数字化转型赋能中国企业对外直接投资——基于国际生产折衷理论的框架分析  

The Empowerment of Digital Transformation to Outward Foreign Direct Investment of China's Enterprises:A Framework Analysis Based on the Eclectic Paradigm of International Production

作　　者：刘小迪 张宏[1] 李清杨 LIU Xiaodi;ZHANG Hong;LI Qingyang

机构地区：[1]山东大学经济学院

出　　处：《国际经贸探索》2024年第4期86-101,共16页International Economics and Trade Research

基　　金：国家社会科学基金重大项目(19ZDA137)。

摘　　要：在世界经济数字化变革的背景下,数字化转型能否赋能中国企业对外直接投资(OFDI)受到广泛关注。文章在国际生产折衷理论框架下,利用2008~2020年中国A股上市公司数据,理论分析并实证检验了数字化转型对企业OFDI的影响。研究发现:数字化转型显著提高了中国企业OFDI概率,经一系列检验后结论依然稳健。渠道检验发现,数字化转型通过强化所有权优势、提升内部化动力与克服外来者劣势促进了中国企业OFDI。异质性分析表明,企业产权性质、人力资本结构、行业要素密集度、竞争程度以及投资模式将影响数字化的OFDI赋能作用。最后,基于投资规模与投资绩效的检验发现,数字化转型还能助力OFDI“增量提效”,且规模增加体现在OFDI扩展边际。Against the backdrop of digital transformation of the world economy,there is considerable focus on whether digital transformation can empower outward foreign direct investment(OFDI)of China's enterprises.Under the framework of the Eclectic Paradigm of International Production,this paper theoretically analyzes and empirically tests the impact of digital transformation on OFDI of the enterprises based on the data of Chinese A-share listed companies from 2008 to 2020.The research shows that digital transformation significantly increases the probability of OFDI of China's enterprises and this conclusion remains robust after a series of tests.Mechanism test reveals that digital transformation promotes OFDI of China's enterprises through strengthening ownership advantage,enhancing internalization momentum and overcoming the disadvantage of outsiders.Heterogeneity analysis indicates that the nature of enterprise property rights,the structure of human capital,the intensity of industry factors,the degree of competition and the mode of investment will affect the empowerment of digitalization to OFDI.Importantly,the test based on investment scale and investment performance shows that digital transformation can also help OFDI achieve""scale-expanding and efficiency-enhancing",and the expansion of scale is reflected in extensive margin of OFDI.

关 键 词：数字化转型 企业对外直接投资 国际生产折衷理论 增量提效 

分 类 号：F279.2[经济管理—企业管理]