Research On The Impact Of Digital Transformation On Chinese Enterprises’ OFDI

With the deepening implementation of China’s opening-up strategy,Chinese enterprises have ushered in new significant historical opportunities for "going global".In addition,with the rapid rise of the digital economy,digital transformation of enterprises has become a general trend.While the development of the digital economy is affecting the digital transformation of enterprises,it also profoundly affects the choice of OFDI models for Chinese enterprises.At present,the research on whether and how digital transformation affects enterprises’ OFDI is relatively scarce,and further research is still necessary.Based on the above issues,this paper deeply analyzes the impact of digital transformation on Chinese enterprises’ OFDI from the theoretical and empirical perspectives,which has important theoretical value and practical significance.The research content of this paper includes the following four parts: First,on the basis of literature review,analyze the mechanism of the impact of digital transformation on enterprises’ OFDI from the theoretical level.Secondly,it analyzes the current situation of the scale of Chinese enterprises’ OFDI and the development of digital transformation.Thirdly,using the data of enterprise digital transformation index and enterprise OFDI scale from 2011 to 2021 in CSMAR database,we empirically analyze the extent and mechanism of the impact of digital transformation on enterprise OFDI by constructing fixed effect model and intermediary effect model.Finally,based on theoretical and empirical analysis,relevant policy recommendations are proposed.Based on the above research content,this article draws the following conclusions: Firstly,from 2011 to 2021,the scale of OFDI by Chinese enterprises has shown an increasing trend year by year,and from 2012 to 2021,the flow of OFDI by Chinese enterprises has remained among the top three in the world.Second,digital transformation of Chinese enterprises has developed steadily,and digital transformation of enterprises in different industries has obvious heterogeneity.Third,the digital transformation has a significant role in promoting enterprises’ OFDI,and the impact of this role on enterprises of different sizes,regions and technology industries shows obvious heterogeneity.Fourth,among the six secondary indicators of digital transformation: strategic leadership,technology driven,organizational empowerment,environmental support,digital achievements and digital applications,digital achievements and organizational empowerment are the main factors for enterprises to promote OFDI in digital transformation.Fifthly,the mechanism analysis shows that digital transformation mainly promotes enterprises’ OFDI through three paths: inhibiting enterprises’ financialization,easing financing constraints and improving total factor productivity.According to the research conclusions,this paper puts forward relevant policy recommendations: the government should develop the digital economy according to local conditions,grasp the characteristics of enterprises and industry characteristics to develop Digital transformation,and develop enterprises’ OFDI by reducing enterprise financialization and financing constraints and improving enterprise productivity.Enterprises should fully utilize the policy support of central and local governments,reasonably allocate factor resources,and increase transformation and optimization of OFDI behavior.