数字化转型、供应链传递与企业跨国投资联动  

Digital Transformation,Supply Chain Delivery and the Synergy between Domestic and Foreign Investment of Enterprises

作　　者：梁贺 赵睿 杨淑珺 LIANG He;ZHAO Rui;YANG Shujun

机构地区：[1]天津财经大学经济学院 [2]南开大学经济学院

出　　处：《国际贸易问题》2025年第1期87-103,共17页Journal of International Trade

基　　金：国家社会科学基金重大项目“超大规模国内市场优势与国内外市场联动的理论机制与实现路径研究”(3ZDA054);国家社会科学基金重点项目“依托国内优势、国内外市场协同发展与贸易强国建设”(21AZD024);天津市高等学校人文社会科学研究项目“数字经济促进FDI质量与效率提升的机制与路径研究”(2022SK192)。

摘　　要：数字化转型能否通过供应链传递促进企业间跨国投资以及国内外市场的联动,对构建双循环发展格局具有至关重要的意义。本文基于2012—2021年中国上市公司数据,从供应链溢出视角,考察了数字化转型对企业对外直接投资的影响。研究结果表明:数字化转型显著推动了企业对外直接投资,不仅提升了企业对外直接投资的决策概率,而且显著促进了投资金额与次数的增加;数字化转型的投资促进效应主要来自于企业数字技术应用,而非数字技术创新;相较于成长期和成熟期的企业,数字化转型对衰退期企业对外直接投资行为的促进效果更为明显;数字化转型对企业对外直接投资的影响仅存在显著的后向供应链溢出效应,前向溢出效应并不显著;供应链内部风险提高对数字化促进企业对外直接投资具有显著负向调节效应,而供应链外部风险提高则起到正向调节效应;数字化转型在促进企业走向国际市场的同时,也显著促进了企业向国内其他省份以及更远距离市场的扩大与延伸,实现了国外市场与国内市场的投资联动。本文研究对于企业国际化经营决策与数字化发展战略的制定具有一定的参考价值。Whether digital transformation can promote cross-border investment among enterprises and the linkage between domestic and foreign markets through the supply chain is of crucial significance for building a dual-circulation development pattern.Based on the data of Chinese listed companies from 2012 to 2021,this paper examines the impact of digital transformation on enterprises'OFDI from the perspective of supply chain spillover.The research results show:digital transformation has significantly promoted enterprises'outward direct investment,not only increasing the probability of enterprises'decision-making on OFDI,but also significantly promoting the increase in the amount and frequency of investment;the investment promotion effect of digital transformation mainly comes from the application of digital technology by enterprises,rather than digital technology innovation;compared with enterprises in the growth and maturity stages,the promotion effect of digital transformation on the OFDI behavior of enterprises in the recession stage is more obvious;the impact of digital transformation on enterprises'OFDI only has a significant backward supply chain spillover effect,while the forward spillover effect is not significant;the increase in internal supply chain risk has a significant negative moderating effect on digital promotion of enterprises'OFDI,while the increase in external supply chain risk has a positive moderating effect.Digital transformation promotes enterprises to enter the international market,it also significantly promotes the expansion and extension of enterprises to other provinces in China and more distant markets,realizing the investment linkage between the foreign market and the domestic market.The research in this paper has certain reference value for the decision-making of enterprises'international operation and the formulation of digital development strategy.

关 键 词：数字化转型 对外直接投资 供应链溢出 投资联动 

分 类 号：F270.7[经济管理—企业管理]