Research On The Impact Of OFDI On The Innovation Of High-Tech Enterprises Under The Background Of Financing Constraints

At present,China’s economy is transforming towards high-quality development,and there is an urgent need for innovation,and high-tech enterprises are also playing an important role in it.In recent years,the amount of foreign direct investment of Chinese high-tech enterprises has continued to increase,and the main target industries for enterprises’ foreign investment are emerging industries with high overseas technology intensiveness.High-tech enterprises obtain advanced technology from overseas invested enterprises through direct foreign investment,thereby driving the progress of the company’s innovation capabilities.However,high-tech enterprises have a large capital demand,and the high capital acquisition costs in the process of operating research and development have caused financing constraints faced by the enterprises.Under financing constraints,the innovation performance of hightech enterprises OFDI has also been affected.Therefore,this article starts from high-tech enterprises,studies the actual impact of OFDI’s innovation performance under the financing constraints of high-tech enterprises,and puts forward relevant suggestions.This article first conducts a theoretical analysis on the innovation performance of hightech enterprises OFDI under the background of financing constraints.On the technology of combing the literature,from the perspectives of reverse technology spillover theory,absorptive capacity theory,and information asymmetry theory,it analyzes the technology outflow of high-tech enterprises through foreign direct investment,and further research and development on the basis of technology acquisition,Transformed into an enterprise’s innovation results,but the financing constraints restrict the improvement of the innovation performance of high-tech enterprises through OFDI.On the basis of theoretical analysis,this paper uses listed high-tech companies that made foreign direct investment during 2012-2019 as a sample to conduct empirical analysis,and build a fixed-effect model to test the OFDI innovation performance of companies with or without financing constraints.Based on the heterogeneity of enterprise scale,it further explores the difference of OFDI innovation performance of high-tech enterprises affected by financing constraints.Then,taking WENTECH Technology as a case company,based on the analysis of WENTECH’s financial capital operation,combined with its merger and acquisition of NEXPERIA to discuss the technological innovation of high-tech companies in foreign investment under financing constraints.The research conclusions of this paper are as follows:(1)The foreign direct investment and technological innovation of Chinese high-tech enterprises are showing an upward trend.(2)Although high-tech enterprises can help improve their innovation performance through foreign direct investment,due to the existence of financing constraints,the innovation performance of high-tech enterprises’ foreign direct investment has been inhibited.(3)The innovation performance of foreign direct investment of high-tech enterprises of different scales is different due to financing constraints.The larger the scale of high-tech enterprises,the less susceptible the innovation performance of foreign direct investment to financing constraints.Based on the above analysis results,this article puts forward relevant suggestions.At the macro level: the government should(1)actively guide Chinese high-tech enterprises to "go global" and provide strong guarantees in the process of enterprises’ foreign investment.(2)Promote enterprise innovation through policies and cultivate the international competitiveness of high-tech enterprises.(3)Deepen the reform of factors and broaden corporate financing channels.At the micro level: high-tech enterprises must(1)strengthen the scale of their company’s operations and drive the efficiency of their foreign direct investment.(2)Attach importance to R&D and innovation investment and enhance independent innovation capabilities.(3)Innovate corporate financing methods to alleviate the negative impact of corporate funding difficulties in the R&D process.(4)Attach importance to the role of talents,and actively introduce and train professional and innovative talents in the field of foreign investment and financing.