企业对外直接投资与突破性技术创新OACHSSCD

In the context of advancing high-level opening-up and digital transformation,how Chinese enterprises can leverage outward foreign direct investment(OFDI)to effectively foster breakthrough technological innovation has become a critical issue for building international competitive advantages.Therefore,this paper develops an integrated analytical framework based on the resource-based view and organizational learning theory to investigate the non-linear effects of OFDI,using panel data from listed A-share enterprises in China from 2014 to 2023. The core finding is that both the breadth and depth of OFDI exhibit a U-shaped relationship with breakthrough technological innovation.Initially,the cognitive load,managerial complexity,and high sunk costs associated with international expansion drain resources and attention,thereby inhibiting breakthrough innovation activities.However,after crossing a certain threshold of international experience and organizational learning,the benefits of accessing heterogeneous knowledge through breadth and absorbing tacit,frontier knowledge through depth begin to dominate,ultimately accelerating breakthrough technological innovation. Crucially,this paper identifies and empirically tests digital transformation as the key mechanism underlying this U-shaped relationship.OFDI creates both pressure and impetus for enterprises'digital transformation.Moreover,the impact of digital transformation on breakthrough technological innovation is non-linear.In the early stage,transformation consumes substantial resources and may introduce rigidities that constrain exploratory innovation.However,upon reaching a maturity threshold,digital capabilities such as big data analytics,artificial intelligence,and cloud computing become a powerful enabling platform,reducing the cost and uncertainty of exploration,facilitating global knowledge recombination,and explaining the transition in the relationship between OFDI and breakthrough technological innovation from inhibition to facilitation. Further analysis reveals that the turning point of the U-shaped relationship is reinforced by contextual factors.Specifically,private enterprises that rely on more flexible market-oriented decision-making mechanisms exhibit a stronger innovation-driven effect and an earlier turning point.Enterprises operating in industries with high iteration rates accelerate their international learning processes under external competitive pressures.Moreover,the U-shaped effect of OFDI on breakthrough technological innovation is significant only for investments in developed countries.This finding effectively rules out the competing explanation that OFDI merely transfers excess capacity rather than fosters breakthrough innovation. This paper deepens the understanding of the non-linear innovation mechanisms of OFDI and unveils the black box of the synergistic transformation of digitalization-internationalization,providing theoretical insights and practical guidance for enterprises to optimize their global strategic layouts and for the government to formulate precise innovation incentive policies.