需求激励还是创新抑制:OFDI供应链外溢与本土企业数字化转型——基于客户与供应商关系的经验分析  

Demand-driven Incentives or Suppression on Innovations:OFDI Supply-chain Spillover and Domestic Firms’Digital Transformation—Based on Customer-Supplier Relationships

作　　者：刘娟[1] 康茂楠 赵丽婷 Liu Juan;Kang Maonan;Zhao Liting(School of Economics,Tianjin University of Finance and Economics,Tianjin 300222,China)

机构地区：[1]天津财经大学经济学院,天津300222

出　　处：《财经研究》2024年第12期122-136,共15页Journal of Finance and Economics

基　　金：国家社会科学基金一般项目(22BGL020)

摘　　要：企业数字化转型很大程度上受益于供应链传导效应,那么开放条件下供应链上下游企业OFDI会对焦点企业数字化转型产生何种影响呢?文章基于客户与供应商关系视角,利用2007—2020年上市企业经验数据研究发现:供应链下游客户企业OFDI对焦点企业数字化转型具有激励作用,上游供应商企业OFDI对焦点企业数字化转型则具有制约作用;经过一系列稳健性及内生性检验后估计结果依然稳健;考虑供应链上下游企业排序及焦点企业所有权、所处地域、行业特征及OFDI特征后的回归结果存在异质性。作用机制检验结果表明,供应链下游客户企业OFDI能通过客户需求主导下的创新激励效应促进焦点企业数字化转型;上游供应商企业OFDI则通过供应商垄断优势地位对焦点企业数字化转型产生了抑制作用。拓展性分析显示,在OFDI供应链外溢与焦点企业数字化转型作用关系中,过高的供应链依存度会弱化供应链下游正向外溢效应,强化供应链上游负向外溢效应;焦点企业市场势力则会增强供应链下游正向外溢效应,削弱供应链上游负向外溢效应;海外收入占比较高的焦点企业,不易受到上游供应商企业OFDI的制约,却会“挤占”供应链下游客户企业OFDI的数字化转型激励效应。文章的研究对高水平开放下创新资源利用与本土企业数字化转型路径选择具有重要的启示及借鉴意义。The digital transformation of firms is significantly affected by the transmission effect of supply chains.What impact does the outward foreign direct investment(OFDI)of upstream and downstream firms in the supply chain have on focal firms’digital transformation?From the perspective of customer-supplier relationships,this paper adopts the empirical data from listed companies from 2007 to 2020 and finds that the OFDI of downstream customer firms stimulates focal firms’digital transformation,whereas the OFDI of upstream supplier firms tends to restrain it.Group regression results,sorted by customer-supplier positions in the supply chain,indicate that suppression on innovations by upstream suppliers with monopolistic advantages is more direct;conversely,the innovation spillover effect of downstream customer firms’OFDI appears to be incremental.The spillover effect of supply-chain firms’OFDI on focal firms’digital transformation is more explanatory for private firms,firms in coastal cities,and those in the digital sector.Compared to overseas acquisitions,the spillover effect from greenfield investments by supply-chain firms on focal firms’digital transformation is more significant and explanatory.Mechanism testing shows that the OFDI of downstream customer firms promotes digital transformation through demand-driven incentives,such as knowledge spillover,product upgrading needs,and supply-chain“peer”incentives.Meanwhile,the OFDI of upstream supplier firms hinders digital transformation through the mechanism of suppression on innovations,such as value appropriation and supply-chain“peer”constraints.Further analysis reveals that excessive dependency on the supply chain weakens the positive spillover effect from downstream and strengthens the negative effect from upstream;the market power of focal firms enhances the positive spillover effect from downstream and mitigates the negative effect from upstream.For focal firms with a higher proportion of overseas revenue,the constraining effect of upstream su

关 键 词：供应链外溢 数字化转型 对外直接投资 客户与供应商关系 

分 类 号：F272[经济管理—企业管理]