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当前文献中有关外资与国内企业技术创新的研究聚焦在对FDI的间接影响分析,且主要集中在省级区域以及行业等层面,缺少微观数据支持。本文以上海证交所的A股上市公司为样本,采用系统GMM模型实证分析外资持股对中国上市公司技术创新的直接影响。实证结果表明,外资持股水平与公司研发投资显著正相关。进一步考察发现,研发投资与外资直接持股存在显著正相关关系,与外资间接持股存在正相关关系但不显著。当持股超过10%以上时,外资大股东对研发投资的促进作用最为显著。外资持股与公司现金流的乘积项与研发投资显著正相关,这表明外资持股越多,公司的单位现金流所支撑的技术创新投资越多。
The current literature on foreign investment and technological innovation in domestic enterprises focuses on the indirect impact on FDI analysis, and mainly concentrated in the provincial level and industry level, the lack of micro-data support. In this paper, a sample of A-share listed companies in Shanghai Stock Exchange is used as a sample, and a systematic GMM model is used to empirically analyze the direct impact of foreign ownership on technological innovation of Chinese listed companies. Empirical results show that the level of foreign ownership is significantly and positively related to the company’s R & D investment. Further investigation found that there is a significant positive correlation between R & D investment and direct foreign direct investment, but there is a positive correlation with indirect foreign investment but not significant. When holding more than 10%, the promotion of R & D investment by the largest shareholder of foreign investment is most significant. The product of foreign ownership and corporate cash flow is significantly and positively related to R & D investment, which indicates that the more foreign-owned shares, the more investment in technological innovation supported by the company’s unit cash flow.