“强弱之间”?数字化转型与企业对外直接投资策略偏好——基于海外关联公司持股方式的经验证据  

Between Strength and Weakness?Digital Transformation and Preference of MNEs for OFDI Strategies:Empirical Evidence Based on the Shareholding Methods of Overseas Affiliated Companies

作　　者：陈晓蓉 武常岐 张昆贤[4] CHEN Xiaorong;WU Changqi;ZHANG Kunxian

机构地区：[1]福建农林大学公共管理与法学院 [2]山东大学管理学院 [3]北京大学光华管理学院 [4]福州新区开发投资集团有限公司

出　　处：《国际经贸探索》2025年第3期91-107,共17页International Economics and Trade Research

基　　金：国家社会科学基金重大项目(20&ZD083)。

摘　　要：文章使用2011~2020年中国上市公司数据,结合世界竞争力排名和ICT发展指数,实证检验数字化转型对传统跨国企业OFDI策略偏好的影响。研究发现,数字化转型降低了传统跨国企业对海外关联公司的管理成本,显著促进了企业在OFDI过程中的“强关联”偏好,即倾向于采取直接持股的策略,该效应经过一系列检验后仍维持稳健。机制分析表明,数字化转型能够通过提高企业技术管理能力、成本管理能力以及扩大雇佣规模三种作用机制影响OFDI策略偏好。异质性分析表明,从东道国的数字特征来看,这一效应仅在用户基础、技术基础、通讯基础较好的地区显著;从母国的市场环境来看,该效应仅在位于市场化程度较低地区和产业集中度较低的样本显著。This paper empirically examines the impact of digital transformation on the preference of traditional MNEs for OFDI strategies by using the data of Chinese listed companies from 2011 to 2020 and combining the world competitiveness ranking and ICT development index.The research shows that digital transformation reduces the management costs of traditional MNEs for overseas affiliated companies,thus significantly promoting their preference for“strong affiliation”in the process of OFDI,that is,they tend to adopt the direct shareholding strategy.This effect remains robust after a series of tests.Mechanism analysis reveals that digital transformation can affect the preference for OFDI strategies through three mechanisms of improving technology management capability of the enterprises,enhancing cost management capability of the enterprises and expanding employment scale of the enterprises.Heterogeneity analysis indicates that,from the perspective of digital characteristics of the host country,this effect is only significant in the regions with good user,technological and communication foundations;from the perspective of market environment of the home country,this effect is only significant in the samples located in the regions with low degree of marketization and the samples with low degree of industrial concentration.

关 键 词：数字化转型 传统跨国企业 对外直接投资 策略偏好 强关联 

分 类 号：F276.7[经济管理—企业管理]