企业国际化战略与数字化转型能否实现共赢?——来自“一带一路”倡议的经验证据

Can Enterprise Internationalization Strategy and Digital Transformation Achieve Win-Win Results?-Empirical Evidence from the Belt and Road Initiative

双循环新发展格局的构建中,国内循环和国际循环是相互促进、相辅相成的。开放与合作提升了企业利用全球资源提高国际竞争力的外部动力;数字化升级转型则强化了企业生存与发展的内部引擎。在此背景下,更多的企业面对着国际化部署和数字化转型的双重压力。文章着眼于外循环发展格局与数字经济之间的联系,聚焦企业国际化战略与数字化的协同效应,基于中国A股上市公司2007—2020年数据,采用文本分析法刻画企业数字化转型程度。在此基础上,运用双重差分模型,考察“一带一路”倡议作用于企业数字化转型的总量效应、渠道机制以及异质性影响。研究发现,“一带一路”倡议显著提高企业的数字化转型程度,并通过增加企业税收优惠、促进跨国经营以及强化人力积累,为企业转型创造更加充裕的资源条件。同时,数字化建设能有效化解企业参与“一带一路”建设后可能出现的财务管理难题,提升实施“一带一路”倡议的绩效。以上表明,企业的国际化部署和数字化战略可实现相辅相成的协同效应。此外,“一带一路”倡议的数字化转型驱动效应在大企业、外部融资依赖高的企业、拥有高学历CEO的企业以及经济政策不确定性较低的地区中更加显著。

In the construction of the new development pattern of“dual circulation”,the domestic cycle and the international cycle are mutually reinforcing and complementary.Openness and cooperation enhance the external motivation of enterprises to use global resources to improve international competitiveness;digital upgrading and transformation strengthen the internal engine for enterprise survival and development.In this context,more companies are facing the double pressure of international deployment and digital transformation.This paper focuses on the relation between the“external circulation”development pattern and the digital economy,and the synergistic effect of internationalization strategy and digitalization.The degree of digital transformation of enterprises is analyzed through text analysis method based on the data of Chinese A-share listed companies from 2007 to 2020.On this basis,a difference-in-differences model is applied to examine the aggregate effect,channel mechanism and heterogeneity of the“Belt and Road”Initiative on the digital transformation of enterprises.The study finds that the Belt and Road Initiative significantly increases the degree of digital transformation of enterprises,and creates more abundant resources for enterprises’transformation by increasing tax incentives,promoting cross-border operations and strengthening human resources accumulation.At the same time,digitalization can effectively solve the financial management problems that may arise after enterprises participating in the Belt and Road Initiative,and improve the performance of the implementation of the Belt and Road Initiative.The above shows that the international deployment and digitalization strategies of enterprises can achieve complementary synergy effects.In addition,the digital transformation driving effects of the Belt and Road Initiative are more pronounced in large companies,companies with high reliance on external financing,companies with highly educated CEOs,and regions with stable economic policies.