数字金融与企业对外直接投资——基于中国上市公司的经验证据

Digital Finance and OFDI:Based on Empirical Evidence of Listed Companies in China

利用2011—2019年中国上市公司数据,实证研究数字金融对企业对外直接投资的影响效应和作用路径。研究结果发现,数字金融显著促进了企业对外直接投资,且数字金融的覆盖广度、使用深度和数字化程度均具有显著促进作用。从作用机制来看,数字金融主要通过缓解融资约束、提升技术创新和提高生产效率促进企业对外直接投资。异质性研究进一步发现数字金融对中小型企业、非国有企业和行业竞争程度低的企业促进作用更大。

Using the data of Chinese listed companies from 2011 to 2019,this paper empirically studies the impact and mechanism of digital finance on enterprises'outward direct investment.The research results show that digital finance has significantly promoted enterprises'foreign direct investment,and the coverage,depth of use and degree of digitalization of digital finance have a significant promoting effect.From the perspective of mechanism,digital finance mainly promotes enterprises'foreign direct investment by easing financing constraints,boosting technological innovation and improving production efficiency.The heterogeneity study further found that digital finance plays a greater role in promoting small and medium-sized enterprises,non-state-owned enterprises and enterprises with low degree of industry competition.