母国数字经济优势推动数字企业对外直接投资的机制和效应

The Mechanism and Effect of Home Country's Digital Economic Advantages on Promoting Digital Enterprises'Outward Foreign Direct Investment

作为数字企业生长的背景因素,中国数字经济具有的母国优势成为数字企业“走出去”的重要推动力。构建包含母国数字经济的新OLI区位分析框架,运用上市公司对外直接投资(OFDI)数据,实证检验国家数字经济发展对数字企业OFDI的影响效应和作用机制,结果发现:中国数字经济的发展显著提升了数字企业OFDI数量;数字经济既能够增强数字企业支付更大市场兼容性成本的能力,也能够提升企业生产效率,二者共同推动OFDI数量增长。较数字制造企业而言,数字服务企业由于产品生产的定制化属性和知识成本的“接近性”特点,引致数字经济对其OFDI数量具有推动效应;无论持市场寻求动机还是技术寻求动机的数字企业,其OFDI均受到母国数字经济的推动效应;数字经济的边际规律和数字产业的“新”特征,引致低生产率数字企业OFDI相较于高生产率数字企业更加显著地受到数字经济的正向影响。因此,提升中国数字企业国际竞争力,扩大“走出去”步伐,需要统筹母国数字经济优势和市场化机制。

As a background factor for the growth of digital enterprises,the home country advantages of China's digital economy have become an important driving force for digital enterprises to"go global".This article constructs a new OLI location analysis framework that includes the home country's digital economy,and uses listed companies'outward foreign direct investment(OFDI)data to empirically test the impact and mechanism of the national digital economy on digital enterprises'OFDI.The results show that:the development of China's digital economy has significantly improved the number of OFDI by digital enterprises;the digital economy can not only enhance the ability of digital enterprises to pay greater market compatibility costs,but also improve corporate production efficiency,and the two jointly promote the growth of OFDI quantity.Compared with digital manufacturing companies,digital service companies have a driving effect on OFDI due to the customized attributes of product production and the"proximity"of knowledge costs;OFDI of digital enterprises,whether market-seeking or technology-seeking,is driven by the digital economy of their home countries;the marginal law of digital economy and the"new"characteristics of digital industry have led to the positive impact of the digital economy on the OFDI of low-productivity digital companies more significantly than that of high-productivity digital enterprises.Starting from the conclusion,improving the international competitiveness of Chinese digital enterprises and expanding the pace of"going global"requires coordinating the home country's digital economic advantages and market-oriented mechanisms.