数字化转型与对外直接投资的非线性关系研究

The Research on the Nonlinear Relationship Between Digital Transformation and OFDI

数字化转型与对外直接投资呈现显著的“倒U型”关系,且全要素生产率在其中发挥重要的中介作用。进一步异质性分析发现,除了初创期和衰退期的企业,处于增长期、成熟期和淘汰期的企业,数字化转型与对外直接投资均存在显著的“倒U型”关系;无论国有企业还是民营企业,“倒U型”关系均显著存在。区域异质性分析发现,在中国东部和中部地区数字化转型与对外直接投资存在显著的“倒U型”关系,而在西部地区不存在。阐述了数字化转型对对外直接投资的双刃剑作用,对于数字经济背景下中国如何促进企业更好“走出去”提供了重要启示。

There is a significant“inverted U-shaped”relationship between digital transformation and OFDI,and total factor productivity plays an important role in mediating part of it.Further heterogeneity analysis shows that the“inverted U-shaped”relationship between digital transformation and OFDI exists significantly in enterprises in the growth,maturity and elimination stages,but does not exist in enterprises in the start-up and decline stages.The“inverted U-shaped”relationship is notable in both state-owned and private enterprises.It is found that there is a significant“inverted U-shaped”relationship between digital transformation and OFDI in eastern and central region in China instead of western region.This paper more clearly expounds the double-edged role of digital transformation on OFDI,and provides important inspiration in China for how to promote enterprises to better“go global”under the background of the digital economy.