首都经济贸易大学学报2024，Vol.26Issue(2)：33-47,15.DOI:10.13504/j.cnki.issn1008-2700.2024.02.003
企业数字化与跨国投资模式选择
Does Digitalization Affect the OFDI Model:Greenfield or M&A?
摘要
Abstract
Under the circumstance of the global downward economy pressure and geopolitics,global investment risks continue rising,and China's outward foreign direct investment(OFDI)experiences an overall contraction.Firm digitalization comprehensively and profoundly affects enterprise production and investment behavior.It has sig-nificantly reduced transaction costs,and improved total factor production,which influenced the OFDI strategies.Under the opportunity of the digital economy's all-round reconstruction of enterprise production and operation,it is of great significance to explore the impact of firm digitalization on the OFDI model of Chinese enterprises and its mechanism. This paper analyzes the impact of firm digitalization on the OFDI strategies of listed companies from both theo-retical and empirical aspects.Based on the traditional enterprise heterogeneity model,this paper introduces firm digitalization into the study of OFDI strategies selection model,expands the research boundaries of OFDI strategies. This paper uses samples of listed companies from 2008 to 2020 to empirically analyze the impact of firm digi-talization on the OFDI strategies.The results show that in the digital era,improving firm digitalization level can re-duce corporate transaction costs,improve corporate total production efficiency,and thereby increase the probability of corporate greenfield investment during OFDI.This regression conclusion still holds after considering different em-pirical regression models and variable substitutions.The results of heterogeneity analysis indicate that firm digitali-zation promotes OFDI mainly through greenfield investment,which is more significant in state-owned enterprises,small and medium-sized enterprises,and non-sensitive industries.Additionally,the lower the development level of the host country,the more likely companies are to adopt greenfield investment for OFDI. This paper introduces firm digitalization into enterprise's OFDI decision-making,enriches the enterprise heter-ogeneity model of enterprises'OFDI mode selection,and expands the boundary of factors influencing the enterprise's OFDI strategies.Given China's rapidly growing digital economy and OFDI,the findings may have the following pol-icy implications. First,it is recommended to continue promoting enterprise digitalization and accelerating the digital transforma-tion and upgrading of core business processes,marketing networks,and supply chain management. Second,it should enhance enterprise digitization and improve the performance of OFDI by implementing ap-propriate measures. Third,the government should enhance the public service platform by providing multi-channel,timely,and ac-curate investment information to go global,and reducing the cost of information search for enterprises.关键词
企业数字化/绿地投资/跨国并购/对外投资/交易成本/生产率Key words
firm digitalization/greenfield investment/cross-border M&A/foreign investment/transaction cost/production efficiency分类
管理科学引用本文复制引用
张家才,武文博,余典范..企业数字化与跨国投资模式选择[J].首都经济贸易大学学报,2024,26(2):33-47,15.基金项目
国家社会科学基金一般项目"我国核心技术自主创新突破口与实现路径的体制机制研究"(20BJY039) （20BJY039）
上海市哲学社会科学规划课题青年项目"区域转移视角下数字经济赋能上海高端制造业的创新路径研究"(2023EJB011) （2023EJB011）
