based on depth and breadth based on the investment motivation of overseas subsidiaries, and empirically tests the moderating effect of absorptive capacity on the overall innovation, disruptive innovation and incremental innovation of enterprises. The results show that: (1) Whether based on depth or breadth, OFDI speed has an inverted U-shaped relationship with the overall innovation performance, disruptive innovation performance and incremental innovation performance; (2) absorptive capacity plays a negative role in the relationship between OFDI speed and innovation performance. At the same time, enterprises with high absorptive capacity will focus more on the breakthrough of disruptive innovation, while enterprises with low absorptive capacity will focus on the breakthrough of disruptive innovation (3) from the perspective of regional heterogeneity, firms with high absorptive capacity can improve their innovation performance through rapid technology seeking investment in developed and developing countries, but enterprises with low absorptive capacity are more suitable for technology seeking at a lower investment speed. In addition, OFDI in developed countries can help Enterprises improve the performance of disruptive innovation.
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