对外直接投资推动企业数字化转型了吗--来自中国上市公司的经验证据  

Does Outward Foreign Direct Investment Promote Digital Transformation of the Enterprises:Empirical Evidence From Listed Companies in China

作　　者：于津平[1] 夏文豪 YU Jinping;XIA Wenhao

机构地区：[1]南京大学商学院

出　　处：《国际经贸探索》2024年第5期58-74,共17页International Economics and Trade Research

基　　金：国家社会科学基金重大研究专项(18VDL014);国家社会科学基金一般项目(23BJY004)。

摘　　要：文章基于2009~2020年Zephyr全球并购数据和fDi Markets绿地投资数据,结合A股上市公司的微观数据,使用倾向得分匹配和双重差分(PSM-DID)的研究方法,实证检验了对外直接投资对企业数字化转型的影响。研究发现:对外直接投资能显著推动企业数字化转型,在进行了相关稳健性检验后该结论仍成立。进一步研究发现,该推动作用在国有企业、高生产率企业以及服务业和高科技行业的企业中更为凸显。机制检验表明,对外直接投资通过提高企业创新能力、缓解融资约束和提升人力资本水平三条路径推动数字化转型与升级。文章的研究结论对理解新发展格局背景下高水平对外开放和实现数字强国具有重要的参考价值。Based on Zephyr global M&A data and fDi Markets greenfield investment data from 2009 to 2020 and combined with micro data of A-share listed companies,this paper empirically tests the impact of outward foreign direct investment(OFDI)on digital transformation of the enterprises by using PSM-DID method.The research shows that OFDI can significantly promote digital transformation of the enterprises,and this conclusion is still valid after the relevant robustness tests are conducted.Further research reveals that this promotion effect is more significant in state-owned enterprises,high-productivity enterprises and the enterprises in service and high-tech industries.Mechanism test indicates that OFDI promotes digital transformation and upgrading through three channels of enhancing innovation ability of the enterprises,easing financing constraints and improving human capital level.The research conclusions of this paper have important reference value for understanding the high-standard opening-up under the background of the new development pattern and building a digital powerhouse.

关 键 词：对外直接投资 数字化转型 创新能力 融资约束 人力资本 

分 类 号：F740.2[经济管理—国际贸易] F279.2[经济管理—产业经济]