The Impact Of Overseas Business Of Manufacturing Enterprises On Their Technological Innovation

With the intensified competition and excess demand in the domestic market,Chinese companies have turned their attention to overseas,expanding overseas business and seeking greater benefits through exports and foreign direct investment.In the face of increasingly fierce global market competition and sanctions imposed by the United States on Chinese high-tech enterprises,it is necessary for Chinese enterprises to improve their strength through technological innovation,so as to remain invincible.Overseas business activities such as export and foreign direct investment are also important ways for enterprises to obtain technological innovation.As the main body of Chinese real economy,the manufacturing industry has continuously increased its export and foreign direct investment scale,and its overseas business scope has gradually expanded.How do manufacturing enterprises obtain technological innovation from overseas business activities and how overseas business affects their technological innovation? These questions deserve our attention.This paper studies the relationship between overseas business and technological innovation through literature review,and sorts out the impact mechanism of overseas business on technological innovation,and studies the impact of overseas business of manufacturing enterprises on technological innovation through empirical analysis.This study uses panel data of listed Chinese manufacturing companies from 2011 to 2020,excluding ST,*ST enterprise samples and samples with missing key data,and finally obtains a total of 6230 valid samples.In this study,the overseas business income from the consolidated statements of listed manufacturing companies is used as an indicator to measure the overseas business of enterprises,as the core explanatory variable;Introduce R&D investment,enterprise scale,enterprise age,asset-liability ratio,equity concentration,profitability,and free cash flow as control variables;introduce the nature of enterprise ownership,industry,and region as dummy variables to establish a fixed-effect regression model.In the empirical analysis part,this study conducts descriptive statistical analysis and grouping descriptive statistical analysis on the overall sample,and studies the impact of overseas business of manufacturing enterprises on their technological innovation through correlation analysis,benchmark regression analysis,heterogeneity analysis and robustness test.And study the difference in the impact of overseas business of manufacturing enterprises of different ownership and different regions on their technological innovation.The study found that the overseas business of manufacturing companies can help enhance their technological innovation.According to the relevant findings,the researcher gives corresponding policy recommendations from the national and enterprise levels respectively,to provide reference for Chinese manufacturing enterprises to improve their own technological innovation level.