Research On The Impact Of Digital Investment On The Cross-border Business Performance Of Manufacturing Enterprise

With the development of economic globalization,Chinese manufacturing enterprises have arranged industries in the global market and transported products and services to foreign countries.More than 40 years of practice shows that the enterprise internationalization strategy can enhance the strength of enterprises and enhance the international competitiveness of manufacturing industry.But the internationalization of enterprises is not going smoothly,especially in recent years,the voices of reverse globalization,and the impact of COVID-19,many enterprises’ international business activities have been affected.How to fully meet these challenges and break through the difficulties has become an important topic of the current transnational operation of enterprises.With the rapid development of digital information and science and technology,digital economy has set off an upsurge in the world.In 2020,the growth rate of global GDP decreased by 2.8%,but the growth rate of digital economy reached 3%,accounting for 43.7% of GDP.Therefore,the role of digitization in transnational operation of enterprises can not be ignored.In academic circles,most of the existing studies on digitalization on enterprises focus on case studies and theoretical analysis,and there is less empirical literature to explore the relationship between digitalization of manufacturing enterprises and transnational business performance.For example,what factors affect the effect of digitalization of manufacturing enterprises on transnational business performance? As one of the supply side factors,human capital is a heterogeneous resource for enterprises to create value and shape advantages.Its role in enterprise management can not be ignored.From the perspective of investment,this paper explores the internal relationship between digital investment,human capital and multinational business performance of manufacturing enterprises.This paper will build a theoretical model of the three based on theoretical analysis,using the data of Chinese A-share listed multinational manufacturing enterprises from 2015 to 2020,through STATA16.0 based on the empirical analysis of the relationship and mechanism of the three,the following conclusions are drawn:(1)digital software investment and digital hardware investment can significantly and positively affect the multinational business performance of enterprises;(2)The total amount of digital investment has a significant positive impact on multinational business performance;(3)Human capital is promoting enterprises’ digital software investment and the process that the total amount of digital investment affects enterprises’ transnational business performance;(4)After heterogeneity analysis,it is found that digital investment has a more obvious positive impact on the multinational business performance of non-state-owned enterprises,high-tech enterprises and enterprises in the eastern region.Finally,it explains the research limitations of this paper and puts forward the direction of further research.The research conclusion of this paper further refines the relevant research on enterprise digitization and transnational operation,and discusses the specific role of human capital,which is an internal regulatory factor in the influencing process,which can provide a useful reference for manufacturing enterprises to carry out digital transformation and improve transnational business performance under the background of digital economy,and provide a reference for multinational manufacturing enterprises that are still at the crossroads to realize high-quality transnational operation.