外商直接投资对中国企业创新的影响——基于中国工业企业数据与企业专利数据的实证检验
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摘要
创新是引领发展的第一动力。加快建设创新型国家是转变经济发展方式和优化经济结构的战略支撑。把1998-2009年的工业企业数据库和1998-2009年的企业专利数据库合并,采用专利申请数代替传统的全要素生产率作为企业创新的代理变量,利用外资投资国汇率变化构造工具变量,可以在微观企业层面考察外商直接投资(FDI)对中国企业不同水平创新的影响。实证分析表明,FDI通过行业间后向关联对中国企业产生显著的创新溢出效应,显著地促进了技术含量相对较高的发明专利和实用新型专利的提高,而行业内和行业间前向关联的创新溢出效应不显著。进一步从内资企业异质性来看,FDI对非国有企业、出口导向型企业和资本密集型企业的创新溢出效应更明显;从区域制度异质性来看,区域市场开放程度越大,越有利于内资企业从外资中获取创新能力,而区域知识产权保护程度差异未对FDI创新溢出效应产生显著影响。因此,FDI能够提高中国企业创新能力,但是这种促进作用是引入外资、内资企业特性和区域制度之间"交互作用"的效果。这一结论有利于我国政府科学制定外资政策和最大化外资创新溢出效应。
Innovation is the first impetus for development. Accelerating the building of an innovative country is a strategic support for building a modern economic system and thereby transforming the economic development mode and optimizing the economic structure. By combining Chinese Enterprises Annual Survey data and firm-level patent data from year 1998 to 2009, using the number of patent applications rather than the traditional total factor productivity as a proxy for firm innovation,and using exchange rate changes of the foreign investment country to construct instrumental variables,this study empirically investigates the spillover effects from foreign direct investment(FDI) on the innovation performance of domestic firms.The results show that positive innovation spillovers from FDI take place through contacts between foreign affiliates and their local suppliers in upstream sectors, not downstream or horizontal sectors.The data indicate that spillovers are mainly significant for high-tech level patents, including invention model patent and utility model patent.Furthermore, from the perspective of domestic firm heterogeneity, non-state-owned enterprises, export-oriented enterprises and capital-intensive enterprises obtain larger FDI spillovers. From the perspective of regional institution heterogeneity, the spillovers tend to be stronger with a higher degree of market openness but not the degree of patent protection. Therefore, FDI can improve the innovation of Chinese enterprises, while the real effects come from foreign capital, the characteristics of domestic enterprises and the regional institutions, which are policy implication for the government to introduce FDI and maximize their spillovers.
Innovation is the first impetus for development. Accelerating the building of an innovative country is a strategic support for building a modern economic system and thereby transforming the economic development mode and optimizing the economic structure. By combining Chinese Enterprises Annual Survey data and firm-level patent data from year 1998 to 2009, using the number of patent applications rather than the traditional total factor productivity as a proxy for firm innovation,and using exchange rate changes of the foreign investment country to construct instrumental variables,this study empirically investigates the spillover effects from foreign direct investment(FDI) on the innovation performance of domestic firms.The results show that positive innovation spillovers from FDI take place through contacts between foreign affiliates and their local suppliers in upstream sectors, not downstream or horizontal sectors.The data indicate that spillovers are mainly significant for high-tech level patents, including invention model patent and utility model patent.Furthermore, from the perspective of domestic firm heterogeneity, non-state-owned enterprises, export-oriented enterprises and capital-intensive enterprises obtain larger FDI spillovers. From the perspective of regional institution heterogeneity, the spillovers tend to be stronger with a higher degree of market openness but not the degree of patent protection. Therefore, FDI can improve the innovation of Chinese enterprises, while the real effects come from foreign capital, the characteristics of domestic enterprises and the regional institutions, which are policy implication for the government to introduce FDI and maximize their spillovers.
引文
[1] Keller W. International Trade, Foreign Direct Investment, and Technology Spillovers. Social Science Electronic Publishing,2009,114(1).
[2] MacDougall G. D. A. The Benefits and Costs Of Private Investment From Abroad:A Theoretical Approach. Oxford Bulletin of Economics and Statistics, 1960, 12(3).
[3] Caves R. E. Multinational Firms, Competition and Productivity in Host Country Markets. Economica, 1974, 41(162).
[4]亓朋,许和连,艾洪山.外商直接投资企业对内资企业的溢出效应:对中国制造业企业的实证研究.管理世界,2008,(4).
[5] Crepon B., Duguet E, Mairessec J. Research, Innovation and Productivity:An Econometric Analysis at the Firm Level.Economics of Innovation and New Technology, 1998, 7(2).
[6]李兵,岳云嵩,陈婷.出口与企业自主技术创新:来自企业专利数据的经验研究.世界经济,2016,(12).
[7] Javorcik B. S, Spatareanu M. To Share or not to Share:Does Local Participation Matter for Spillovers from Foreign Direct Investment? Journal of Development Economics, 2008, 85(1-2).
[8] Liu Xiaming, Slier P, Wang Chengqi, et al. Productivity Spillovers from Foreign Direct Investment:Evidence from UK Industry Level Panel Data. Journal of International Business Studies, 2000, 31(3).
[9] Buckley P. J, Clegg J, Wang Chengqi. Is the Relationship between Inward FDI and Spillover Effects Linear? An Empirical Examination of the Case of China. Journal of International Business Studies, 2007, 38(3).
[10] Buckley P. J, Clegg J., Wang Chengqi. The Impact of Inward FDI on the Performance of Chinese Manufacturing Firms.Journal of International Business Studies, 2002, 33(4).
[11] Lu Yi, Tao Zhigang, Zhu Liangming. Identifying FDI Spillovers. Journal of International Economics, 2017, 107(3).
[12] Havranek T., Irsova Z. Estimating Vertical Spillovers from FDI:Why Results Vary and What the True Effect Is. Journal of International Economics, 2011, 85(2).
[13] Javorcik B. S. Does Foreign Direct Investment Increase the Productivity of Domestic Firms? In Search of Spillovers through Backward Linkages. American Economic Review, 2004, 94(3).
[14]路江涌.外商直接投资对内资企业效率的影响和渠道.经济研究,2008,(6).
[15] Buckley P. J. Wang Chengqi, Clegg J. The Impact of Foreign Ownership, Local Ownership and Industry Characteristics on Spillover Benefits from Foreign Direct Investment in China. International Business Review, 2007, 16(2).
[16]樊纲,王小鲁,朱恒鹏.中国市场化指数——各地区市场化相对进程2011年报告.北京:经济科学出版社,2011.
[17]王保林,张铭慎.地区市场化、产学研合作与企业创新绩效.科学学研究,2015,33(5).
[18] Kafouros M., Wang Chengqi, Piperopoulos P., et al. Academic Collaborations and Firm Innovation Performance in China:The Role of Region-specific Institutions. Research Policy, 2015, 44(3).
[19] Fang Lily, Lerner J, Wu Chaopeng. Intellectual Property Rights Protection, Ownership, and Innovation:Evidence from China. The Review of Financial Studies, 2017, 30(7).
[20]谢千里,罗斯基,张轶凡.中国工业生产率的增长与收敛.经济学,2008,7(3).
[21] Upward R., Wang Zheng, Zheng Jinghai. Weighing China’s Export Basket:The Domestic Content and Technology Intensity of Chinese Exports. Journal of Comparative Economics, 2013, 41.(2)
[22] Brandt L., Van Biesebroeck J., Zhang Yifang. Creative Accounting or Creative Destruction? Firm-level Productivity Growth in Chinese Manufacturing. Journal of Development Economics, 2012, 97(2).
[23] De Loecker J. Product Differentiation, Multiproduct Firms, and Estimating the Impact of Trade Liberalization on Productivity. Econometrica, 2011, 79(5).
[24]孙浦阳,蒋为,陈惟.外资自由化、技术距离与中国企业出口——基于上下游产业关联视角.管理世界,2015,(11).
[25] Cameron A C, Trivedi P K. Microeconometrics:Methods and Applications. Cambridge:Cambridge University Press,2005.
[26] Wei Shangjin, Xie Zhuan, Zhang Xiaobo. From Made in China to Innovated in China:Necessity, Prospect, and Challenges.Journal of Economic Perspectives, 2017, 31(1).
[27] Acs Z. J., Sanders M. Intellectual Property Rights and the Knowledge Spillover Theory of Entrepreneurship. NBER Working Paper, 2008, 32(1).
[28] Liu Qing, Qiu Larry D. Intermediate input imports and innovations:Evidence from Chinese Firms’ Patent Filings. Journal of International Economics, 2016, 103(9).
[29] Park A, Yang D, Shi Xinzheng, Jiang Yuan. Exporting and Firm Performance:Chinese Exporters and the Asian Financial Crisis. Review of Economics and Statistics, 2010, 92(4).
[30] Staiger D., Stock J. H. Instrumental Variables Regression with Weak Instruments. Econometrica, 1997, 65(3).
(1)在区分FDI前向、后向溢出效应的时候还匹配了中国2002年投入产出表数据。
(1)投入产出核算是国民经济核算体系的重要组成部分,它在协调专业统计和实现国内生产总值三种计算方法的衔接方面具有重要功能。
(2)由于很多企业专利数为零,所以对专利数进行非零处理(1+专利数)后再行对数变换。
(1)既往大量的研究定义外资水平用外资企业总产出与行业总产出之比、外资企业自身资本与行业总资本之比、外资企业销售额与行业总销售额之比和外资企业数目与行业内总企业数目之比表示[8](P407-425)[9](P447-459)。由于本文主要考察外资企业专利申请对内资企业专利申请的影响,故用外资企业专利数与行业总专利数之比构造了外资水平。
(2)本文用赫芬达尔指数HHI衡量行业竞争程度,HHI指数越高则垄断程度越高。
[2] MacDougall G. D. A. The Benefits and Costs Of Private Investment From Abroad:A Theoretical Approach. Oxford Bulletin of Economics and Statistics, 1960, 12(3).
[3] Caves R. E. Multinational Firms, Competition and Productivity in Host Country Markets. Economica, 1974, 41(162).
[4]亓朋,许和连,艾洪山.外商直接投资企业对内资企业的溢出效应:对中国制造业企业的实证研究.管理世界,2008,(4).
[5] Crepon B., Duguet E, Mairessec J. Research, Innovation and Productivity:An Econometric Analysis at the Firm Level.Economics of Innovation and New Technology, 1998, 7(2).
[6]李兵,岳云嵩,陈婷.出口与企业自主技术创新:来自企业专利数据的经验研究.世界经济,2016,(12).
[7] Javorcik B. S, Spatareanu M. To Share or not to Share:Does Local Participation Matter for Spillovers from Foreign Direct Investment? Journal of Development Economics, 2008, 85(1-2).
[8] Liu Xiaming, Slier P, Wang Chengqi, et al. Productivity Spillovers from Foreign Direct Investment:Evidence from UK Industry Level Panel Data. Journal of International Business Studies, 2000, 31(3).
[9] Buckley P. J, Clegg J, Wang Chengqi. Is the Relationship between Inward FDI and Spillover Effects Linear? An Empirical Examination of the Case of China. Journal of International Business Studies, 2007, 38(3).
[10] Buckley P. J, Clegg J., Wang Chengqi. The Impact of Inward FDI on the Performance of Chinese Manufacturing Firms.Journal of International Business Studies, 2002, 33(4).
[11] Lu Yi, Tao Zhigang, Zhu Liangming. Identifying FDI Spillovers. Journal of International Economics, 2017, 107(3).
[12] Havranek T., Irsova Z. Estimating Vertical Spillovers from FDI:Why Results Vary and What the True Effect Is. Journal of International Economics, 2011, 85(2).
[13] Javorcik B. S. Does Foreign Direct Investment Increase the Productivity of Domestic Firms? In Search of Spillovers through Backward Linkages. American Economic Review, 2004, 94(3).
[14]路江涌.外商直接投资对内资企业效率的影响和渠道.经济研究,2008,(6).
[15] Buckley P. J. Wang Chengqi, Clegg J. The Impact of Foreign Ownership, Local Ownership and Industry Characteristics on Spillover Benefits from Foreign Direct Investment in China. International Business Review, 2007, 16(2).
[16]樊纲,王小鲁,朱恒鹏.中国市场化指数——各地区市场化相对进程2011年报告.北京:经济科学出版社,2011.
[17]王保林,张铭慎.地区市场化、产学研合作与企业创新绩效.科学学研究,2015,33(5).
[18] Kafouros M., Wang Chengqi, Piperopoulos P., et al. Academic Collaborations and Firm Innovation Performance in China:The Role of Region-specific Institutions. Research Policy, 2015, 44(3).
[19] Fang Lily, Lerner J, Wu Chaopeng. Intellectual Property Rights Protection, Ownership, and Innovation:Evidence from China. The Review of Financial Studies, 2017, 30(7).
[20]谢千里,罗斯基,张轶凡.中国工业生产率的增长与收敛.经济学,2008,7(3).
[21] Upward R., Wang Zheng, Zheng Jinghai. Weighing China’s Export Basket:The Domestic Content and Technology Intensity of Chinese Exports. Journal of Comparative Economics, 2013, 41.(2)
[22] Brandt L., Van Biesebroeck J., Zhang Yifang. Creative Accounting or Creative Destruction? Firm-level Productivity Growth in Chinese Manufacturing. Journal of Development Economics, 2012, 97(2).
[23] De Loecker J. Product Differentiation, Multiproduct Firms, and Estimating the Impact of Trade Liberalization on Productivity. Econometrica, 2011, 79(5).
[24]孙浦阳,蒋为,陈惟.外资自由化、技术距离与中国企业出口——基于上下游产业关联视角.管理世界,2015,(11).
[25] Cameron A C, Trivedi P K. Microeconometrics:Methods and Applications. Cambridge:Cambridge University Press,2005.
[26] Wei Shangjin, Xie Zhuan, Zhang Xiaobo. From Made in China to Innovated in China:Necessity, Prospect, and Challenges.Journal of Economic Perspectives, 2017, 31(1).
[27] Acs Z. J., Sanders M. Intellectual Property Rights and the Knowledge Spillover Theory of Entrepreneurship. NBER Working Paper, 2008, 32(1).
[28] Liu Qing, Qiu Larry D. Intermediate input imports and innovations:Evidence from Chinese Firms’ Patent Filings. Journal of International Economics, 2016, 103(9).
[29] Park A, Yang D, Shi Xinzheng, Jiang Yuan. Exporting and Firm Performance:Chinese Exporters and the Asian Financial Crisis. Review of Economics and Statistics, 2010, 92(4).
[30] Staiger D., Stock J. H. Instrumental Variables Regression with Weak Instruments. Econometrica, 1997, 65(3).
(1)在区分FDI前向、后向溢出效应的时候还匹配了中国2002年投入产出表数据。
(1)投入产出核算是国民经济核算体系的重要组成部分,它在协调专业统计和实现国内生产总值三种计算方法的衔接方面具有重要功能。
(2)由于很多企业专利数为零,所以对专利数进行非零处理(1+专利数)后再行对数变换。
(1)既往大量的研究定义外资水平用外资企业总产出与行业总产出之比、外资企业自身资本与行业总资本之比、外资企业销售额与行业总销售额之比和外资企业数目与行业内总企业数目之比表示[8](P407-425)[9](P447-459)。由于本文主要考察外资企业专利申请对内资企业专利申请的影响,故用外资企业专利数与行业总专利数之比构造了外资水平。
(2)本文用赫芬达尔指数HHI衡量行业竞争程度,HHI指数越高则垄断程度越高。
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