摘要
文章基于2007~2017年Wind数据库、BvD-Zephyr数据库和FDI Markets数据库匹配得到的微观数据,实证考察了数字化转型对企业OFDI行为的影响。研究发现,数字化转型显著促进了企业OFDI倾向和能力,在克服内生性问题及进行一系列稳健性检验后,该结论依然成立。首先,数字化转型对高科技企业、非国有企业和工业企业尤其技术密集型企业OFDI行为的推动作用更明显;相较于绿地投资模式,数字化转型更有助于企业采取跨国并购方式进行对外投资。其次,数字化转型主要通过提高技术创新能力、减少融资约束水平促使企业OFDI。最后,数字化转型推动的OFDI提高了企业所在供应链下游环节的稳定性,但对供应链上游环节稳定性的影响十分有限。文章旨在为中国上市企业数字化转型和国际化选择策略提供新证据,并致力于为提高中国供应链稳定性提供政策建议。
Based on the micro-database matched by Wind database, BvD-Zephyr database and FDI Markets database from2007to2017, this paper empirically examines the impact of digital transformation on corporate OFDI behavior.The study found that digital transformation has significantly promoted the OFDI tendency and ability of enterprises. After overcoming endogenous problems and conducting a series of robustness tests, the conclusion still holds. Moreover, the digital transformation has a more significant impact on the OFDI behavior of high-tech enterprises, non-state-owned enterprises, and industrial enterprises, especially technology-intensive industrial enterprises. Compared with green investment models, digital transformation is more conducive to enterprises′ overseas investment through cross-border mergers and acquisitions. Furthermore, digital transformation mainly promotes OFDI by improving the technological innovation capabilities of enterprises and reducing the level of financing constraints. Finally,this paper examines the economic benefits of digital transformation to promote OFDI of enterprises, and finds that OFDI driven by digital transformation, has improved the stability of downstream links in the supply chain where enterprises are located, while its impact on the stability of upstream links in the supply chain is very limited. The purpose of this paper is to provide new evidence for the digital transformation and internationalization selection strategies of Chinese listed companies, and is committed to providing policy insights for improving stability in China′s supply chain.
出处
《世界经济研究》
CSSCI
北大核心
2024年第2期63-77,M0003,共16页
World Economy Studies
基金
国家社会科学基金一般项目“中国制造业外迁动因、影响及对策研究”(批准号:21BJL114)的资助。
