| Chinese firms’ motives for making OFDI are usually considered to have four types,natural resource-oriented,market-oriented,efficiency-oriented and strategic asset-oriented.However,in the current context of accelerated reorganization of global value chains,accelerated new industrialization in China,promotion of the integration of digital and real economy and digital transformation of enterprises,the explanatory power of existing investment motives for firms’ investment behavior is weakened.Therefore,this paper extends digital transformation-oriented OFDI from the strategic assetoriented motive to explain the impact of enterprises’ OFDI on their own digital transformation under the digital wave.In the current context,some companies try to facilitate their digital transformation by making OFDI to enable them to quickly adjust their resource capability portfolio in the rapidly changing environment,i.e.,to enhance their dynamic capabilities through OFDI and thus facilitate their digital transformation.For example,BOE acquired French electronic label company SES to promote the layout in the field of smart retail solutions,and Midea established a robotics joint venture with Japan’s Yaskawa to lay the foundation for the realization of C2M mass customization production.Therefore,promoting the servitization of manufacturing enterprises,accelerating product upgrading and realizing value chain upgrading through OFDI is an important way for China’s manufacturing enterprises to rapidly realize digital transformation,the key of which depends on the construction of dynamic capabilities.Based on the above analysis,this study analyzes the impact of OFDI on the digital transformation of enterprises,the mediating role of dynamic capabilities,the heterogeneity of OFDI on digital transformation,etc.to explore the mechanism of OFDI on digital transformation of enterprises and construct a theoretical framework of "OFDI-dynamic capabilitiesdigital transformation of enterprises" based on the perspective of dynamic capabilities.The theoretical framework of "OFDI-dynamic capabilitiesenterprise digital transformation" is developed,in which OFDI can promote enterprise digital transformation by enhancing dynamic capabilities of enterprises.In this paper,we adopt the PSM-DID method to empirically test the impact of OFDI on digital transformation of enterprises by selecting annual panel data of A-share listed manufacturing companies from 2010 to 2020 and verifying the mediating role of dynamic capabilities and testing heterogeneity.The empirical results show that(1)on the whole,OFDI has a significant positive contribution to digital transformation.(2)In terms of the mechanism of action,OFDI can promote digital transformation by enhancing the dynamic capabilities of enterprises.(3)By industry,OFDI has a more obvious role in promoting digital transformation of enterprises when they belong to high technology industries.(4)By region,the promotion effect of OFDI on digital transformation of enterprises is more obvious when enterprises are located in the eastern region.Finally,the results of the theoretical and empirical studies are combined to draw the conclusions of this paper.This paper seeks to construct a framework that can guide Chinese manufacturing enterprises’OFDI and digital transformation,provide a basis for Chinese manufacturing enterprises to make digital transformation-oriented OFDI,and provide a reference for government departments to formulate OFDI policies. |
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