外国直接投资（FDI）技术溢出对本土企业创新的影响机制 ——基于创新合作与邻近竞争的双视角

The Impact Mechanism of Foreign Direct Investment (FDI) Technology Spillovers on Indigenous Enterprise Innovation — A Dual Perspective Based on Innovation Collaboration and Proximity Competition

摘要:

外资企业进入东道国可能会在一定地理范围内引发竞争效应，促使本土企业与地理邻近外资企业进行创新知识搜索与互动，并开展有效创新活动，但现有研究未考虑本土企业与外资企业的联系在外国直接投资（FDI）技术溢出与本土企业创新之间的关系。为此，基于组织关系理论和金融供给理论【尊敬的编辑老师您好，这个主要体现在本研究邻近竞争这种指标构建的方法最初是源于银行分支机构扩张的金融供给】，利用2010－2020年中国A股上市公司数据，深入分析FDI技术溢出对企业创新的影响，从创新合作和邻近竞争两个角度探讨FDI技术溢出对企业创新的潜在作用机制，并考察企业所有制结构的异质性影响。结果发现：FDI技术溢出与本土企业创新之间呈正“U”型关系，样本均值位于曲线右侧，表明FDI技术溢出促进绝大多数本土企业创新数量和创新质量提升；企业创新合作仅提升企业创新数量，但对创新质量无明显作用；企业邻近竞争可以有效发挥FDI外溢对创新质量的提升效益；FDI技术外溢仅对国有企业创新数量有正向影响，而FDI技术外溢对非国有企业显著影响创新数量和创新质量，且邻近竞争在其中发挥重要作用。

Abstract:

The entry of foreign enterprises into the host country may trigger competitive effects within a certain geographical range, prompting indigenous enterprises to engage in innovation knowledge search and interaction with geographically proximate foreign enterprises, and to carry out effective innovation activities. However, existing research has not considered the relationship between the connections between indigenous and foreign enterprises in the context of the relationship between foreign direct investment (FDI) technology spillovers and indigenous enterprise innovation. To address this, based on organizational relationship theory and financial supply theory, and using data from Chinese A-share listed companies from 2010 to 2020, this study deeply analyzes the impact of FDI technology spillovers on enterprise innovation. It explores the potential mechanisms of FDI technology spillovers on enterprise innovation from two perspectives: innovation cooperation and proximity competition, and examines the heterogeneous impact of enterprise ownership structure. The results show that there is a positive "U"-shaped relationship between FDI technology spillovers and indigenous enterprise innovation, with the sample mean located on the right side of the curve, indicating that FDI technology spillovers promote an increase in the quantity and quality of innovation for the majority of indigenous enterprises. Enterprise innovation cooperation only increases the quantity of enterprise innovation but has no significant effect on the quality of innovation. Enterprise proximity competition can effectively enhance the benefits of FDI spillovers on the improvement of innovation quality. FDI technology spillovers only have a positive impact on the quantity of innovation in state-owned enterprises, while FDI technology spillovers significantly affect both the quantity and quality of innovation in non-state-owned enterprises, with proximity competition playing an important role in this process.