【摘要】 对外直接投资已经并将继续拓展我国经济高质量增长的潜在空间，不断激发高水平投资的创新效应是实现这一功能的重要途径。基于1999～2020年我国A股上市公司数据，本文测度了对外直接投资企业的投资效率，考察并阐释了非效率投资的创新抑制效应及其作用机理。结果显示：增加非效率投资不利于企业创新，且投资不足的创新抑制效应大于投资过度；投资效率可通过生产效率、管理效率和盈利能力作用于企业创新；非效率投资的创新抑制效应因企业规模、所有权、行业属性、投资布局和投资结构不同而存在差异，其中小型、民营、高竞争、高技术、弱多元化和高集中度的企业受到的影响更大。更多还原

【Abstract】 Outward foreign direct investment(OFDI) has significantly contributed to the promotion of high-quality economic growth in China and is expected to continue enhancing this potential. The stimulation of innovative outcomes resulting from high-level investments is essential for achieving this goal. This study assesses the investment efficiency of OFDI enterprises utilizing data from China’s A-share listed companies, covering the period from 1999 to 2020. It explores and clarifies the impact and underlying mechanisms through which inefficient investments affect enterprise innovation. The analysis yields three primary findings. First, insufficient investment considerably impedes enterprise innovation, with underinvestment having a more substantial effect than overinvestment. Second, inefficient investment affects enterprise innovation by influencing production efficiency,management efficiency, and profitability. Third, the impact of inefficient investment on innovation varies based on factors such as enterprise size, ownership structure, industry characteristics, investment distribution, and investment structure. Enterprises that are small-scale, privately owned, operating in highly competitive and high-tech sectors,exhibiting weak diversification, and demonstrating high concentration are particularly susceptible to these effects.更多还原