东道国数字经济发展对中国OFDI的影响——基于空间视角的实证研究

Impact of Digital Economy Development in Host Countries on China’s OFDI:An Empirical Study Based on Spatial Perspective

基于中国对外直接投资(OFDI)的跨国面板数据,文章考察了东道国数字经济发展对中国OFDI的空间效应及门槛特征。研究发现:东道国数字经济发展水平对中国OFDI具有显著的促进作用,且存在明显的空间溢出效应,在考虑了模型内生性问题之后,此结论依然成立;进一步分析表明,东道国人力资本水平和制度环境在低于门槛值以及东道国自然资源禀赋超过最大门槛值时,数字经济的发展能够显著促进中国OFDI。而当东道国人力资本水平和制度环境超过门槛值以及东道国自然资源禀赋低于门槛值时,数字经济的发展对中国OFDI的促进作用减弱甚至不明显。

Based on the transnational panel data of China’s outward foreign direct investment(OFDI),this paper examines the spatial effects and threshold characteristics of the digital economy development in the host countries on China’s OFDI.The study finds that the level of digital economy development in the host countries significantly promotes China’s OFDI,and there is a significant spatial spillover effect,which still holds after considering the endogeneity of the model.Further analysis shows that the development of digital economy can significantly promote China’s OFDI when the level of human capital and institutional environment in the host countries is below the threshold and the natural resource endowment of the host countries exceeds the maximum threshold.When the level of human capital and institutional environment of the host countries exceeds the threshold and the natural resource endowment of the host countries is below the threshold,the promotion effect of the development of digital economy on China’s OFDI is weaker or even insignificant.