Is more digital always better? A nonlinear perspective on corporate digital transformation and OFDI

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2024-10-09 DOI:10.1016/j.irfa.2024.103649

Zheng He , Zhengkai Liu , Yiaxin Zhao , Yuanjun Zhao

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引用次数: 0

Abstract

This study investigates the nonlinear impact of corporate digital transformation on outward foreign direct investment (OFDI) in the context of Chinese A-share listed companies from 2013 to 2023. Employing a nonlinear model, this study reveals an N-shaped curve relationship between digital transformation and OFDI, wherein digital transformation initially promotes, then inhibits, and finally again promotes OFDI as it advances. The findings reveal that this effect is more pronounced for non-state-owned enterprises and companies located in China's eastern region. Moreover, reduced transaction costs are a significant mechanism through which digital transformation influences OFDI. The results underscore the necessity of developing differentiated strategies to enhance digital transformation across regions and ownership types, emphasizing its role in facilitating China's global investment initiatives and contributing to the high-quality development of the Belt and Road Initiative.

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数字化越多越好吗？企业数字化转型与对外直接投资的非线性视角

本研究以中国A股上市公司为研究对象，探讨了2013年至2023年企业数字化转型对对外直接投资的非线性影响。本研究采用非线性模型，揭示了数字化转型与对外直接投资之间的 N 型曲线关系，即随着数字化转型的推进，最初促进对外直接投资，然后抑制对外直接投资，最后再次促进对外直接投资。研究结果表明，这种效应对非国有企业和中国东部地区的企业更为明显。此外，交易成本的降低也是数字化转型影响对外直接投资的重要机制。研究结果强调了制定差异化战略以加强不同地区和不同所有制类型企业数字化转型的必要性，同时强调了数字化转型在促进中国全球投资倡议和推动 "一带一路 "倡议高质量发展方面的作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.