| In recent years,the stock and flow of China’s foreign direct investment has continued to grow steadily,and the influence of China’s foreign direct investment on the world trade pattern has continued to increase.In 2020,China’s foreign direct investment flow ranked first in the world for the first time with a huge scale of 153.71 billion dollars and a year-on-year growth rate of 12.3% against the background of the global economic downturn,which profoundly reflects the continuous global status of my country’s foreign direct investment rise.At the same time,the international economic situation is turbulent.The protection,unilateralism and trade frictions dominated by the United States are constantly impacting the sound trade between countries,and geopolitical conflicts are frequent.Against this complex and profound background,this paper attempts to explore the following questions: Does the foreign direct investment of Chinese multinational corporations promote or inhibit the improvement of corporate innovation performance? Do the breadth and depth of OFDI have the same promoting effect on the innovation performance of enterprises? What are the mechanisms of the two on the innovation performance of enterprises? Has the complex international economic situation and trade pattern inhibited the improvement of innovation performance of Chinese enterprises? How should Chinese enterprises and related industries choose appropriate foreign investment strategies to promote the innovation and development of enterprises to cope with this unprecedented change in a century?In order to answer the above questions,from the perspective of investment ambiguity,this paper attempts to explore the impact of my country’s foreign direct investment ambiguity on enterprise innovation performance,so as to enrich the existing research results on the impact of investment ambiguity on innovation performance,and provide a basis for Enterprises provide different investment layout strategies to improve the innovation performance level of home country enterprises,which is the main purpose and significance of this study.Firstly,this research systematically sorts out the relevant domestic and foreign literatures on foreign direct investment,reverse technology spillovers and enterprise innovation performance,and finds that the past classic transnational theories mainly take developed economies as the research object,and have a great influence on the network layout of foreign investment and enterprise innovation performance.There are not many research literatures on the subject,and the existing literature has not yet given consistent research conclusions on the reverse technological spillover effect behind developing countries’ foreign investment,and whether there are differences in the impact of the breadth and depth of foreign investment on corporate innovation performance.At the same time,the academic community has different voices on the indicators to measure innovation performance.Subsequently,this research elaborates the development status of my country’s foreign direct investment(hereinafter referred to as OFDI)and enterprise innovation performance in detail,and attempts to combine my country’s OFDI data with enterprise patent data for measuring innovation performance,and reflect it in the coordinate system.The dynamic comparative analysis of the two shows that the development scale of my country’s OFDI and the level of innovation development generally show a consistent and steady growth trend,but there is room for further improvement and optimization,and the development trends of the two are not the same in time and space.It reflects the special relationship between OFDI investment duality and firm innovation performance.And on this basis,further in-depth exploration of the mechanism of OFDI investment duality on enterprise innovation performance,through the analysis,it is concluded that there are differences in OFDI under different investment motives,as well as the effect mechanism of breadth and depth on enterprise innovation performance.Reverse technology spillovers,economies of scale,corporate operating profit feedback,technological integration of differentiated knowledge,and the improvement of product R&D fault tolerance in the investment process are the main factors that enable OFDI to improve corporate innovation performance.Finally,through the qualitative perspective of cost and benefit function,the nonlinear relationship between OFDI ambidextrous and innovation performance is preliminarily described.In the empirical part,this research selects the panel data of 658 transnational investment and listed companies in my country from 2014 to 2020,and introduces the multivariate nonlinear regression model for empirical analysis,and draws the following conclusions:(1)There is a relationship between OFDI duality and innovation performance of home country companies There is a significant nonlinear relationship;(2)OFDI investment breadth presents an "inverted U-shaped" relationship that promotes first and then inhibits innovation performance of home-country enterprises,and OFDI investment depth presents a "positive U-shaped" relationship that first inhibits and then enhances innovation performance of home-country enterprises(3)In the robustness test part,the regression results after excluding the sample of investment in Hong Kong and replacing the indicators measured by OFDI breadth and OFDI depth still show that the duality of OFDI investment has a significant nonlinear relationship with the innovation performance of enterprises in the home country;(4)In the heterogeneity analysis of the industry and the nature of the enterprises,it is concluded that the OFDI activities of manufacturing multinationals and non-state-owned enterprises are more likely to improve the innovation performance of enterprises.After the demonstration,the case of CATL New Energy Technology Co.,Ltd.is introduced for analysis,and the analysis conclusion is consistent with the empirical research.Finally,this research puts forward the following suggestions from the national level:(1)Simplify the approval process for foreign investment of multinational companies,and improve the efficiency of multinational companies’ "going to the sea";(2)Provide special loans for overseas investment and strengthen financial support for small and medium-sized multinational companies;(3)Build an interactive platform for outbound direct investment cooperation and encourage multinational companies to “go out in a group”;(4)Guide and regulate overseas investment behavior of multinational companies,and create a good atmosphere for multinational investment.At the same time,multinational enterprises participating in OFDI activities should:(1)optimize the network structure of foreign investment and avoid irrational foreign direct investment;(2)prudently choose dual investment strategies,and seek better development according to local conditions;(3)clarify the enterprise itself Positioning,"tailor-made" development strategy. |
