Abstract：Based on the matched micro-data of the firms,this paper makes an empirical test to explore the influence of bidirectional investment,in the means of bidirectional technology spillovers effect,on the innovative decisions-making and innovative performance among the firms in China by adopting the Probit Model and PPML Model.The study finds out that the coordinated development of bidirectional investment in the manufacturing industry is generally beneficial for China's manufacturing companies to make innovative decisions.In addition,robust results are gained from the perspective of innovation output and innovation investment.This impact of bidirectional investment,which varies from different industries,presents an inverse U-shape curve,namely,it has relatively greater effect on the medium-technology industries,while smaller influence on both high-tech and low-tech industries.What's more,it remarkably contributes to the development of the firms in the eastern region and the foreign-owned firms.From the perspective of innovative decision-makings,the increase of bidirectional investment,through technology spillover effect,benefits the innovative performance in a company,and it shows evident advantage on medium-technology industries,the industries in the eastern and western regions as well as the foreign-owned firms.However,bidirectional investment in state-owned firms shows detrimental effect on the development of innovative performance and unremarkable effect on private firms.
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