Does Digital Advantage Boost Corporate OFDI?:Based on Empirical Evidence from China
Under the background of digital economy,digitalization has become the strategic transformation direction of sustainable development of enterprises.The digital transformation formed through the application of digital technology may become a new competitive advantage to promote OFDI of enterprises.Therefore,this paper takes A-share listed companies in Shanghai and Shenzhen from 2007 to 2021 as sam-ples to explore the impact of digital transformation on OFDI decision-making of enterprises and its mechanism.The findings are as follows:firstly,digital transformation has a positive impact on OFDI decision-making,and has a certain promoting effect on the scale of OFDI.Secondly,from the perspective of different components of digital transformation,artificial intelligence,cloud computing,big data,and digital technology application all have significant positive impacts on OFDI.Thirdly,digital transformation promotes the possibility of OFDI decision making by improving the total factor productivity of enterprises and reducing the operating cost and characteristic risk of enterpri-ses.Fourthly,the digital transformation has a heterogeneous feature on OFDI decision-making of enterprises.The digital transformation of private enterprises,non-high-tech enterprises and manufacturing enterprises has a more significant impact on OFDI decision-making.Fifth-ly,after the endogeneity and robustness tests were conducted by means of instrumental variable method,change of core explanatory varia-ble measure index,addition of lag term,change of regression method,and time grouping,the conclusions of this paper remained robust.This paper has enriched and expanded the research on the application of digital transformation,which has important policy implications for Chinese enterprises to give full play to the advantages of digital transformation,promote the"going out"strategy,and ensure the resilience and safety of overseas investment supply chain,industrial chain.
NETL
NSTL
万方数据
维普
