Research On The Impact Of Digital Finance On Enterprises’ Outward Direct Investment

Opening to the outside world is an important link of high-quality economic development,and an important way for enterprises to expand operation scale and realize international operation.However,the imperfect financial system and the existence of financing difficulties restrict enterprises’ OFDI and are important factors affecting the development of OFDI.The rapid development of digital finance in our country constantly promotes the innovation of the traditional financial model,can optimize the financial environment,help enterprises improve their financing ability and innovation ability,and will further affect the OFDI of enterprises.Starting from a new research perspective,with the help of the existing digital inclusive finance index and the OFDI data of Chinese enterprises,this paper explores the influence of digital finance on the OFDI behavior of enterprises by means of literature research and empirical test.According to the conclusions of literature and empirical analysis,this paper finds that digital finance can significantly affect the behavior of OFDI of enterprises.Specifically,the development of digital finance can promote enterprises to carry out OFDI,but reduce the scale of OFDI,and this effect mainly affects private enterprises.Based on the analysis of our specific situation,this paper holds that the development of digital finance improves enterprises’ financing ability and technological innovation ability,provides more advantages for enterprises’ OFDI,and therefore increases the probability of OFDI.At the same time,the development of digital finance optimizes the domestic investment and financing environment.When the domestic investment environment is better than that of foreign countries,part of capital can be attracted into the domestic market,which gives enterprises more investment choices and reduces the outflow of capital,thus reducing the scale of OFDI of enterprises.Among the three dimensions of digital finance,coverage breadth and use depth are the main factors affecting OFDI of enterprises,indicating that the more users and more developed functions of digital financial products,the greater the impact on OFDI behavior of enterprises.The expansion of the coverage of digital finance can benefit more enterprises and optimize their investment activities.Meanwhile,the in-depth development of digital finance will bring more powerful financial services to enterprises and provide more financial guarantee for OFDI of enterprises.In the analysis of the mechanism of action,this paper finds that the development of digital finance improves the probability of OFDI and reduces the scale of OFDI by promoting technological innovation of enterprises.The development of digital finance improves the technical level of enterprises,increases the advantages of enterprises to carry out OFDI,and improves the probability of OFDI.At the same time,the improvement of enterprise innovation level will further promote the upgrading of enterprise production structure,reduce the investment of enterprises in labor-intensive industries,optimize their capital arrangement,and reduce the scale of enterprises’ OFDI.