经济与管理研究2024，Vol.45Issue(6)：112-130,19.DOI:10.13502/j.cnki.issn1000-7636.2024.06.007
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
曲如晓 1王陆舰 1杜毓琦1
作者信息
- 1. 北京师范大学经济与工商管理学院,北京,100875
- 折叠
摘要
Abstract
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 and provides new evidence for promoting Chinese enterprises'OFDI from the perspective of innovation internationalization.Second,this paper clarifies the mechanism of patenting abroad on OFDI from the perspectives of the technology leadership effect and the reputation transmission effect and deepens the understanding of the investment promotion effect of patenting abroad.Third,this paper explores the heterogeneous impact of patenting abroad on OFDI from the perspective of enterprise type and investment network community of host countries,which provides a more concrete and feasible direction for government policy-making and enterprise decision-making.The findings offer a micro basis for promoting enterprises'OFDI relying on the layout of innovation globalization and shed light on improving the quality of international circulation and realizing a high-standard opening up.关键词
专利出海/创新/对外直接投资/企业生产率/企业声誉Key words
patenting abroad/innovation/outward foreign direct investment/enterprise productivity/enterprise reputation分类
管理科学引用本文复制引用
曲如晓,王陆舰,杜毓琦..专利出海与中国企业对外直接投资[J].经济与管理研究,2024,45(6):112-130,19.
