数字金融、技术创新与对外直接投资

Digital Finance,Technological Innovation,and Outward Foreign Direct Investment

研究基于2011—2020年省际面板数据,采用个体固定效应模型和中介效应模型实证分析数字金融对对外直接投资的影响、技术创新中介作用及其区域异质性情况。基准回归结果表明,数字金融显著促进区域对外直接投资,其覆盖广度与使用深度对对外直接投资的影响程度相对高于数字化程度。中介效应结果表明,数字金融经技术创新促进对外直接投资,技术创新在数字金融影响对外直接投资过程中发挥中介作用。区域异质性检验结果表明,数字金融对中部地区对外投资的影响最大,对西部地区的影响最小,数字金融三个维度的区域异质性结论基本一致。持续推进数字金融发展,拓宽技术创新融资渠道,制定差异化数字金融发展政策有助于提高数字金融、技术创新与对外直接投资的发展质量。

Based on inter-provincial panel data from 2011 to 2020,this study empirically examines and analyzes the impact of digital finance on outward foreign direct investment,the mediating role of technological innovation,and regional heterogeneity by using individual fixed effects models and mediation effects models.Benchmark regression finds that digital finance significantly promotes regional outward foreign direct investment,and its broad coverage and depth of use have a greater impact on outward foreign direct investment than the degree of digitization.The mediation effect test finds that digital finance promotes technological innovation,which in turn promotes outward foreign direct investment.Technological innovation plays a mediating role in the three-dimensional impact of broad digital finance coverage,depth of use,and degree of digitization on outward foreign direct investment process.The regional heterogeneity test finds that digital finance has the greatest impact on outward investment in the central region and the least impact on the western region,and the conclusion for the heterogeneity of the three-dimensional regional impact of digital finance is basically consistent.To this end,we must continue to promote the development of digital finance,broaden financing channels for technological innovation,and formulate differentiated policies for the development of digital finance.