关键词: 投资速度, 投资时间, 投资经验, 企业创新, 创新持续时间

Abstract: Using the panel dataset of China's Ashare listed companies from 2003 to 2016, this paper attempts to investigate the OFDI strategies of listed companies from the 3 complementary perspectives consisting of speed, time and experience and examines how OFDI influences innovation and the intrinsic mechanism. The study finds that: (1) OFDI speed has an invertedU shape effect on innovation, but it is still in the range of innovation improvement. OFDI experience has a significant effect of stimulus on innovation, while time term shows a significant effect of repression. (2) Compared with lowquality strategic innovation, highquality innovation has greater stimulus and repression effects and these effects vary with ownership, industry and investment motive. (3) OFDI strategies can not only affects R&D intensity, but also improve R&D efficiency, promoting innovation through income effect, economies of scale effect and productivity effect. Further analysis also finds that richer international experience accumulated by companies help them reduce innovation risk, especially highquality innovation risk. This paper provides policy implications for companies to achieve transformation and upgrading by addressing OFDI strategic issues and for China to become an innovative country.

Key words: investment speed, investment time, investment experience, enterprise innovation, duration of innovation