数字企业对外直接投资的创新效应研究

Research on the Innovation Effect of Digital Enterprises'Outward Foreign Direct Investment

数字经济对外投资合作是驱动数字经济高质量发展的重要引擎。结合2002—2020年我国数字企业上市公司年报与中国创新专利研究数据库,基于渐进双重差分模型实证检验了数字企业对外直接投资的创新效应及其内在机制。研究结果表明:第一,数字企业对外直接投资的创新效应显著为正,且对高质量创新的促进作用更为显著。第二,数字企业对外直接投资可通过交易成本节约、市场规模扩张以及数字化升级机制的发挥驱动数字企业创新。第三,企业所有制、企业规模以及行业异质性检验结果表明中小规模数字企业、非国有数字企业对外直接投资的创新效应更为显著;电信、广播电视和卫星传输服务业,计算机、通信和其他电子设备制造业企业对外直接投资的创新效应显著。因此,应大力推进数字经济对外投资合作,鼓励企业积极参与东道国数字平台,对接东道国数字标准与规则,切实把握全球数字市场机遇,合理布局数字企业“走出去”,以实现数字企业创新能力提升与数字经济高质量发展。

External investment and cooperation in the digital economy are important engines driv-ing the high-quality development of the digital economy.Based on the annual reports of the listed companies of Chinese digital enterprises from 2002 to 2020 and the China Innovation Patent Research Database,this study empirically tests the innovation effect and its internal mechanism of digital enter-prise outward direct investment by employing anasymptotic difference-difference model.The research results indicate that,firstly,the innovation effect of digital enterprises'outward foreign direct invest-ment is significantly positive,and its promotion effect on high-quality innovation is more significant.Secondly,the outward foreign direct investment of the digital enterprises can drive the innovation of the digital enterprises by saving transaction costs,expanding market size,and leveraging digital up-grading mechanisms.Thirdly,the test results of enterprise ownership,enterprise size,and industry het-erogeneity indicate that the innovation effect of the outward foreign direct investment by the small and medium-sized digital enterprises and the non-state-owned digital enterprises is more significant;the innovation effect of the outward foreign direct investment by the enterprises in the telecommunica-tions,radio and television,satellite transmission services,and computer,communication and other elec-tronic equipment manufacturing industries is significant.Therefore,efforts should be made to promote the external investment and cooperation in the digital economy,encourage enterprises to actively par-ticipate in the host country's digital platforms,align with the host country's digital standards and rules,effectively seize the opportunities in the global digital market,and reasonably arrange digital en-terprises to""go global",so as to enhance the innovation capabilities of digital enterprises and achieve high-quality development of the digital economy.