How Digital Transformation Affects Firms'OFDI Behavior:Internal Mechanism and Empirical Evidence
Based on the micro-database matched by Wind database,BvD-Zephyr database and FDI Markets database from 2007 to 2017,this paper em-pirically examines the impact of digital transformation on corporate OFDI behavior.The study found that digital transformation has significantly pro-moted the OFDI tendency and ability of enterprises.After overcoming endogenous problems and conducting a series of robustness tests,the conclu-sion still holds.Moreover,the digital transformation has a more significant impact on the OFDI behavior of high-tech enterprises,non-state-owned enterprises,and industrial enterprises,especially technology-intensive industrial enterprises.Compared with green investment models,digital trans-formation is more conducive to enterprises'overseas investment through cross-border mergers and acquisitions.Furthermore,digital transformation mainly promotes OFDI by improving the technological innovation capabilities of enterprises and reducing the level of financing constraints.Finally,this paper examines the economic benefits of digital transformation to promote OFDI of enterprises,and finds that OFDI driven by digital transforma-tion,has improved the stability of downstream links in the supply chain where enterprises are located,while its impact on the stability of upstream links in the supply chain is very limited.The purpose of this paper is to provide new evidence for the digital transformation and internationalization selection strategies of Chinese listed companies,and is committed to providing policy insights for improving stability in China's supply chain.
万方数据
维普
