This paper studies the potentially heterogeneous effects that innovative asset-seeking foreign direct investments (FDIs) pursued through different entry modes have on the technological innovation of receiving economies. The analysis covers a balanced panel of European regions receiving FDIs between 2003 and 2016, and accounts for the endogeneity of FDI inflows by means of an instrumental variable approach. For greenfield FDIs, we find a negative effect on the patenting output of receiving regions. This is driven by a drop in the patenting output of inventors who have never patented before, in regions with historically high co-patenting of new and experienced inventors. This is consistent with the idea that greenfield subsidiaries recruit some of the best local inventors, disrupting local teams, so that less experienced inventors miss out on interactions with more experienced collaborators. In the case of cross-border mergers and acquisitions, the patenting activity of receiving regions remains unchanged, but for a slight increase in the patenting activity of experienced inventors in the first few years after the acquisition, possibly to show their value to the entrant multinational enterprise (MNE). Our findings suggest that policies aimed at attracting greenfield FDIs could be combined with those aimed at embedding newly established subsidiaries in the local environment. For instance, entrant MNEs could be required to engage with local actors in collaborative R&D activities and in the development of local skills, in order to access the economic incentives (e.g., R&D tax credits, grants and subsidies) that are often devised to attract innovative greenfield FDIs.

中文翻译：

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不同进入模式下外资进入对本土创新的影响

本文研究了通过不同进入模式进行的创新型资产寻求型外国直接投资（FDI）对接收经济体技术创新的潜在异质影响。该分析涵盖了 2003 年至 2016 年间接收 FDI 的欧洲地区的平衡面板，并通过工具变量方法解释了 FDI 流入的内生性。对于绿地外国直接投资，我们发现对接收地区的专利产出产生负面影响。这是由于在历史上新发明人和经验丰富的发明人共同申请专利数量较高的地区，以前从未申请过专利的发明人的专利产出下降所致。这与新建子公司招募一些最优秀的本地发明家的想法是一致的，扰乱了本地团队，从而导致经验不足的发明家错过了与经验丰富的合作者的互动。在跨国并购的情况下，接收地区的专利活动保持不变，但收购后最初几年经验丰富的发明人的专利活动略有增加，可能是为了向进入的跨国公司展示其价值企业（跨国公司）。我们的研究结果表明，旨在吸引绿地外国直接投资的政策可以与旨在将新设立的子公司融入当地环境的政策结合起来。例如，进入的跨国企业可能需要与当地参与者合作开展研发活动和开发当地技能，以获得通常为吸引创新而设计的经济激励措施（例如研发税收抵免、赠款和补贴）。绿地外国直接投资。