| Since the 18th CPC National Congress, we are in the face of complicated and changeable external investment and innovation environment for the interprovincial enterprises in China. There are many key problems, such as the realization of the goal of adjusting Chinese economic structure and building internal investment environment which has long troubled the healthy operation of China's economy, the breakthrough of the interprovincial "transitional market segmentation"(eliminating the interprovincial investment distance barriers) from the system level, the optimization and upgrading of domestic industrial structure and resource allocation efficiency (eliminating barriers of interprovincial investment relations), the development of the technical ecology strategy which is suitable for the leading of the enterprises(eliminating the legitimacy barrier of the interprovincial investment of the enterprises). All of them remain to be solved urgently in the realization of the "internal opening" strategy. Therefore, to eliminate the "interprovincial investment barriers" caused by the "liability of foreignness", it is necessary to speed up the design and construction of the "socialist market economy system with Chinese characteristics" which is suitable for current economic and social development of China, build an environment guided by scientific and technological innovation, and promote the innovation of domestic enterprises to a new stage. For China, this is the only way to become a science and technology power and the inevitable stage to enhance the position in the domain of global innovation.Under such a rapid development, China's foreign direct investment shows characteristics which cannot be explained by traditional theories.For example, there is dual development including promotion of foreign direct investment and realization of public policy objectives. There is also increase in the nationalization degree of foreign direct investment and the nationalization rate of the enterprises. In addition, the enterprises without technical advantages are still able to carry out foreign direct investment and obtain technological progress from it. In view of various heterogeneities and significance of China's foreign direct investment, it is necessary to explore the relationship between the institutional factors and the investment effect from brand-new theoretical perspectives. This not only tests the applicability of the foreign direct investment theories of the developed countries in the investment practices of Chinese transnational enterprise, but also provides a rare opportunity for the innovation of Chinese foreign direct investment theories.Therefore, in the face of the above difficulties and contradictions in the real investment difficulties, China's internal opening has gradually shown certain investment obstacles and characteristic which cannot be explained only from a single perspective. For example, the enterprises face the distance obstacle caused by interprovincial "transitional market segmentation". In the face of industry barriers, the enterprises may seek to break relation obstacle through putting on "red cap" (operating in the name of state-owned enterprise or collectively-owned enterprise). They also try to seek a higher "legal recognition" through making efforts on building and operating a brand image. In view of the problems of system participation and enterprise innovation, it is necessary to explore the correlation and significance of regional heterogeneity, industry heterogeneity and enterprise heterogeneity affecting system participation and enterprise innovation performance from a brand-new theoretical perspective. This method can test the mechanism for the regional, industry and enterprise three-dimensional factors to impact institutional participation and innovation performance. And it also can provide corresponding theories and solid evidences for developing and creating an inter-provincial enterprise innovation environment with “open, transparent and fair competition".In the development of existing theories, the existing researches still focus on the influence of a single dimension of the liability of foreignness on the performance of multinational enterprises in the developed countries(areas). And the existing research results are mainly related to the direct relationship between them. In contrast, the researches on the mechanism for the enterprise's liability of foreignness to adjust system participation and enterprise innovation performance from multi-dimensional perspectives are relatively rare. This situation limits the recognition of the efficiency and influence mechanism of enterprise innovation resource allocation from the perspective of the enterprise's liability of foreignness.So far, there are still no theoretical and empirical researches on the allocation of enterprise innovation resources from the perspective of the enterprise's interprovincial cross-regional investment in China. Therefore,this dissertation will explore how the liability of foreignness affect the interprovincial investment performance of Chinese enterprises with administrative barriers (government-enterprise interaction), political association strength (government-enterprise interaction) and enterprise identity from the perspective of the interaction mechanism among government, enterprise and society, location characteristics and enterprise characteristics. From the theoretical and empirical perspective, the dissertation also concludes the method of coordinating the relationship between government and enterprise, the relationship among enterprises,social relations and the characteristics of foreign enterprise. In this way, the dissertation tries to achieve a win-win situation between government and investing enterprise and between investing enterprises and society, and ensure the benefits of the investing enterprises. Moreover, the dissertation also can provide important theories and applicable value for China to change the allocation of enterprise innovation resources and weaken the administrative barriers between regions to better adapt to the investment pattern of enterprises at current stage under the "structural reform of the supply side".Based on the theoretical integration of institutional innovation theory and technological innovation theory, this dissertation focuses on the characteristics of Chinese interprovincial enterprise investment innovation under the "new normal" , chooses the This dissertation using 2008-2014 panel data of listed companies in China, we have analyzed the relationship between the liability of foreignness and enterprise innovation. Based on it,the dissertation carries out related comparison and verification and uses the Tobit model to obtain the following empirical conclusions:Firstly, this dissertation analyzes the mechanism for the distance barrier of "transitional market split" monopoly to adjust the innovation performance of the enterprises with interprovincial investment from the perspective of regional dimension. Vertically, it studies the role of distance barrier (regional dimension perspective) in adjusting government participation. Horizontally, it studies the influences of regional difference on the regulating role of the distance barrier. The results of this dissertation show that the degree of marketization has a positive effect on the proportion of government investment. The region with the most affiliated enterprises (affiliated subsidiaries, affiliated companies or branch offices)has the opposite effect on the proportion of government investment. The regulation and control ability of the government has a positive effect on the proportion of government investment. In terms of the regulating role of regional marketization in government participation, the investment in the central provinces will be more conducive to enhance the influence of government participation on the enterprise innovation performance. The investment in the western provinces takes the second place. And the government participation in the enterprises investing in the eastern provinces has the lowest impact on enterprise innovation performance. In the regulatory role of government regulation and control for government participation, the effect of government regulation and control on market in the central and western regions is slightly higher than that in the eastern region.Secondly, this article carries out the comparative study on the impact of relation barrier on the innovation performance of the enterprises with interprovincial investment from the perspective of industrial administrative control barriers. From a vertical perspective, the dissertation studies the significant negative adjustment influence of relation barrier (from industrial dimension) on government participation. From a horizontal perspective, the dissertation studies the influences of regional difference on the regulating role. The results of this dissertation show that the industrial policy has a negative effect on the proportion of government investment, and the degree of nationalization of the industry has a negative effect on the proportion of government investment. In terms of the regulating role of industrial policy in government participation, the investment in the eastern areas is conducive to enhancing the impact of government participation on the innovation performance of enterprises.And investing in the emerging industries of the central and western provinces will reduce the influence of government participation on the innovation performance of enterprises.Thirdly, this dissertation conducts a comparative study on the influence of the enterprise legitimacy barrier at the enterprise level on the innovation performance of the enterprise with interprovincial investment.From a vertical perspective, it studies the negative effects of enterprise legitimacy (enterprise dimension perspective) on the negative regulating role of government participation. From a horizontal perspective, it studies the influences of regional differences. The results of this dissertation show that the brand awareness of enterprises has a positive effect on the proportion of government investment, and the degree of market recognition has a positive effect on the proportion of government investment. In terms of the regulatory role of enterprise brand awareness in government participation, enterprise brand awareness for investment in the eastern provinces is more conducive to enhancing the influence of government participation on enterprise innovation performance than investment in the central and western regions. At the same time, the effect of the market recognition of the enterprises investing in the central and western provinces is lower than the effect of market regulatory capacity of the government in the eastern areas.Fourthly, this dissertation analyzes the mechanism for the regional marketization to readjust the enterprise legitimacy barrier of the relation barrier relation. It mainly includes two aspects: one is whether the regional marketization degree can enhance or weaken the regulating role of the industrial policy of relation barrier as well as the nationalization degree of the industry in enterprise participation and interprovincial enterprise innovation performance; secondly, whether the degree of regional marketization can enhance or weaken the regulating role of the enterprise brand awareness of the enterprise legitimacy barrier and market recognition in enterprise participation and interprovincial enterprise innovation performance. The results of this study show that: firstly, the degree of regional marketization has a negative re-regulating effect on the regulation of industry policy, and the degree of regional marketization has a positive re-regulation effect on the regulation of nationalization. The empirical results show that the government's policy support shall focus on regulating the regions with low development degree of market economy,while it shall focuses on reducing the barriers to entry one industry in the areas with high marketization degree to improve the innovation power of enterprises; secondly, the degree of regional marketization has positive re-regulation effect on the regulatory role of the enterprise brand awareness,and the degree of regional marketization has a positive re-regulation effect on the regulation of market identity. The empirical r-esults suggest that with the deepening of regional market opening and constant advancement of market reform, the enterprises with a higher brand awareness or market recognition will enhance their inter-provincial investment performance and at the same time improve their efficiency of innovation and resource allocation. This chapter argues that the degree of regional marketization can partly explain and provide certain reference for the fact that the relation barrier of liability of foreignness and enterprise legitimacy barrier can be explained from the foreign enterprise level.The innovations of the dissertation are mainly reflected in the following three aspects:Firstly, with a full consideration of the influencing factors of Chinese institutional situation, this dissertation creatively takes liability of foreignness as the third variable to explore the influence mechanism between government system participation and enterprise innovation and explores the logic relations among liability of foreignness, liability of foreignness and enterprise innovation under different dimensions.Secondly, this dissertation develops a comparative study on the relative differences of inter-provincial government participation in China's"transitional market segmentation" situation.Thirdly, From the perspective of liability of foreignness, this dissertation has developed the research on the innovation performance of inter-provincial investment enterprises based on the situation of heterogeneous countries.On the basis of integrating the theory of institutional innovation and the theory of technological innovation, this dissertation divides the liability of foreignness into three subdivision dimensions including distance barrier(regional level), relation barrier (industry level) and enterprise legitimacy barrier (enterprise level), and explores its impact on the regulation of government system participation and enterprise innovation performance.At the same time, it also hopes to stimulate domestic micro-economic vitality and promote domestic enterprises interprovincial investment flow,thus providing certain references for adjusting inter-provincial industrial structure and further releasing economic zones. |
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