| Based on the "Directory of Overseas Investment Enterprises(Institutions)" and the comprehensive database of Chinese industrial enterprises of the Ministry of Commerce of the PRC from 2005 to 2007,this paper studies the impact of FDI,OFDI and two-way investment on the innovation performance of enterprises in the eastern and western regions of China by empirical method.And it further analyzes the regulatory effect of multiple distances on the international investment activities of enterprises and the innovation performance of enterprises from the perspective of multi-distances between home country and host country.The empirical results show that FDI,OFDI and two-way investment have a positive impact on the innovation performance of Chinese enterprises,and the impact on the enterprises in the eastern region is more significant than in the western regions.Furthermore,our study of the regulatory effect of multiple distances on FDI and firm innovation performance shows that the regulatory effect of institutional distance is significantly positive,that of economic distance and geographical distance is not significant,and regulatory effect of technical distance is significantly negative.On the other hand,the study of the regulatory effect of multiple distances between OFDI and enterprise innovation performance shows that the regulatory effect of economic distance,institutional distance and technological distance is positive and that of geographic distance is insignificant.As for the regulatory effect of multiple distances on two-way investment and enterprise innovation performance shows that the economic distance,institutional distance and technological distance all have a positive regulatory effect on the innovation performance of enterprises.Geographical distance still has no significant impact.The empirical results explain to some extent the relationship between the type of international investment and the innovation output of enterprises in China,involving the multiple mechanisms and the mechanism of international investment type to the innovation of enterprises under the perspective of diversity and the differences between eastern and western regions.The study would have a certain reference value for the government to formulate relevant policies guiding China’s enterprises in bring-in and go-global strategies to achieve different types of internationalization. |
