数字基础设施建设水平与中国对外直接投资——基于新兴市场国家的考察

基于2008—2020年23个新兴市场国家的面板数据，研究了东道国数字基础设施建设水平对中国OFDI的影响效应。研究发现：新兴市场国家数字基础设施建设水平的提升对中国对外直接投资具有显著正向影响，在考虑了内生性问题以及进行各种稳健性检验后，结论仍然成立。区域异质性分析发现，相较亚非地区，欧美地区数字基础设施建设水平的提高更有助于吸引中国OFDI；收入水平异质性分析发现，〖JP〗相较高收入国家，中低收入国家数字基础设施具有更强的正向影响。东道国数字基础设施通过“成本节约效应”“市场扩张效应”影响中国对外直接投资。

The Level of Digital Infrastructure Construction and China’s Outward Direct Investment——Evidence from Emerging Market Countries

This paper examines the influence of host countries digital infrastructure development levels on Chinas OFDI, utilizing the panel data encompassing 23 emerging market nations spanning the period from 2008 to 2020. The results show that: The enhancing digital infrastructure construction in emerging market countries significantly and positively affects Chinas OFDI. This conclusion remains robust even after considering endogenous factors and conducting various robustness tests. Regional heterogeneity analysis reveals that the impact of enhanced digital infrastructure construction on attracting Chinas OFDI is more pronounced in Europe and the United States than in Asia and Africa. Furthermore, an analysis of income level heterogeneity demonstrates that digital infrastructures positive impact is particularly notable in low and middle income countries. The digital infrastructure of the host country influences Chinas OFDI through two primary mechanisms: cost saving effects and market expansion effects.