Abstract:     A new round of scientific and technological revolution and industrial transformation is emerging. How to improve regional innovation capability, improve international competitiveness and remain invincible in international competition has been the focus of academic attention. Social network theory points out that as an important social capital, network embeddedness plays an important role in promoting innovation performance of enterprises and regions. Previous literatures show that local network embeddedness plays an important role in promoting technology innovation, production efficiency, and overseas M&A. With the continuous advancement of globalization, international cooperation and exchanges become more frequent, and the level of regional international network embeddedness continues to be improved. On the one hand, international network embeddedness provides opportunities for local enterprises to obtain international information and learn the international operation and management experience. On the other hand, due to the influence of geographical location, institutional environment and other aspects, the cost of innovation activities through international network embeddedness is relatively high. As the extension and expansion of local network embeddedness, the mechanism of international network embeddedness on regional innovation capability is not clear. International network embeddedness and local network embeddedness are two main ways of network embeddedness in a region. Is there a complementary or alternative role between them? All of these questions should be further explored in theory. Therefore, it is of great theoretical and practical significance to explore the mechanism of local and international network embeddedness on regional innovation capability.
    Institutional theory emphasizes the interaction between the operation and development of organizations and regions and the local political, economic and legal institutional environment, and becomes one of the important theories to explain the development of emerging economies. As a typical emerging economy, there are significant uneven development in the institutional environment between China′s regions. Due to the uneven development in institutional environment, there are also uneven in the choice of regional international network embeddedness and local network embeddedness, as well as their impact on innovation capability. To study the moderating effect of institutional environment on the above relationship can deepen the research on innovation performance of network embeddedness in theory. In practice, it is beneficial for local governments to promote network embeddedness based on the current institutional environment and promote the regional innovation capability.
    Based on the resource-based view and institutional theory, using the panel data of 30 provinces in China from 2005 to 2016, this paper explores the impact mechanism of international network embeddedness and local network embeddedness on regional innovation capability, as well as the moderating effect of institutional environment. The results show that international network embeddedness promotes regional innovation capability, while there is an inverted U-shaped relationship between local network embeddedness and regional innovation capability. There are interaction effects between local network embeddedness and international network embeddedness, which jointly promote regional innovation capability, and international network embeddedness shows the substitution for local embeddedness. The level of marketization enhances the positive effect of international network embeddedness on regional innovation capability and weakens the inverted U-shaped relationship between local network embeddedness and regional innovation capability. The uneven in regional development also leads to the difference in the impact of multiple network embeddedness on regional innovation capability.
The possible marginal contributions of this paper include: firstly, based on the social network theory, the international network embeddedness and the local network embeddedness are included in the research framework. The influencing factors of regional innovation capability are analyzed from the perspective of "international" and "local", the interaction between the international network and the local network is explored, and the research of regional innovation capability is expanded. Secondly, based on the institution theory, the institutional environment is further incorporated into the model, the theoretical framework of "network-institution-innovation" is constructed. The influence mechanism of continuous improvement of China′s system environment and uneven development of inter-regional institutional environment on network embeddedness is analyzed, and the research on multiple network embeddedness and regional innovation capability is deepened. Thirdly, in practice, facing the trend of economic globalization and regional integration, the role of innovation capability in regional development is becoming increasingly important. The conclusion of this paper provides a theoretical basis and decision-making reference for national and local governments to improve the regional innovation capability by adjusting local and international network embeddedness and regional institutional environment.
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Key words: international network embeddedness, local network embeddedness, regional innovation capability, institutional environment