关键词: OFDI, 资本要素市场扭曲, 技术创新, 发明专利

Abstract: This paper takes the number of Chinese enterprises' granted invention patents as the agent variable of technological innovation, and uses the matched micro-enterprise level database to conduct an in-depth empirical study of the transmission mechanism that enhances Chinese enterprises' technological innovation ability through OFDI and explore the mechanism through which the distortion of capital factor market influences OFDI technology innovation effect. The results show that OFDI helps companies achieve technological advancement through technology-intensive transformation and the improvement in management and production efficiency. After incorporating the distortion of capital factor market into the analysis framework of OFDI technology innovation effect transmission mechanism, it can be found that on the one hand, the distortion of capital factor market is not conducive for enterprises to learning advanced foreign technology and management experience through OFDI and then integrating into the innovation momentum; on the other hand, the distortion of capital factor market can lead more capital to be allocated to stronger enterprises, which helps them achieve economies of scale and increase their original R&D investment. However, the distortion of capital factor market will significantly inhibit the technological innovation effect of OFDI. Based on the research findings, this paper puts forward relevant suggestions.

Key words: OFDI, Capital Factor Market Distortion, Technology Innovation, Patent