作　者：孙黎 常添惠
关键词：数字化转型；对外直接投资；投资模式
摘　要：

 在数字经济快速发展的背景下，跨国公司对外直接投资（OFDI）的驱动因素已经发生深刻变化。企业数字化转型是数字技术与传统产业深入融合的过程，由此产生的生产技术优势成为推动中国企业OFDI 的新型竞争优势。企业作为参与国际市场的主要微观主体，其数字化转型可以通过提高生产效率、缓解融资约束提升对外投资的规模。东道国数字经济发展水平的提升能够强化数字化转型对企业OFDI 规模的促进效果，这种促进效应在高市场化地区的企业中更为明显。由于企业所有制类型和行业技术水平的不同，数字化转型的投资促进效应存在一定的异质性。此外，提升生产效率和缓解融资约束均会增加企业选择跨国并购的概率。数字化转型对企业对外投资具有积极影响，这对扎实推进企业数字化转型及加快构建高水平对外开放新格局具有重要的现实意义。

 

Enterprise Digital Transformation and Outward Foreign Direct Investment

Sun Li, Chang Tianhui（Jilin University）

Abstract Against the backdrop of the rapid development of the digital economy, the driving forces for outward foreign direct investment (OFDI) by multinationals have undergone profound changes. The digital transformation of enterprises is a process of full integration between digital technology and traditional industry, and the resultant technological advantages have become a new competitive advantage for promoting OFDI by Chinese enterprises. As major micro entities participating in the international market, multinationals  can leverage digital transformation to increase outward investment scale by improving productivity and easing financing constraints. The improvement of a host country's digital economy development level can reinforce the promotion of digital transformation on the scale of enterprise OFDI, which is particularly pronounced in regions with high marketization. Due to the differences in ownership types and industry technology levels, there exists some heterogeneity in such promotion. Additionally, increased productivity and eased financing constraints will increase the probability of multinationals for cross-border M&A. The digital transformation has positive impact on OFDI, which has important practical significance for promoting the solid advancement of corporate digital transformation and accelerating the establishment of a new pattern of high-level opening-up.

Key words digital transformation; OFDI; investment pattern

 

■作者简介 孙 黎，吉林大学经济学院教授，吉林 长春 130012； 常添惠（通讯作者），吉林大学经济学院博士研究生。

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