Does Outward Foreign Direct Investment Promote Digital Transformation of the Enterprises:Empirical Evidence From Listed Companies in China
Based on Zephyr global M&A data and fDi Markets greenfield investment data from 2009 to 2020 and combined with micro data of A-share listed companies,this paper empirically tests the impact of outward foreign direct investment(OFDI)on digital transformation of the enterprises by using PSM-DID method.The research shows that OFDI can significantly promote digital transformation of the enterprises,and this conclusion is still valid after the relevant robustness tests are conducted.Further research reveals that this promotion effect is more significant in state-owned enterprises,high-productivity enterprises and the enterprises in service and high-tech industries.Mechanism test indicates that OFDI promotes digital transformation and upgrading through three channels of enhancing innovation ability of the enterprises,easing financing constraints and improving human capital level.The research conclusions of this paper have important reference value for understanding the high-standard opening-up under the background of the new development pattern and building a digital powerhouse.
outward foreign direct investment(OFDI)digital transformationinnovation abilityfinancing constraintshuman capital
NETL
NSTL
万方数据
