数字金融对企业对外投资绩效的影响研究--基于国际生产折衷理论视角  

Research on the Impact of Digital Finance on Enterprises’OFDI Performance--From the Perspective of Eclectic Theory of International Production

作　　者：薛青梅 李富有[1] 韩奇 XUE Qing-mei;LI Fu-you;HAN Qi

机构地区：[1]西安交通大学经济与金融学院,西安710061

出　　处：《现代金融研究》2025年第2期37-48,共12页Journal of modern finance

基　　金：国家社会科学基金重大项目“‘一带一路’背景下健全促进对外投资政策和服务体系研究”(20ZDA051)资助。

摘　　要：本文以2011-2021年中国具有对外投资经历的上市公司为样本,研究数字金融对企业对外投资绩效的影响及其内在机制。研究发现,数字金融提高了企业的对外投资市场寻求和效率寻求绩效,主要通过数字金融的资金便利化、信息便利化效应来实现。外部法律环境和企业数字化转型强化了数字金融对市场寻求绩效的促进作用,二者与数字金融共同促进效率寻求绩效的提升且存在相互替代效应。本研究从产出绩效角度丰富了数字金融与对外投资的理论框架,利用国际生产折衷理论深化了二者关系的内在机制研究,从法律环境与数字化转型视角拓展了二者关系的边界。This paper investigates the impact of digital finance on OFDI(Outward Foreign Direct Investment)performance and its internal mechanism using a sample of Chinese listed companies with OFDI experience during 2011-2021.The study concludes that digital finance enhances the market seeking and efficiency seeking performance of OFDI.This improvement is primarily attributed to the capital and information facilitation effects of digital finance.Furthermore,the study reveals that the external legal environment and digital transformation of enterprises have strengthened the promoting effect of digital finance on market seeking performance,and together with digital finance,they promote the improvement of efficiency seeking performance and have a mutual substitution effect.This study enriches the theoretical framework of digital finance and OFDI from the perspective of output performance,deepens the internal mechanism research of the relationship between the two using the Eclectic Theory of International Production,and expands the boundaries of the relationship between the two from the perspectives of legal environment and digital transformation.

关 键 词：数字金融 对外投资绩效 信息便利化 资金便利化 

分 类 号：G2[文化科学] F21[经济管理—国民经济]