摘要
智能制造作为新质生产力的典型代表,正在重塑企业的对外直接投资(OFDI)格局。因此,文章将工信部实施的“智能制造试点示范专项行动”视为一次准自然实验,结合沪深A股制造业上市公司2010—2023年的面板数据,探讨了智能制造对企业OFDI二元边际的影响及内在机制。结果表明,智能制造促进了企业OFDI二元边际的提升,且这一结论在经过了一系列稳健性检验及内生性处理后仍然成立;机制检验表明,智能制造通过降低交易成本、增加创新产出、提升ESG表现促进了企业OFDI二元边际的提升;异质性分析表明,智能制造对企业OFDI二元边际的促进作用在高管具有数字化背景的企业、高管具有海外背景的企业、参与“一带一路”的企业、大规模企业中更为显著;调节效应分析表明,管理者长视正向调节了智能制造对企业OFDI二元边际的促进作用;结构性分析表明,智能制造对高技术制造业企业的OFDI二元边际、轻纺工业制造业企业的OFDI扩展边际具有显著的正向促进作用,而对农副食品、饮料、烟草加工制造业等低附加值行业企业的OFDI集约边际却表现出了抑制作用。文章不仅丰富了关于智能制造与对外投资领域的理论,还为政府推动智能制造发展、优化企业对外投资策略提供了决策依据。
As a typical representative of new quality productivity,intelligent manufacturing is reshaping the pattern of OFDI of enterprises.Therefore,this paper regards the“intelligent manufacturing pilot demonstration special action”implemented by the Ministry of industry and information technology as a quasi natural experiment,and discusses the impact of intelligent manufacturing on the dual margin of OFDI and its internal mechanism based on the panel data of Shanghai and Shenzhen A-share manufacturing listed companies from 2010 to 2023.The results show that intelligent manufacturing promotes the improvement of OFDI binary margin,and this conclusion is still true after a series of robustness tests and endogenous treatment;The mechanism test shows that intelligent manufacturing promotes the dual margin of OFDI by reducing transaction costs,increasing innovation output and improving ESG performance;Heterogeneity analysis shows that the promotion effect of intelligent manufacturing on the dual margin of OFDI is more significant in enterprises with digital executives,enterprises with overseas executives,enterprises participating in the“belt and road initiative”and large-scale enterprises;The regulatory effect analysis shows that managers’long-term vision positively regulates the promotion of intelligent manufacturing on OFDI binary margin;The structural analysis shows that intelligent manufacturing has a significant positive effect on the OFDI binary margin of high-tech manufacturing enterprises and the OFDI expansion margin of light and textile manufacturing enterprises,while it has a negative effect on the OFDI intensive margin of enterprises in low value-added industries such as agricultural and sideline food,beverage,tobacco processing and manufacturing.This study not only enriches the theory of intelligent manufacturing and foreign investment,but also provides decision-making basis for the government to promote the development of intelligent manufacturing and optimize the foreign investment strategy of enterprises.
作者
管潇潇
李巍
李元亨
Guan Xiaoxiao;Li Wei;Li Yuanheng
基金
国家自然科学基金项目“宏观金融不稳定对中国资本账户开放进程与最优时点选择的影响”(项目编号:70873041)
华东师范大学优秀博士生学术创新能力提升计划项目“资本账户开放、融资约束与企业经营绩效”(项目编号:YBNLTS2020-019)。
关键词
智能制造
对外直接投资二元边际
交易成本
创新产出
ESG表现
intelligent manufacturing
dual margins of outward foreign direct investment
transaction cost
innovation output
ESG
