摘要
学界通常认为逆向溢出知识是企业对外直接投资驱动技术进步的直接
和根本原因,但尚未出现直面且全面揭示其中内在驱动机制的文献成果。
这一研究缺口不利于解决现实背景中的两个矛盾:一是以美国为首的部分
发达国家的“逆全球化”思潮与国内投资企业寻求境外前沿知识和专业化知
识的矛盾;二是国内企业对外直接投资目标转变与东道国市场不透明的矛
盾。知识经济背景下,中国对外直接投资企业要想充分发挥逆向溢出知识
对企业技术进步的促进作用,需要克服两个矛盾。当然,这需要政商学研等
多方协同共进,其中学界可以配合完成的任务包括两个方面:揭示企业对外
直接投资驱动技术进步的内在机理;构建与内外环境相匹配的逆向溢出知
识结构调整框架。
鉴于现实的需要与理论的不足,本书提出了三个研究问题:①企业对外
直接投资对技术进步的驱动机制是怎样的以及不同企业之间有何差异?
②多维度和动态视角下企业对外直接投资驱动技术进步的结论是否站得住
脚? ③国内投资企业应该如何调整对外直接投资和知识策略以应对国际形
势的变化和自身知识需求的变化? 书中通过一个理论框架和四项研究内容
完成了对上述三个问题的讨论。
前两项研究主要回答了前两个问题,概括来讲:①依据五家民营企业和
五家国有企业进行多案例归纳式研究,从定性的角度构建逆向溢出知识结
构视角下企业对外直接投资驱动技术进步的理论框架,由此回答“为什么”
的问题。②紧接着借助系统动力学模型与计量模型实证检验所得理论框架
的有效性与合理性,及其是否与国内企业对外直接投资的现实情境形成有
效的对话,回答“真的是这样吗”的问题。
后两项研究则回答了最后一个问题,概括来讲:①运用古诺双寡头模型
从成本与收益的视角探究逆向溢出知识结构的内在调整机制,包括东道国
市场中参与主体均为同质性条件下的深度抉择和参与主体异质性条件下的
广度抉择,以此回答“怎么办”的问题。②依据所得逆向溢出知识结构调整
机理设计针对“国内投资企业应该如何调整对外直接投资和知识策略以应
Ⅱ
对国际形势的变化和自身知识需求的变化”
做”。基于四项主要研究任务,
阶段一结论/理论性结论:理论性结论是对企业现实活动的升华,
实到理论的研究过程。国内企业对外直接投资驱动技术进步的内在机理可归结为
两条路径和一个演化。企业对外直接投资驱动企业技术进步的路径包括:①国外
问题的调整框架,具体说明“应该怎么
本书主要得出了三个具有逻辑承接性的研究结论:
是一种由现
关联企业知识基→逆向溢出知识(广度×强度)→知识吸收量→国内投资企业知识
基(知识储备数量)→技术进步;②国外关联企业知识基→逆向溢出知识(深度×强
度)→知识吸收量→国内投资企业知识基(知识前沿水平)→技术进步。但在不同
的投资阶段,逆向溢出知识广度和深度所发挥的效用有所变化,表现为企业在对外
直接投资前期受到所有权劣势和内部化劣势的限制,倾向于选择以深度为特征的
峡谷形结构或者选择均衡且投资活动较少的水池形结构;随着企业所有权优势与
内部化优势提升、东道国区位优势弱化,投资者会逐渐倾向于选择以广度为特征的
湖泊形逆向溢出知识结构。针对上述结论,本书采用基于理论认知的系统仿真方
法进行表征,并进一步采用基于现实数据的计量方法进行实证检验,在双重检验下
确保理论框架能够与企业投资实践形成有效的对话。
阶段二结论/过渡性结论:过渡性结论是对理论性结论的承接,同时又是实践
性结论的基础,其本质上是理论性结论向实践性结论的一种延伸态,但又没有直接
涉及企业的实践活动。企业应该如何调整逆向溢出知识结构呢? 从调整逆向溢出
知识深度来看,投资者选择在不同入场模式下适应成本差异较小、低技术企业所有
权优势相对明显且低技术企业与高技术企业技术差距相对较小的东道国市场,此
时并购高技术企业或者与其合资经营是比较有利的;投资者以技术水平相对接近
的高技术企业为投资标的是合理的选择;另外,投资者还可以通过降低自身生产成
本来增加并购实力或者吸引高技术企业合作。从调整逆向溢出知识广度来看,不
同产出条件下所得知识结构调整逻辑有所差异,投资者除了要考虑所有权、适应成
本、技术差距和生产成本等因素以外,还要考虑与异质性企业之间的交叉领域,其
会通过影响投资者所支付的投资成本而改变入场模式的合理性,进而影响逆向溢
出知识结构调整机理。
阶段三结论/实践性结论:实践性结论是在理论性结论和过渡性结论的基础
上针对企业实践开展研究所得到的结论,是一种由理论到现实的研究过程。依据
逆向溢出知识结构调整机理设计具有针对性的调整框架,解决“国内投资企业应该
如何调整对外直接投资和知识策略以应对国际形势的变化和自身知识需求的变
化”的问题。书中归纳总结了两套逆向溢出知识结构调整框架:其中第一套逆向
溢出知识调整框架针对投资者在不同对外直接投资阶段对逆向溢出知识结构维度
需求的变化,即如何在前期阶段调整逆向溢出知识深度而在中后期调整逆向溢出
Ⅲ
第二套逆向溢出知识调整框架针对以美国为首的部分发达国家对境外
这在短期内可能对逆向溢出知识结构调整尤
其是深度调整产生一定的负面影响。第二套逆向溢出知识调整框架整体上建立在
本书作者认为,应对国际环境变化带来的挑战,国内投
两种调整思路。为了强化调整框架的实用价
知识广度;
直接投资企业实施知识封锁的问题,
第一套调整框架的基础上,
资企业可采取“迂回式”和“替代式”
值,本书运用KWW 贸易增加值分解法针对框架中的东道国市场条件设计了国外
市场条件自查表,构建国外市场条件自查表最重要的价值在于给投资者提供国外
市场部分显性与隐性特征数据,投资者用这些特征数据结合逆向溢出知识结构调
整框架中的东道国选择条件,可以筛选出投资目的地,减少试错成本与时间成本。
依据上述企业对外直接投资驱动企业技术进步的理论框架与逆向溢出知识结
构调整框架可得出以下政策启示:①发挥政府的信息中介作用,间接强化逆向知
识溢出强度;②对外积极谈判、对内增加定向投入,通过“内外兼修”的政策模式减
弱“知识壁垒”对国内投资企业增加逆向溢出知识深度的阻碍作用;③加强双边或
多边投资协定的制度化安排,以区域特色为导向帮助企业拓展逆向溢出知识广度;
④相关部门应充分发挥引导作用,支持国内企业对外直接投资。
关键词:对外直接投资;逆向溢出知识;知识结构;动态演化;投资企业技术
进步
Ⅳ
ABSTRACTAcademiagenerallybelievesthatreverses
piloverofknowledgeisthedirect
andfundamentalcauseoftechnologicalprogresdrivenbyenterprises..foreign
directinvestment,buttherehavenotbenresearchresultsthatdirectlyfaceand
fulyrevealitsinternaldrivingmechanism.Thisresearchgapisnotconduciveto
solvingthetwocontradictionsintherealisticbackground:Thefirstisthe
contradictionbetwenthe“anti-globalization”thoughtofsomewesterndeveloped
countriesledbytheUnitedStatesandtheChineseinvestmentcompaniessekingoverseasfrontierknowledgeandspecializedknowledge;Thesecondisthe
contradictionbetwenthetransformationofChinesecompanies..foreigndirect
investmentobjectivesandtheopacityofthehostcountry..smarket.Inthecontext
oftheknowledgeeconomy,ifChineseforeigndirectinvestmententerpriseswant
togivefulplaytotheroleofreversespiloverknowledgeinpromotingenterprise
technologicalprogres,twocontradictionsnedtobeovercome.Ofcourse,this
requiresthecoordinationofpolitics,busines,academicresearchandother
parties.Amongthem,thetasksthatacademiacancooperatetocompleteinclude
twoaspects:Ontheonehand,itrevealstheinternalmechanismofenterprises..
outwarddirectinvestmentdrivingtechnologicalprogres;Ontheotherhand,
constructaframeworkforadjustingthereversespiloverknowledgestructure
thatmatchestheinternalandexternalenvironments.
Takingintoacountthenedsofrealityandthelackoftheory,thisarticle
putsforwardthreresearchquestions:Whatisthedrivingmechanismof
corporateforeigndirectinvestmentontechnologicalprogresandwhatarethe
diferencesbetwendiferentcompanies?Doestheconclusionthatthecompany..s
foreigndirectinvestmentdrivestechnologicalprogresfromamulti-dimensional
anddynamicperspectivestilholdtrue? HowshouldChineseinvestment
companiesadjusttheirforeigndirectinvestmentandknowledgestrategiesto
respondtochangesintheinternationalsituationandtheirownknowledgeneds?
Andthroughatheoreticalframeworkand4researchcontenttocompletethe
discusionof3isues.
Thefirsttwostudiesmainlyansweredthefirsttwoquestions.Inanutshel:
Ⅴ
nd5state-ownedenterprises,weconducted
itativepointofview,constructthetheoretical
rogressdrivenbyenterprises..foreigndirect
freversespilloverknowledgestructure,and
enusethesystemdynamicsmodelandthe
Basedon5privateenterprisesamultiplecasestudies.Fromaqualframeworkofthetechnologicalpinvestmentfromtheperspectiveothusanswerthequestionof“why?”Thmeasurementmodeltoempiricalytestthevalidityandrationalityofthe
theoreticalframeworkobtained,andwhetheritformsanefectivedialoguewith
theactualsituationofChineseenterprises..foreigndirectinvestment,soasto
anwehequstin“sire?”
srteoittu
Thelasttwostudiesansweredthelastquestion,inanutshel:Usethe
Cournotduopolymodeltoexploretheinternaladjustmentmechanismofthe
reversespiloverknowledgestructurefromtheperspectiveofcostandbenefit,
includingthedepchoiceundertheconditionofhomogeneityinthehostcountrymarketandthebreadthchoiceundertheconditionofheterogeneityofte
participants,toanswerthequestionof“whattodo?”Finaly,basedonthe
learnedreversespiloverknowledgestructureadjustmentmechanism,the
adjustmentframeworkisdesignedtoaddresthequestionof“howshould
Chineseinvestmentcompaniesadjustforeigndirectinvestmentandknowledge
strategiestorespondtochangesintheinternationalsituationandchangesintheir
ownknowledgeneds?”,specifying“whatshouldbedone”.Basedonthe4main
researchtasks,thisarticlemainlydrawsthreresearchconclusionswithalogical
sequence:
Stage1conclusions/theoreticalconclusions:Theoreticalconclusionisthe
sublimationoftheactualactivitiesoftheenterprise,anditisaresearchproces
fromrealitytotheory.TheinternalmechanismofChineseenterprises..outward
directinvestmentdrivingtechnologicalprogrescanbeatributedtotwopaths
andoneevolution.Thewaysinwhichenterprises..outwarddirectinvestment
drivestechnologicalprogresinclude:Knowledgebaseofforeignafiliates→
reversespiloverknowledge(breadth×intensity)→amountofknowledge
absorption→knowledgebaseofdomesticinvestmententerprises(numberof
knowledgereserves)→technologicalprogres;Knowledgebaseofforeign
afiliates→reversespiloverknowledge(depth×intensity)→amountof
knowledgeabsorption→knowledgebaseofdomesticinvestmententerprises
(knowledgefrontierlevel)→technologicalprogres.However,indiferent
Ⅵ
investmentstages,theutilityofthebreadtknowledgehaschanged.Intheearlystagenterprisesarerestrictedbythedisadvantageandtendtochooseacanyon-typestructurechastructurewithbalancedandlessinvestmentac
handdepthofreversespilover
eofforeigndirectinvestment,
sofownershipandinternalization,
racterizedbydepthorapool-type
tivities;Withtheimprovementof
corporateownershipandinternalizationadvantages,andtheweakeningofthe
locationadvantagesofthehostcountry,investorswilgradualytendtochoosea
lake-typereversespiloverknowledgestructurecharacterizedbybreadth.In
responsetotheaboveconclusions,thispaperadoptsthesystemsimulation
methodbasedontheoreticalcognitiontoexpres,andfurtheradoptsthe
measurementmethodbasedonrealdatatocaryoutempiricaltesting.The
doubletestensuresthatthetheoreticalframeworkcanformanefectivedialogue
withcorporateinvestmentpractices.
Stage2conclusions/transitionalconclusions:Thetransitionalresearch
conclusionisthecontinuationoftheoreticalconclusionsandthebasisofpractical
conclusions.Itisesentialyanextensionoftheoreticalconclusionstopractical
conclusions,butitdoesnotdirectlyinvolvethepracticalactivitiesofthe
enterprise.Howshouldcompaniesadjustthestructureofreversespilover
knowledge?Fromtheperspectiveofadjustingthedepthofreversespilover
knowledge,investorschooseahostcountrymarketwherethecostdiferenceis
smal,theownershipadvantageoflow-techenterprisesisrelativelyobvious,and
thetechnologicalgapbetwenlow-techenterprisesandhigh-techenterprisesis
relativelysmalunderdiferententrymodes,whichisconducivetomergersand
acquisitionsofhigh-techenterprisesorjointventureswiththem;Itisa
reasonablechoiceforinvestorstoinvestinhigh-techenterpriseswithrelativelyclosetechnologicallevels;Inaddition,investorscanalsoincreaseM&A
strengthoratracthigh-techcompaniestocooperatebyreducingtheirown
productioncosts.Fromtheperspectiveofadjustingthebreadthofreverse
spiloverknowledge,theadjustmentlogicoftheknowledgestructureobtained
underdiferentoutputconditionsisdiferent.Inadditiontofactorssuchas
ownership,adaptationcosts,technologygaps,andproductioncosts,investors
mustalsoconsidercros-cutingareaswithheterogeneouscompanies.Itwil
afecttheinvestmentcostpaidbyinvestors,changetherationalityoftheentrymode,andthenafectthemechanismofreversespiloverknowledgestructure
Ⅶ
lconclusions:practicalconclusionsarethe
ngresearchonenterprisepracticebasedon
ionalconclusions.Itisaresearchprocessfrom
ersespilloverknowledgestructureadjustment
adjustment.
Stage3conclusions/practicaconclusionsobtainedbyconductitheoreticalconclusionsandtransittheorytoreality.Basedontherevmechanism,atargetedadjustmentframeworkisdesignedtosolvetheproblemof
“howshouldChineseinvestmentcompaniesadjusttheirforeigndirectinvestment
andknowledgestrategiestorespondtochangesintheinternationalsituationand
theirownknowledgeneds?”Thearticlesummarizestwosetsofreversespilover
knowledgestructureadjustmentframeworks.Amongthem,thefirstsetof
reversespiloverknowledgeadjustmentframeworkisaimedatthechangesin
investors..demandforreversespiloverknowledgestructuredimensionsin
diferentphasesofforeigndirectinvestment,thatis,howtoadjustthedepthof
reversespiloverknowledgeintheearlystageandadjustthebreadthofreverse
spiloverknowledgeinthemiddleandlaterstages.Thesecondsetofreverse
spiloverknowledgeadjustmentframeworkaddresestheproblem ofsome
Westerndevelopedcountries,ledbytheUnitedStates,imposingknowledge
blockadeonoverseasdirectinvestmententerprises,whichmayhaveacertain
negativeimpactontheadjustmentofreversespiloverknowledgestructure,
especialythedepadjustmentintheshortterm.Thesecondsetofreverse
spiloverknowledgeadjustmentframeworkisbasedonthefirstsetofadjustment
frameworksasawhole.Thisarticlebelievesthatinresponsetothechalenges
broughtaboutbythechangesintheinternationalenvironment,Chinese
investmentcompaniescanadopttwoadjustmentapproaches,“circumvention”
and“substitution”.Inordertostrengthenthepracticalvalueoftheadjustment
framework,thispaperusesKWWtradevalue-addeddecompositionmethodto
deina“oegreodtoefeamntoal”frtotcutys
sgfrinmaktcniinsl-xiaintbeohehsonr..
marketconditionsintheframeworkofreversespiloverknowledgestructure
adjustment.Themostimportantvalueofdesigning“foreignmarketcondition
self-examinationtable”istoprovideinvestorswithsomeexplicitandimplicit
characteristicdataofforeignmarket.Usingthesecharacteristicdatacombined
withthehostcountryselectionconditionsintheframeworkofreversespilover
knowledgestructureadjustmentcanhelpinvestorsselectinvestmentdestinations
andreducetrialanderorcostsandtimecosts.
Ⅷ
Accordingtotheabove-mentionedtheodirectinvestmentdrivingenterprises..technoloofreversespilloverknowledgestructureaimplicationscanbeobtained:Givefullplaytotintermediary,andindirectlystrengthenth
reticalframeworkofenterprises..
gicalprogresandtheframework
djustment,thefolowingpolicy
heroleofgovernmentinformation
estrengthofreverseknowledge
spilover;Activelynegotiateexternaly,increasetargetedinvestmentinternaly,
andweakentheefectof“knowledgebariers”ondomesticinvestmentcompanies
fromdepeningthedepthofreversespiloverknowledgethroughthepolicy
f“”;S
modelointernalandexternaltrengthenbilateralormultilateralinvestment
agrementstohelpcompaniesexpandthebreadthofreversespiloverknowledge
basedonregionalcharacteristics;Inaddition,relevantdepartmentsshouldgive
fulplaytotheirguidingroletosupportdomesticenterprises..directinvestment
abroad.
Keywords:Foreigndirectinvestment;reversespiloverofknowledge;
knowledgestructure;dynamicevolution;enterprisetechnologicalprogres
