东道国数字经济对我国对外直接投资的影响 ——基于跨国面板数据的实证研究

文章用Ward聚类法对2006—2020年我国与104个国家的OFDI动机分类,用功效得分法计算出数字经济,加入数字经济与投资动机交互项进行调节效应检验,并用泊松伪最大似然法PPML和工具变量法解决内生性问题,以此研究数字经济对我国OFDI及OFDI动机的影响,结论如下:各种检验表明东道国数字经济显著促进我国OFDI；数字经济的软硬件基础设施的作用最为突出,创新科技转化能力和信息通信技术水平的促进作用较弱；数字经济的提高会抑制市场规模、研发投入对我国OFDI的促进作用,会削弱工资水平对我国OFDI的抑制作用；市场型OFDI偏好数字经济和研发投入高的国家,创新科技转化能力对市场型OFDI促进作用较明显；东道国研发投入越高,创新科技转化能力和提升信息通信技术水平才越能获得额外收益,双边协定的签订有利于OFDI的发展。文章为推动中国数字经济发展,实现投资效益最大化,构建高水平对外开放格局提供了理论和实证依据。

The Impact of Host Country's Digital Economy on China's Foreign Direct Investment

The Ward cluster method was used to classify OFDI motivation of 104 countries from 2006 to 2020. The digital economy was calculated using the efficacy score method. The adjustment effect was tested by adding the interaction terms between digital economy and investment motivation. In this paper, the impact of digital economy on China''s OFDI and OFDI motivation is studied. The conclusions are as follows:Various tests show that the digital economy of host country significantly promotes China''s OFDI; The hardware and software infrastructure of digital economy plays the most prominent role, while the promotion effect of innovation and technology transformation ability and ICT level is weak. The improvement of digital economy will inhibit the promoting effect of market size and R&D input on OFDI, and weaken the inhibiting effect of wage level on OFDI. In countries where market-based OFDI prefers digital economy and high R&D input, the ability of innovation and technology transformation plays a significant role in promoting market-based OFDI. The higher the R&D input of the host country, the higher the innovation and technology transformation ability and the improvement of the ICT level can obtain additional benefits, and the signing of bilateral agreements is conducive to the development of OFDI. It provides theoretical and empirical basis for promoting the development of China''s digital economy, maximizing investment benefits and building a high-level pattern of opening up.