数字经济与中国对外直接投资——基于欧盟成员国的实证研究

Digital Economy and China’s Outward Foreign Direct Investment:Based on Evidence From EU Members

近年来,数字经济快速发展,新冠肺炎疫情的暴发推动包括中国和欧盟在内的各经济体的数字化转型。数字经济发展水平日益成为一国进行对外直接投资时的重要考量。基于2007—2019年的数据,实证分析结果表明:欧盟各国数字经济发展水平是中国对其进行直接投资的显著影响因素;数字经济发展水平与市场寻求型、效率寻求型、创新资产寻求型投资动机因素在促进中国对欧盟直接投资上有显著的互补性影响;数字经济发展水平的影响存在一定的地区异质性;人力资本水平是一个显著的中介变量。

Digital economy has developed fast in recent years. Fueled by the outbreak of COVID-19 pandemic,economies including China and the EU are actively promoting digital transformation. The development level of digital economy is becoming an increasingly important factor for a country’ s outward foreign direct investment(OFDI). The research examines data from 2007 to 2019 and finds that: the level of digital economic development in EU countries is a significant influencing factor on China’s OFDI to the EU;in promoting China’s OFDI to the EU, digital economy has complementary effect with market-seeking, efficiency-seeking and innovation assetseeking investment motives;regional heterogeneity exists in the impact of the development level of digital economy;human capital level is an obvious mediating variable.