外商直接投资对企业数字化转型的影响研究
A Study of the Impact of FDI on the Digital Transformation of Enterprises

本文基于2011~2021年我国制造业A股上市公司的面板数据，采用双向固定效应、分段检验方法实证检验外商直接投资对企业数字化转型作用效应及影响机制。结果显示：(1) 外商直接投资能够促进企业数字化转型，在更换变量衡量方式和剔除高数字化行业样本后上述结果依然稳健；(2) 异质性检验结果发现外商投资对国有企业、民营企业和外资企业均正向促进企业数字化转型，但其他企业对数字化转型并不存在促进作用；(3) 进一步机制检验结果表明，外商直接投资主要通过提高研发投入水平促进企业数字化转型。
Based on the panel data of A-share listed companies in China’s manufacturing industry from 2011 to 2021, this paper empirically examines the role effect of FDI on the digital transformation of enterprises and the influence mechanism by using two-way fixed effects and segmentation test. The results show that: (1) FDI can promote the digital transformation of enterprises, and the above results are still robust after replacing the variable measurement and excluding samples of highly digitalized industries; (2) the results of the heterogeneity test find that FDI positively promotes the digital transformation of enterprises in state-owned enterprises, private enterprises and foreign-funded enterprises, but there is no promotional effect of the digital transformation of other enterprises; (3) the results of the further mechanism test show that that FDI promotes enterprise digital transformation mainly through improving R&D.