摘要
本文基于BVD(Zephyr)与CGIT数据库,利用2009—2016年中国企业海外投资的微观数据,实证检验了东道国数字经济发展对中国企业对外直接投资二元边际的影响。研究发现,东道国数字经济发展能够显著促进中国企业对外直接投资二元边际的增长;数字经济的投资促进效应主要体现在跨国并购这一投资模式,且对非国有制企业的作用更为明显;东道国制度质量、文化距离与企业互联网化均对东道国数字经济发展水平与企业对外直接投资二元边际的关系产生影响。本文的结论不仅有助于更好地理解数字经济与对外直接投资结构性特征的关系,也为中国未来加强数字经济建设与实施“走出去”战略提供有益的政策启示。
Based on the BVD-Zephyr and CGIT Database,this paper collected micro data of Chinese enterprises'0FDI during the period 2009-2016,empirically tested the impact of the host country's digital economy development on dual-margin of Chinese enterprises'OFDI.The result demonstrates that both extensive and intensive margins of China's OFDI are significant and steady promoted by host country's digital economy.Besides,this promotion effect is more obvious on cross-border M&A and private enterprises.The mechanism analyses show that institutional quality of host-country,culture distance and enterprise internetization all have significant moderating effect on the positive relationship.The findings of this paper contribute to a better understanding of the relationship between digital economy and structural characteristics of OFDI.Moreover,this study provides certain policy implications for further strengthening construction of digital economy and implementing China's going-out strategy.
作者
孙黎
常添惠
Sun Li;CHANG Tianhui(School of Economics,Jilin University,Changchun,Jilin,130012)
基金
国家社会科学基金一般项目“双重价值链互动中跨境电子商务促进国内双循环研究”(22BJL101)。
