Two-way Direct Investment,Dynamic Complementarity Effect and Industrial Innovation Efficiency:From the Perspective of Innovation Chain
Industrial innovation still has a realistic dilemma that the"valley of death"of transformation of results is difficult to overcome.Based on the innovation chain theory,this paper constructs and meas-ures the innovation chain efficiency of 38 Chinese industrial sectors from 2011 to 2020,and empirically tests the influence and mechanism of two-way direct investment on innovation chain efficiency from the per-spective of dynamic complementarity.The results show that both two-way direct investments can have a significant positive impact on the efficiency of the innovation chain.Although a large amount of OFDI has a short-term inhibitory effect on the efficiency of the product-development stage,OFDI still has a signifi-cant promoting effect in the long run.Besides that,for the innovation efficiency of innovation-break-through industries,OFDI has a more significant positive impact,while IFDI has a more significant impact on the innovation efficiency of innovation-stable industries.In addition,the interactive developments of two-way direct investments have dynamic complementarity.The complementary capital crowding effect and the complementary technology spillover effect have significant promotion effects on innovation efficiency.
Two-way direct investmentsInnovation chainComplementary effectInnovation effi-ciency
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