The Interactive and Symbiotic Relation of Two-way Direct Investment and Innovation Quality Improvement of the Enterprises:Wait for Something to Happen or Take the Initiative
The developed countries are blocking key core technologies,so China urgently needs independent innovation to develop new quality productive forces.This paper introduces R&D risk into the innovation production function of the enterprises and theoretically describes the heterogeneity effect of two-way direct investment on R&D risk of the innovation quality of the enterprises.Taking A-share listed companies from 2007 to 2021 as the research object,the paper explores the relation between the interaction and symbiosis of two-way direct investment and the innovation quality of the enterprises.The research results show that foreign direct investment has no significant effect on the innovation quality of the enterprises in the high-risk stage of R&D,while outward foreign direct investment has the greatest promotion effect on the innovation quality of the enterprises and there is no heterogeneity in R&D risk.The promotion effect of two-way direct investment on the innovation quality of the enterprises is regulated by"superposition effect"and"offsetting effect".The mechanism analysis reveals that the non-existence of the"interactive and symbiotic relation"of two-way direct investment of the enterprises with high R&D risk is the cause of this heterogeneity.The expansion analysis indicates that the Belt and Road Initiative and the policy of"National Innovative Pilot Cities"effectively give impetus to the improvement effect of two-way direct investment on innovation quality.Based on the above conclusions,the paper puts forward corresponding policy recommendations.
two-way direct investmentinteractive relationR&D riskinnovation qualitynew quality productive forces
NETL
NSTL
万方数据
