数字化转型如何助力中国企业高水平“走出去”

当代财经 ›› 2024, Vol. 0 ›› Issue (6): 111-123.

数字化转型如何助力中国企业高水平“走出去”

魏昀妍¹, 柳春², 施炳展³, 张一⁴

1.江南大学商学院,江苏无锡 214122;
2.西南财经大学经济学院,四川成都 611130;
3.南开大学跨国公司研究中心,天津 300071;
4.西安交通大学金禾经济研究中心,陕西西安 710049

收稿日期:2023-09-15 修回日期:2024-01-03 出版日期:2024-06-15 发布日期:2024-06-07
通讯作者: 柳春,西南财经大学讲师,博士,主要从事数字经济研究,联系方式liuchun@swufe.edu.cn。
作者简介:魏昀妍,江南大学讲师,博士,主要从事企业国际化研究;施炳展,南开大学教授,博士生导师,博士,主要从事国际贸易研究;张一,西安交通大学教授,博士生导师,博士,主要从事国际经济学研究。
基金资助:
江苏省社会科学基金一般项目“数字赋能江苏企业出口韧性提升的理论机制与实现路径研究”（23EYB008）; 中央高校基本科研业务费专项资金项目“异质性视角下制度环境对企业出口贸易影响研究”（JUSRP121093）; 江苏省“双创博士”项目（JSSCBS20210838）

How Does Digital Transformation Facilitate High-Level“Going Global”of Chinese Enterprises

WEI Yun-yan¹, LIU Chun², SHI Bing-zhan³, ZHANG Yi⁴

1. Jiangnan University, Wuxi 214122;
2. Southwestern University of Finance and Economics, Chengdu 611130;
3. Nankai University, Tianjin 300071;
4. Xi’an Jiaotong University, Xi’an 710049, China

Received:2023-09-15 Revised:2024-01-03 Online:2024-06-15 Published:2024-06-07

摘要/Abstract

摘要： 随着新一轮科技革命和产业变革深入发展,数字技术与实体经济的深度融合将成为企业高水平“走出去”的新型助推力量。基于中国上市企业数据,实证检验了数字化转型对中国企业对外直接投资的影响和作用机制。结果表明,数字化转型显著提升了企业对外投资的可能性、次数和规模,并且主要体现在绿地投资上。机制检验揭示了数字化转型主要通过缓解融资约束、增强创新能力、提升社会责任表现为企业“走出去”提供重要支撑。异质性分析发现,数字化转型的投资促进效应在非国有企业、有出口经验的企业、人力资本水平更高的企业中更强;同时,此促进效应在重污染行业、高新技术行业、外部融资依赖程度较高的行业以及制度环境更好的地区中更加显著。此外,数字化转型有助于企业克服外来者劣势,投资于制度环境更好的国家或地区,保障企业高水平“走出去”。基于上述结果,政府应为企业数字化转型提供良好的制度环境和人才引进政策,充分释放数字化转型对企业高水平“走出去”的助推作用。此外,还要考虑数字化转型对不同企业的影响差异,进而有效实现高水平对外开放。

关键词: 数字化转型, 对外直接投资, 融资约束, 创新能力, 企业社会责任

Abstract: With the development of a new round of scientific and technological revolution and industrial transformation, the deep integration between digital technologies and the real economy will become a new driving force for enterprises to“go global”at a high level. Based on the data of Chinese listed companies, this paper conducts an empirical examination of the impact of digital transformation on China’s corporate outward foreign direct investment and the underlying mechanisms. The results show that digital transformation has significantly increased the probability, frequency and scale of cross-border investment of enterprises, and this effect is mainly reflected in the green field investments. The mechanism tests show that digital transformation mainly provides important support for enterprises to“go global”by alleviating financing constraints, enhancing innovation capabilities, and improving social responsibility performance. The heterogeneity analysis reveals that the investment promotion effect of digital transformation is stronger in such enterprises as the non-state-owned enterprises, enterprises with export experience, and enterprises with higher human capital levels. At the same time, this promotion effect is also more significant in the heavily polluting industries, the high-tech industries, the industries relying more on external financing, and in the regions where the institutional environment is better. In addition, digital transformation helps enterprises overcome the liability of foreignness and invest in countries and regions with better institutions, which can ensures the high-standard“going global”of enterprises. Based on the above results, the government should provide a good regional institutional environment and talent introduction policy for enterprises’ digital transformation, and fully unleash the role of digital transformation in promoting high-level“going out”of enterprises. In addition, it is also necessary to consider the differences in the impact of digital transformation on different enterprises, so as to effectively achieve a high level of opening up to the outside world.

Key words: digital transformation, outward foreign direct investment, financing constraints, innovation capacity, corporate social responsibility

中图分类号:

F275
F832.51

魏昀妍, 柳春, 施炳展, 张一. 数字化转型如何助力中国企业高水平“走出去”[J]. 当代财经, 2024, 0(6): 111-123.

WEI Yun-yan, LIU Chun, SHI Bing-zhan, ZHANG Yi. How Does Digital Transformation Facilitate High-Level“Going Global”of Chinese Enterprises[J]. Contemporary Finance & Economics, 2024, 0(6): 111-123.

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