城市数字经济发展能够影响FDI区位选择吗?

Does Digital Economy Affect the Location Choice of FDI?

在理论分析数字经济影响FDI区位选择的内在机理基础上,采用中国2011—2018年284个地级城市作为研究样本,构建数字经济指数,运用双向固定效应模型实证分析数字经济对FDI区位选择的影响,并进一步检验数字经济影响FDI的间接作用机制和系列异质性特征。结果显示,数字经济发展促进了城市FDI的流入,并以间接影响制造业发展加速FDI流入,经过各种稳健性检验后结论依然成立;异质性分析表明,在实施宽带中国的城市、东部地区和数字经济发展水平高的城市,数字经济对强化FDI区位选择的影响更加显著;机制分析表明,数字经济通过推动数字金融、刺激居民创业渠道影响FDI。这些发现为新时期中国夯实数字经济发展,扩大对外开放并稳定外资找到了新思路并提供了实证依据。

The inner mechanism of digital economy on the FDI location choice is theoretically analyzed. Based on the data of China’s 284 prefecture-level cities from 2011 to 2018,the index of digital economy was built to empirically measure its impacts on the location choice of FDI by using the dual-way fixed effects model. In addition,the indirect influence mechanism and series of heterogeneity characteristics of digital economy were further examined. The results indicate that the development of digital economy promotes urban FDI inflows,and indirectly improves manufacturing industry to strengthen its function. The conclusion is still valid after various robust tests. Furthermore,in view of the heterogeneity,the positive effect is more significant in cities with“Broadband China”,the eastern cities and high level of digital economy. Mechanism analysis shows that digital economy affects FDI by improving Fintech and stimulating resident’s entrepreneurial channels. These findings provide new thought and empirical basis for China to consolidate the development of digital economy,expand opening up and stabilize the foreign capital in the new era.