数字经济对中国对外直接投资区位选择的影响及对策——基于RCEP伙伴国的实证分析

The Impact of the Digital Economy on the Location Choice of China's OFDI and Countermeasures:An Empirical Research based on RCEP Member States

基于构建的数字经济发展水平评价指标体系,运用主成分分析法定量测度2010—2021年RCEP伙伴国的数字经济发展水平,考察RCEP伙伴国数字经济发展水平对中国对外直接投资规模和投资动机的影响。研究结果表明,RCEP伙伴国数字经济发展水平的提升能够有效扩大中国对其直接投资规模;在投资动机方面,数字经济发展水平与市场寻求型投资动机因素表现为显著的替代性影响,而与效率寻求型和自然资源寻求型投资动机因素之间具有显著的互补性影响;异质性分析表明,发达国家和发展中国家数字经济发展水平对投资动机因素的影响差异主要体现在效率寻求型和自然资源寻求型动机上;中介检验结果显示,伙伴国数字经济发展能够有效提升本国人力资本水平和制度质量,从而正向影响中国对外直接投资区位选择。

Based on the evaluation index system of the development level of the digital economy,the principal component analysis method is used to measure the development level of the digital economy of the RCEP partner countries from 2010 to 2021,and the impact of the development level of the digital economy of the RCEP partner countries on the scale and investment motivation of China's outward direct investment is examined.The results show that the improvement of the digital economy development level of RCEP partner countries can effectively expand the scale of China's direct investment.In terms of investment motivation,the level of digital economic development exhibits a significant substitutive impact with market-seeking investment motivations,while showing a significant complementary impact with efficiency-seeking and natural resource-seeking investment motivations.The heterogeneity analysis shows that the difference in the impact of the level of digital economy development on investment motivation between developed and developing countries is mainly reflected in the efficiency-seeking and natural resource-seeking motivation.The results of the intermediary test show that the development of the digital economy in partner countries can effectively improve the level of human capital and the quality of the system,thereby positively influencing the location choice of China's OFDI.