How Does Digital Transformation Facilitate High-Level"Going Global"of Chinese Enterprises
With the development of a new round of scientific and technological revolution and in-dustrial 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 Chi-nese listed companies,this paper conducts an empirical examination of the impact of digital transfor-mation 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 invest-ments.The mechanism tests show that digital transformation mainly provides important support for en-terprises to"go global"by alleviating financing constraints,enhancing innovation capabilities,and im-proving social responsibility performance.The heterogeneity analysis reveals that the investment pro-motion effect of digital transformation is stronger in such enterprises as the non-state-owned enterpris-es,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 for-eignness and invest in countries and regions with better institutions,which can ensures the high-stan-dard"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.
digital transformationoutward foreign direct investmentfinancing constraintsinno-vation capacitycorporate social responsibility
万方数据
