ДОСЛІДЖЕННЯ ЗВОРОТНОГО ІННОВАЦІЙНОГО ВПЛИВУ ЕФЕКТИВНОСТІ ПРЯМИХ ІНОЗЕМНИХ ІНВЕСТИЦІЙ КИТАЮ

Foreign direct investment projects have and will continue to expand the potential space for high-quality economic growth in China. Continuously stimulating the innovative effect of high-level investment projects and programs are an important way to achieve this function. Based on the data of China's A-share listed companies from 1999 to 2020, this article measures the investment efficiency of foreign direct investment projects enterprises, examines and explains the innovative inhibitory effect of inefficient investment and its mechanism of action. The results show that increasing non-efficiency investment is not conducive to corporate innovation, and the innovation inhibition effect of insufficient investment is greater than over-investment; investment projects efficiency can act on corporate innovation through production efficiency, management efficiency and profitability; the innovation inhibition effect of non-efficiency investment projects varies by different enterprise scale, ownership, industry attributes, investment layout and investment structure, among which small, private, high-competitive, high-tech, weak diversified and high-concentration enterprises are more affected.