The Influence of Outward Foreign Direct Investment on Enterprise Technological Innovation

Table 6

Test results based on the lag effect of R&D and resource development OFDI.

	R&D OFDI			Resource development OFDI
	(1) 1 year lag	(2) 2 years lag	(3) 3 years lag	(4) 1 year lag	(5) 2 years lag	(6) 3 years lag
	2.553 (4.02)	2.692 (4.33)	2.046 (3.62)	1.384 (2.11)	1.547 (2.36)	2.604 (4.51)
	1.294 (2.13)	1.316 (2.64)	1.004 (1.83)	0.241 (1.46)	0.254 (1.59)	0.117 (1.20)
	0.673 (22.37)	0.697 (25.04)	0.699 (20.15)	0.031 (0.17)	0.025 (0.14)	−0.045 (−0.25)
Constant term	7.553 (82.21)	7.803 (78.37)	7.392 (79.50)	5.943 (53.97)	4.176 (43.69)	4.536 (38.28)
Enterprise characteristic variables	Yes	Yes	Yes	Yes	Yes	Yes
YE	Yes	Yes	Yes	Yes	Yes	Yes
RE	Yes	Yes	Yes	Yes	Yes	Yes
IE	Yes	Yes	Yes	Yes	Yes	Yes
Observations	905	783	512	203	117	125
Adjusted	0.593	0.652	0.615	0.580	0.532	0.569
value	92.33	85.26	70.63	72.11	70.35	64.28

Note. , , and represent significant at the levels of 1%, 5%, and 10%, respectively.