数字化转型与企业OFDI:来自中国的经验证据  

Does Digital Advantage Boost Corporate OFDI?:Based on Empirical Evidence from China

作　　者：隋小宁 焦帅鹏 王海军 SUI Xiaoning;JIAO Shuaipeng;WANG Haijun

机构地区：[1]中央财经大学经济学院 [2]北京物资学院经济学院

出　　处：《世界经济研究》2024年第1期120-134,M0004,共16页World Economy Studies

基　　金：北京市属高等学校优秀青年人才培养计划项目(项目编号:BPHR202203158)。

摘　　要：数字经济背景下,数字化成为企业持续发展的战略转型方向,通过数字化技术应用所形成的数字化转型可能成为推动企业OFDI新的竞争优势。为此,文章以2007~2021年沪深A股上市公司为样本,探究了数字化转型对企业OFDI决策的影响及其机制。研究发现:第一,数字化转型对企业OFDI决策具有积极的正向影响,同时对OFDI规模也具有一定促进作用;第二,从不同数字化转型成分来看,人工智能、云计算、大数据和数字技术应用对OFDI都有显著的正向影响;第三,数字化转型通过提高企业全要素生产率、降低企业经营成本和特质风险,促进了企业OFDI决策的可能性;第四,数字化转型对企业OFDI决策存在异质性特征,民营企业、非高新技术企业和制造业企业等类型企业的数字化转型对其OFDI决策影响更为显著;第五,利用工具变量法、改变核心解释变量衡量指标、增加滞后项、变更回归方法、时间分组等方式进行内生性和稳健性检验后,结论依然稳健。文章丰富和拓展了数字化转型应用研究,为中国企业充分发挥数字化转型优势,推动“走出去”战略走深走实,确保海外投资供应链、产业链韧性和安全水平具有重要政策启示。Under the background of digital economy,digitalization has become the strategic transformation direction of sustainable development of enterprises.The digital transformation formed through the application of digital technology may become a new competitive advantage to promote OFDI of enterprises.Therefore,this paper takes A-share listed companies in Shanghai and Shenzhen from 2007 to 2021 as samples to explore the impact of digital transformation on OFDI decision-making of enterprises and its mechanism.The findings are as follows:firstly,digital transformation has a positive impact on OFDI decision-making,and has a certain promoting effect on the scale of OFDI.Secondly,from the perspective of different components of digital transformation,artificial intelligence,cloud computing,big data,and digital technology application all have significant positive impacts on OFDI.Thirdly,digital transformation promotes the possibility of OFDI decision making by improving the total factor productivity of enterprises and reducing the operating cost and characteristic risk of enterprises.Fourthly,the digital transformation has a heterogeneous feature on OFDI decision-making of enterprises.The digital transformation of private enterprises,non-high-tech enterprises and manufacturing enterprises has a more significant impact on OFDI decision-making.Fifthly,after the endogeneity and robustness tests were conducted by means of instrumental variable method,change of core explanatory variable measure index,addition of lag term,change of regression method,and time grouping,the conclusions of this paper remained robust.This paper has enriched and expanded the research on the application of digital transformation,which has important policy implications for Chinese enterprises to give full play to the advantages of digital transformation,promote the"going out"strategy,and ensure the resilience and safety of overseas investment supply chain,industrial chain.

关 键 词：OFDI 数字化转型 全要素生产率 经营成本 特质风险 

分 类 号：F49[经济管理—产业经济] F832.51F125