东道国数字经济发展与中国跨国公司海外经营——基于中国上市公司数据的研究  

The Host country's Digital Economy and the Overseas Operation of Chinese MNCs——Evidence from China's Listed Companies

作　　者：张俊彦 贾玉成 韩丰泽 Zhang Junyan;Jia Yucheng;Han Fengze

机构地区：[1]山西财经大学经济学院 [2]天津社会科学院城市经济研究所 [3]中国建设银行博士后科研工作站

出　　处：《投资研究》2024年第8期104-122,共19页Review of Investment Studies

基　　金：天津市社会科学规划项目“‘逆全球化’背景下中国企业跨国并购特征研究”(TJLJ20-004)。

摘　　要：基于2008-2021年中国上市公司数据,实证检验发现东道国数字经济发展会显著提升中国海外子公司经营绩效。主要渠道是东道国数字经济对当地全要素生产率的提升和帮助跨国公司克服外来者劣势(LOF)。异质性检验发现:一方面,欠发达国家的数字经济对子公司绩效提升效果更明显。另一方面,其对非数字型企业和低生产率企业的绩效具有改善效果,而对于数字型和高生产率企业的绩效影响却不显著,表明东道国数字经济对于跨国公司的数字能力起到替代效果。When the era of global digital economy coming,multinational corporations pay an attention to the application of digital information technology in global operation.However,it remains to be studied whether the development of digital economy can help overseas subsidiaries of multinational corporations to improve their profitability.Based on the data of Chinese listed companies from 2008 to 2021,this paper empirically tests the impact of host country digital economy on the operating performance of Chinese overseas subsidiaries.The results show that the digital economy of the host country significantly improves the operating performance of overseas subsidiaries.Mechanism test found that the main channel is the digital economy to improve the total factor productivity of the host country and to help multinational corporations overcome the disadvantages of outsiders.According to the heterogeneity test at the country and corporate level,it is found that:Firstly,the digital economy in less developed countries has a more obvious effect on the performance of subsidiaries.Secondly,the digital economy of the host country can improve the performance of non-digital enterprises.Thirdly,the digital economy of the host country plays a significant role in improving the performance of subsidiaries with low productivity.

关 键 词：数字经济 数字型企业 跨国公司 外来者劣势 

分 类 号：F832.51[经济管理—金融学] F125F49