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| Two-way Direct Investment, Knowledge Spillover and the Synergetic Development of Innovation Chain: An Empirical Study Based on Chinese Industrial Data |
| Xie Jiazhi,Zhang Xinyue |
| (College of Economics and Management, Southwest University, Chongqing 400715, China) |
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Abstract Although China has had the largest scientific-technological manpower inputs around the world, it has been confronted with dilemmas of bottlenecks in core technologies, separation between technological innovation and economic development, and low efficiency in the innovation chain. China's industrial sectors are facing new challenges in innovative development due to the dual impacts of COVID-19 and severe competition among major countries. As the network structure and ecological system of modern innovation become more and more complex, the research on innovation has been extended to the innovation chain theory and the innovation chain mode. However, the problem of innovation chain breakage has not been effectively solved. The key to enhancing innovation capability lies in the synergetic development. #br#The influence of two-way direct investment(IFDI and OFDI) and their knowledge spillovers on the degree of innovation chain synergy has not been fully verified. On the basis of the complex system synergy theory, this paper measures the synergy degree of innovation chain of 38 industrial sectors in China, and the knowledge spillover effect is divided into technical knowledge spillover effect and management knowledge spillover effect to empirically test the influence of two-way direct investment on the synergy degree of innovation chain. #br#The openness of innovation system and the improvement of innovation ecology provide a new perspective to promote the synergetic development of innovation chain. More and more theories and practices have proven that two-way investment which is the core of global innovation resources integration is important to enhance the synergy degree of innovation chain. Some major countries have modified the rules to restrain China's scientific-technological progress through the decoupling of investment and supply chain. In the early stage of China's development, there were "savings gap", "foreign exchange gap" and "technology gap" hindering the coordinated development of the innovation chain. IFDI and OFDI have been the keys to obtaining innovation resources, bridging the "gaps", and improving the synergy of innovation chain. In particular, the knowledge spillover effect generated by them provides an important driving force for the acquisition of external technologies and the improvement of marketization efficiency. With the implementation of development strategies such as “Going global”, the "One Belt, One Road" initiative, etc, both IFDI and OFDI have shown rapid rising trends. Therefore, the study of two-way direct investment has important theoretical values and practical significance for the synergy of the innovation chain.#br#The results show that (1)both IFDI and OFDI could have a positive impact on the synergy degree of the innovation chain; (2) OFDI has a more obvious influence on the synergy degree of innovation chain in innovation-breakthrough industries; (3) the knowledge spillover effect plays a mechanism role of two-way direct investment affecting the synergy degree of innovation chain. The technical knowledge spillover effect of OFDI would be stronger than that of IFDI, and the management knowledge spillover effect of IFDI would be stronger than that of OFDI. This paper provides new empirical evidence and policy propositions for promoting the mechanism and path of collaborative development of innovation chain against the backdrop of investment opening up.#br#Compared with existing literature, the marginal contributions of this paper are as follows. First, by analyzing the influence of two-way direct investment on the synergy degree of industrial innovation chain and incorporating IFDI and OFDI into the same analytical framework, it expands the research on the influence of open investment to the innovation synergy and makes up for the shortcomings of existing literature. Besides, it deepens the knowledge spillover effects of the two-way direct investment on the synergy degree of innovation chain. Compared with the knowledge spillover effects in previous studies, this paper further divides the knowledge spillover effect into technical knowledge spillover effect and management knowledge spillover effect according to the characteristics of knowledge, and further explores the influence mechanism of two-way direct investment, which could provide reference values for solving the current practical scientific-technological development contradictions in different industries.#br#
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Received: 20 November 2022
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