How does the Innovation of “Chain Leader” Enterprises Promote the High-level OFDI of Enterprises on the Chain? An Analysis from the Perspective of Supply Chain Correlation

Zhang Hongxia; Li Jiaqi

doi:doi:10.16538/j.cnki.jsufe.2025.04.004

Summary

“Chain leader” enterprises are the key subject for innovation to promote the high-level OFDI of enterprises on the chain. Based on the sample of Shanghai and Shenzhen A-share listed companies from 2007 to 2023, this paper constructs a directed weighted supply chain network to analyze the innovation activities of “chain leader” enterprises, and empirically explores the impact and mechanism of the innovation of “chain leader” enterprises on the high-level OFDI of enterprises on the chain. The study finds that the innovation of “chain leader” enterprises significantly promotes the high-level OFDI of enterprises on the chain, and this effect can be achieved through two mechanisms: One is the supply chain innovation synergy path strengthened by innovation spillover and innovation correlation, and the other is the supply chain structural optimization path in the two dimensions of supply chain supply-demand adaptation and digital collaborative transformation. Heterogeneity analysis of innovation types reveals that compared with general and cooperative innovation, the breakthrough and independent innovation of “chain leader” enterprises more effectively promote the high-level OFDI of enterprises on the chain. Heterogeneity analysis of factor intensity reveals that compared with labor-intensive “chain leader” enterprises, the innovation of technology- and capital-intensive “chain leader” enterprises has a more significant role. Heterogeneity analysis of supply chain portfolios shows that compared with state-owned and production-oriented service “chain leader” enterprises, the innovation of non-state-owned and manufacturing “chain leader” enterprises has a more significant role. Extensive analysis shows that the innovation of “chain leader” enterprises helps to enhance the offshore activity and green space investment tendency of enterprises on the chain, thereby promoting diversified and high-end overseas strategic layout of enterprises on the chain. This paper provides a new perspective for exploring the high-quality “going global” of innovation-driven enterprises.