数字基础设施建设对企业对外直接投资的影响

The Impact of Digital Infrastructure Development on Corporate OFDI

文章选取2008—2021年A股上市公司的面板数据,基于“宽带中国”的准自然实验,运用多期双重差分模型探究数字基础设施建设对企业对外直接投资的影响。研究结果表明:第一,数字基础设施建设能够显著促进企业对外直接投资,这一结论在倾向得分匹配、安慰剂检验等一系列稳健性检验后依然成立;第二,数字基础设施建设通过优化产业结构和推动企业数字化转型等路径驱动企业对外直接投资;第三,数字基础设施建设对企业对外直接投资的影响存在异质性,当企业是国企和制造业企业时,影响显著;且在中小城市及传统基础设施水平较高的城市,数字基础设施建设更能发挥积极作用。

The article selects panel data of A-share listed companies from 2008-2021,and uses a multi-period double difference model based on the quasi-natural experiment of"Broadband China"to explore the impact of digital infrastructure construction on enterprises'foreign direct investment.The findings show that:first,digital infrastructure construction can significantly promote corporate OFDI,and this finding still holds after a series of robustness tests such as propensity score matching and placebo test;second,digital infrastructure construction drives corporate OFDI through the paths of optimizing industrial structure and promoting digital transformation of enterprises;third,there is heterogeneity in the impact of digital infrastructure construction on corporate OFDI,which is significant when the enterprises are state-owned enterprises and manufacturing enterprises;and digital infrastructure construction is more likely to play a positive role in small and medium-sized cities and cities with higher levels of traditional infrastructure.