When multinational corporations enter emerging markets by the way of joint venture, there is a contingent relationship between R&D investment intensity and enterprise performance,for the innovational appropriability hazard. Sample inspection data of manufacture industry in China support this theory hypothesis. We find that R& D intensity is positively related to enterprise performance in export market but not in local market. These findings contribute to knowledge of foreign policy and outward direct investment for China.%MNCs(跨国公司)通过组建合资企业进入新兴市场,由于其R&D活动面临着创新专用性风险,使其R&D强度与合资企业绩效之间表现为一种或有关系.使用厦门、长沙和重庆3地制造业样本检验验证了该理论假设.就市场战略而言,只有那些以国际市场战略为主的合资企业才能获得R&D对合资企业绩效的促进效应；进一步考虑合资企业不同的所有权结构——市场战略配置结构,发现只有在以国际市场战略——MNCs占绝对多数股权的合资企业中,R&D强度对企业绩效的促进效应才会显现,而其它任何类型的配置结构均没有发现这种促进效应.这些发现可为中国完善外资政策提供理论指导.
展开▼
