摘要
跨国企业是构建新发展格局的重要纽带,数字化技术的广泛应用深刻影响跨国企业海外投资行为,如何提升跨国企业海外投资效率是学术界关注的重要问题。区别于以往宏观层面海外投资效率影响因素研究,本文利用手工整理的中国跨国企业海外投资数据,创新性地从数字经济视角考察了企业数字化转型对海外投资效率的影响及其作用机制,并进一步考察了董事会专业背景多样性的调节效应。研究发现,数字化转型显著提升了跨国企业的海外投资效率;董事会专业背景多样性增强了数字化转型对海外投资效率的提升效应。机制检验表明,数字化转型主要通过抑制管理层短视、提高企业风险承担水平、降低代理成本三个方面提升企业海外投资效率。同时,数字化转型对海外投资效率的影响因企业所有权性质、行业特征以及数字化转型维度的不同而存在差异,在非国有企业、制造业行业中数字化转型对海外投资效率的提升效应更为明显,管理层的数字化转型认知程度对海外投资效率的影响更加显著。本文提供了关于跨国企业层面海外投资效率影响因素的新经验证据,对于理解企业数字化转型如何提升海外投资效率具有重要的启示意义。
Multinational enterprises(MNEs)are an important link in the development of the"dual circulation"'economy.The scale of Chinese MNEs'overseas investment is expanding,but there is still a gap between China's overseas investment efficiency and that of developed countries.China's overseas investment has great potential for development,and how to improve the efficiency of enterprises'overseas investment is an important issue of concern to the academic community.Does digital transformation enhance the efficiency of Chinese MNEs'overseas investment?This issue has not been discussed in the existing literature.This paper measures the efficiency of Chinese MNEs'overseas investment and finds that although the scale of enterprises'overseas investment has been expanding,there is still a gap between the efficiency of overseas investment and that of developed countries.The overseas investment efficiency of Chinese MNEs needs to be improved.Driven by the digital economy,the comprehensive application of digital technology has reshaped the resource endowment and production capacity of enterprises and reduced the agency costs of MNEs,which has provided new opportunities for the internationalization of MNEs in emerging economies.Based on data at the firm-year-country level from 2008 to 2021,this study finds that digital transformation has significantly improved the efficiency of MNEs'overseas investment,and further finds that the diversity of professional background of the board enhances the positive effect of digital transformation.Mechanism analysis shows that digital transformation enhances the efficiency of MNEs'overseas investment mainly through curbing management short-sightedness,improving corporate risk-taking,and reducing agency costs.The results show that the efficiency-enhancing effect of digital transformation on overseas investment is more pronounced in non-state-owned and manufacturing firms.Managers'awareness of digital transformation has a more significant impact on the efficiency of overseas investment.Chinese enterp
作者
衣长军
赵晓阳
YI Chang-jun;ZHAO Xiao-yang(Business School,Huaqiao University)
出处
《中国工业经济》
CSSCI
北大核心
2024年第1期150-169,共20页
China Industrial Economics
基金
国家社会科学基金重点项目“全球华侨华人网络对中国企业海外投资广度、深度与效率影响研究”(批准号22ALG004)。
关键词
数字化转型
海外投资效率
跨国企业
董事会专业背景多样性
digital transformation
overseas investment efficiency
multinational enterprises
diversity of professional background of the board
