The aim of this thesis is to understand how Foreign Direct Investment (FDI) of Chinese multinationals (Emerging Multinational in Emerging Market – EMNE) has an impact on quantity and quality of technological innovation. In order to do that 300 multinationals from average high-tech field and their subsidiaries portfolio have been analysed. Innovative capacities have been examined both in quantitative terms through the number of patents filed and in qualitative terms through the number of quotes obtained by the patents. With the purpose of assessing innovative capacity, a knowledge production function is used; it links the quantitative and qualitative innovative capacity (output) with two different inputs: internal factors that is investments in research and development, and external factors consequent to FDI which are a source of technological knowledge. External factors are analysed through breadth (the number of countries in which investments are made) and depth (the number of subsidiaries per country) of investments portfolio and through the cultural and institutional differences between China and host Countries. Finally, as quantitative and qualitative innovative capacities are closely related, a system of equations estimated through the Seemingly Unrelated Regression technique is used. The empirical analysis shows that having a wide subsidiaries network has a negative impact on quantitative innovative capacity, whereas it is positive for the quality of innovation. Instead, the percentage of Greenfield FDI and the cultural distance have a negative impact on the quality of innovation productivity.
Lo scopo di questo lavoro di tesi è di analizzare come gli investimenti diretti esteri (IDE) di imprese multinazionali cinesi (EMNE) impattino sulla quantità e qualità dell’innovazione tecnologica. Oggetto dell’analisi sono 300 imprese multinazionali provenienti dal settore medio high-tech e il loro relativo portafoglio di sussidiarie. Le capacità innovative sono analizzate sia in termini quantitativi, attraverso il numero di brevetti che le imprese pubblicano, sia in termini qualitativi, attraverso il numero di citazioni che i brevetti ottengono. Per misurare la capacità innovativa si utilizza la knowledge production function, nella quale viene messa in relazione la capacità innovativa quantitativa e qualitativa (output), con due diversi tipi di input: fattori interni, ossia gli investimenti in ricerca e sviluppo che le imprese attuano, e fattori esterni, derivanti dagli IDE, che sono fonte di conoscenza tecnologica. I fattori esterni sono analizzati attraverso l’ampiezza (cioè numero di paesi in cui si investe, noto anche come breadth) e la profondità (cioè numero di sussidiarie per paese, noto anche come depth) del portafoglio di investimenti e le differenze di cultura e istituzione esistenti tra Cina e paesi host (dove le sussidiarie sono localizzate). Dato che, infine, le capacità innovative quantitative e qualitative sono altamente correlate, per considerare questo fattore di correlazione tra le variabili, si utilizza un sistema di equazioni stimata attraverso la tecnica del Seemingly Unrelated Regressions. Dall’analisi empirica emerge che avere un portafoglio ampio di sussidiarie comporta un effetto negativo sulla capacità innovativa in termini quantitativi, ma positivo sulla qualità dell’innovazione. Allo stesso modo avere una depth elevata determina un alta qualità dell’innovazione. La percentuale di IDE con modalità Greenfield e la distanza culturale hanno invece un impatto negativa sulla capacità di fare innovazioni di qualità.
L'evoluzione delle capacità innovative delle imprese cinesi attraverso gli investimenti diretti esteri
FERRARA, MONICA
2014/2015
Abstract
The aim of this thesis is to understand how Foreign Direct Investment (FDI) of Chinese multinationals (Emerging Multinational in Emerging Market – EMNE) has an impact on quantity and quality of technological innovation. In order to do that 300 multinationals from average high-tech field and their subsidiaries portfolio have been analysed. Innovative capacities have been examined both in quantitative terms through the number of patents filed and in qualitative terms through the number of quotes obtained by the patents. With the purpose of assessing innovative capacity, a knowledge production function is used; it links the quantitative and qualitative innovative capacity (output) with two different inputs: internal factors that is investments in research and development, and external factors consequent to FDI which are a source of technological knowledge. External factors are analysed through breadth (the number of countries in which investments are made) and depth (the number of subsidiaries per country) of investments portfolio and through the cultural and institutional differences between China and host Countries. Finally, as quantitative and qualitative innovative capacities are closely related, a system of equations estimated through the Seemingly Unrelated Regression technique is used. The empirical analysis shows that having a wide subsidiaries network has a negative impact on quantitative innovative capacity, whereas it is positive for the quality of innovation. Instead, the percentage of Greenfield FDI and the cultural distance have a negative impact on the quality of innovation productivity.File | Dimensione | Formato | |
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https://hdl.handle.net/10589/118701