数字化转型对我国企业对外直接投资的影响研究  

Research on the Impact of Digital Transformation on Chinese Enterprises’Outward Direct Investment

作　　者：何金旗[1] 李怡然 He Jinqi;Li Yiran(School of Economics,Nanjing Audit University,Nanjing 211815,China)

机构地区：[1]南京审计大学经济学院,江苏南京211815

出　　处：《科技创业月刊》2025年第3期91-97,共7页Journal of Entrepreneurship in Science & Technology

基　　金：江苏高校哲学社会科学研究一般项目“对外直接投资对人民币国际化的影响研究”(2019SJA0347)。

摘　　要：在全球化进程不断加速和数字经济蓬勃发展的背景下,对外直接投资已成为企业国际化战略的重要组成部分。以A股上市公司2011-2021年数据为研究样本,检验数字化转型对企业对外直接投资的影响。分析发现,数字化转型能显著促进企业对外直接投资,这种促进效应在东部地区企业更为显著。由于行业技术水平、企业所有制类型和人力资本结构的差异,数字化转型的投资促进效应存在一定的异质性。此外,通过降低融资约束和提高生产率能够促进企业对外直接投资。数字化转型对我国企业对外投资具有显著的积极效应,这一趋势不仅深刻影响着企业国际化战略的布局与实施,而且对推动企业全面数字化转型进程及加速构建高水平对外开放新体系提供了有力的现实支撑。Against the backdrop of accelerating globalization and thriving digital economy,outward direct investment by enterprises has become an important component of their internationalization strategy.The article uses data from A-share listed companies between 2011 and 2021 to examine the impact of digital transformation on firms’outward foreign direct investment(OFDI).The findings indicate that digital transformation significantly enhances OFDI,with a more pronounced effect observed among firms in the eastern region of China.Due to variations in industry technology levels,ownership types,and human capital structures,the investment-promoting effects of digital transformation exhibit certain heterogeneity.Furthermore,the study suggests that by reducing financing constraints and improving productivity,digital transformation can facilitate firms’outward investment.Overall,digital transformation has a markedly positive effect on Chinese enterprises’foreign investments,which not only profoundly influences the layout and implementation of their internationalization strategies but also provides robust support for accelerating the comprehensive digital transformation process and constructing a high-level new system for open economy.

关 键 词：数字化转型 企业对外直接投资 融资约束 生产率 

分 类 号：F125[经济管理—世界经济] F49