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Keywords

speed of OFDI, innovation quality, absorptive capacity

Abstract

Based on the data of high-tech listed companies in China from 2011 to 2020, this paper examines the impact of the OFDI speed based on depth and width on the innovation quality, and tests the moderating effect of absorptive capacity using a two-way fixed effects model. The total sample test finds that depth-based OFDI speed has an inverted U-shaped relationship with innovation quality, and absorptive capacity plays a positive moderating role between them. Width-based OFDI speed also has an inverted U-shaped impact with innovation quality, and the impact is larger and makes the inflection earlier, but the absorptive capacity is ineffective here. The heterogeneity test finds that there is an inverted U-shaped relationship between two-dimensional OFDI speeds and innovation quality of state-owned high-tech enterprises, and the inverted U-shaped relationship also exists between the innovation quality of non-state-owned high-tech enterprises and depth-based OFDI speed, but a positive relationship between widthbased OFDI speed and innovation quality. In addition, there is an inverted U-shaped relationship between two-di-mensional OFDI speeds and innovation quality of eastern high-tech enterprises, but there is no effect on innovation quality of central high-tech enterprises, while there is a positive U-shaped effect of two-dimensional OFDI speeds on innovation quality of western high-tech enterprises under the moderating effect of absorptive capacity. The study examines the impact of OFDI speed on innovation quality from different aspects, which has important reference significance for the practice of dynamic expansion of OFDI and innovation quality improvement of high-tech enterprises.

DOI

10.16315/j.stm.2022.04.008

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