经济与管理研究2026，Vol.47Issue(5)：34-49,16.DOI:10.13502/j.cnki.issn1000-7636.2026.05.003
企业对外直接投资与突破性技术创新
Enterprises'Outward Foreign Direct Investment and Breakthrough Technological Innovation
摘要
Abstract
In the context of advancing high-level opening-up and digital transformation,how Chinese enterprises can leverage outward foreign direct investment(OFDI)to effectively foster breakthrough technological innovation has become a critical issue for building international competitive advantages.Therefore,this paper develops an integrated analytical framework based on the resource-based view and organizational learning theory to investigate the non-linear effects of OFDI,using panel data from listed A-share enterprises in China from 2014 to 2023. The core finding is that both the breadth and depth of OFDI exhibit a U-shaped relationship with breakthrough technological innovation.Initially,the cognitive load,managerial complexity,and high sunk costs associated with international expansion drain resources and attention,thereby inhibiting breakthrough innovation activities.However,after crossing a certain threshold of international experience and organizational learning,the benefits of accessing heterogeneous knowledge through breadth and absorbing tacit,frontier knowledge through depth begin to dominate,ultimately accelerating breakthrough technological innovation. Crucially,this paper identifies and empirically tests digital transformation as the key mechanism underlying this U-shaped relationship.OFDI creates both pressure and impetus for enterprises'digital transformation.Moreover,the impact of digital transformation on breakthrough technological innovation is non-linear.In the early stage,transformation consumes substantial resources and may introduce rigidities that constrain exploratory innovation.However,upon reaching a maturity threshold,digital capabilities such as big data analytics,artificial intelligence,and cloud computing become a powerful enabling platform,reducing the cost and uncertainty of exploration,facilitating global knowledge recombination,and explaining the transition in the relationship between OFDI and breakthrough technological innovation from inhibition to facilitation. Further analysis reveals that the turning point of the U-shaped relationship is reinforced by contextual factors.Specifically,private enterprises that rely on more flexible market-oriented decision-making mechanisms exhibit a stronger innovation-driven effect and an earlier turning point.Enterprises operating in industries with high iteration rates accelerate their international learning processes under external competitive pressures.Moreover,the U-shaped effect of OFDI on breakthrough technological innovation is significant only for investments in developed countries.This finding effectively rules out the competing explanation that OFDI merely transfers excess capacity rather than fosters breakthrough innovation. This paper deepens the understanding of the non-linear innovation mechanisms of OFDI and unveils the black box of the synergistic transformation of digitalization-internationalization,providing theoretical insights and practical guidance for enterprises to optimize their global strategic layouts and for the government to formulate precise innovation incentive policies.关键词
突破性技术创新/对外直接投资/数字化转型/产权/行业迭代速度/东道国Key words
breakthrough technological innovation/outward foreign direct investment/digital transformation/property rights/industry iteration rate/host country分类
管理科学引用本文复制引用
郑茜月,丁鑫,王福胜..企业对外直接投资与突破性技术创新[J].经济与管理研究,2026,47(5):34-49,16.基金项目
国家自然科学基金面上项目"企业风险投资对投资企业技术创新的影响:路径机理、情景依赖与价值效应"(72172042) （72172042）
中央高校基本科研业务费专项资金资助项目"ESG评级分歧的信息和治理效应研究"(2572025BR17) （2572025BR17）
黑龙江省哲学社会科学研究规划项目"新质生产力引领黑龙江省收缩城镇更新的机制与策略研究"(25JLC005) （25JLC005）
