对外直接投资与本土企业创新

——上下游供应链关系视角下的非对称影响研究

刘 娟　杨淑珺

（天津财经大学）

内容提要：本文聚焦“双循环”格局下供应链体系内上、下游企业对外直接投资（OFDI）对焦点企业创新发展的外溢效应，利用2001—2022年上市企业数据识别两者对焦点企业创新影响的传导路径及作用效果的非对称性。研究发现，下游客户OFDI促进焦点企业创新，上游供应商OFDI制约焦点企业创新。下游客户OFDI主要通过逆向知识溢出、市场需求响应促进焦点企业创新；上游供应商OFDI则通过价值攫取效应、市场垄断效应对焦点企业创新发挥制约作用。考虑企业所有权、外向型特征、区位特征及OFDI特征后的回归结果存在异质性。基于供应链结构特征的进一步分析表明，供应链体系内OFDI企业地位排序对焦点企业创新的外溢效应呈现累积效应特征；焦点企业所处供应链网络中心度、供应链集中度的提升均有助于弱化OFDI供应链外溢对其创新的制约作用，强化创新激励作用；供应链稳定性的提升则对上下游企业OFDI的外溢效应均起到强化作用；此外，焦点企业与供应商OFDI企业较近的地理距离同样可以缓解上游供应商OFDI对焦点企业创新的制约作用。本文的研究对高水平开放条件下供应链企业国内外创新资源优化配置、本土企业创新发展路径选择具有重要的理论及现实意义。

关键词：供应链外溢；企业创新；对外直接投资；供应链关系；需求激励

作者简介：刘娟，天津财经大学经济学院教授、博士生导师，天津，300222；杨淑珺，天津财经大学经济学院博士研究生。

基金项目：国家社会科学基金一般项目“‘双循环’下开放式创新对中国跨国企业创新质量提升的作用机制与路径研究”（22BGL020）

引用格式：刘娟,杨淑珺.对外直接投资与本土企业创新——上下游供应链关系视角下的非对称影响研究[J].经济与管理研究,2025,46(7):91-109.

OFDI and Local Enterprise Innovation

—Asymmetric Influence from the Perspective of Upstream and Downstream Supply Chain Relationships

LIU Juan, YANG Shujun

(Tianjin University of Finance and Economics, Tianjin 300222)

Abstract: As innovation becomes the primary driver leading development, it is particularly urgent to explore the supply chain empowerment paths for enhancing the innovation capabilities of local enterprises under open conditions. Therefore, with the extension of China’s dual circulation development paradigm, this paper systematically analyzes the transmission paths and asymmetric effects of the impact of outward foreign direct investment (OFDI) by supply chain enterprises on focal enterprise innovation based on data from listed companies in China from 2001 to 2022.

The findings reveal an asymmetric spillover effect of OFDI from supply chains on focal enterprise innovation. Specifically, OFDI from downstream customers promotes focal enterprise innovation, while OFDI from upstream suppliers constrains it. Heterogeneity analysis indicates that the spillover effects of OFDI in developing countries are only evident in downstream customers. Furthermore, the spillover effect is more applicable to private enterprises, focal enterprises that have not engaged in overseas business, and those located in cities with low levels of openness. Mechanism analysis indicates that OFDI by downstream customer enterprises within the supply chain enhances focal enterprise innovation primarily through reverse knowledge spillovers and market demand responses; conversely, OFDI by upstream supplier enterprises exerts a constraining effect on focal enterprise innovation through value capture effects and market monopoly effects. Further analysis based on the structural characteristics of the supply chain reveals that the ranking of OFDI enterprises within the supply chain system exhibits cumulative effects on the spillover effect of innovation in focal enterprises. Improvements in supply chain network centrality and supply chain concentration for focal enterprises help to weaken the restrictive effects of OFDI supply chain spillovers on their innovation while strengthening innovation incentives. Additionally, an increase in supply chain stability enhances the spillover effects of OFDI for both upstream and downstream enterprises. Meanwhile, a closer geographical distance between the focal enterprise and OFDI supplier enterprises can also alleviate the restrictive effects of OFDI by upstream suppliers on focal enterprise innovation.

The policy implications of this paper are as follows. First, local enterprises should actively seek collaboration with highly internationalized customers or those with rich experience in going global. Second, local enterprises should diversify their supplier networks to avoid establishing overly dependent relationships with a single supplier. Third, local enterprises can proactively expand their overseas business to accumulate foreign technological innovation resources. Lastly, the government needs to actively create a favorable institutional environment for local enterprise innovation and utilize digital platforms to break down information and resource transmission barriers between upstream and downstream enterprises within the supply chain.

Keywords: supply chain spillover; enterprise innovation; OFDI; supply chain relationship; demand incentive

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