Research On The Impact Of The Development Level Of Digital Economy In The Host Country On China’s OFDI

The digital economy,known as the fourth industrial revolution,has been incorporated into national strategies by governments around the world.However,the relevant research and standardized management of digital economy lags behind the growth of scale,and the impact and measurement of digital economy on all aspects of economy and society are still being explored and improved.As an important way and means of international trade,OFDI is also deeply affected by the development of digital economy.As the largest manufacturing country in the world,China has rich experience in manufacturing OFDI,while the development of digital economy promotes the further expansion of China’s OFDI.The core content of this paper is whether the development level of digital economy in the world is attractive to The OFDI of Chinese manufacturing enterprises,and whether it affects the decision of OFDI of Chinese enterprises.At present,researches on digital economy mainly focus on the definition,measurement and effect of digital economy,and with the rapid development of digital economy,relevant researches are further enriched.This paper holds that digital economy is a kind of economic form with the wide application of digital technology such as Internet and information communication,taking digital as the main factor of production,bringing great changes to traditional economic operation and creating huge economic value.The research on OFDI is relatively mature,but there are still few researches on the influence of digital economy on OFDI,and the mechanism of action is not systematic.By analyzing the characteristics of current digital economy and China’s OFDI development,this paper takes cost reduction,market expansion and risk reduction as the intermediary,and comprehensively constructs the theoretical system of digital economy’s influence on OFDI from three levels of micro,medium and macro.In order to further measure the development level of digital economy in various countries,this paper constructs a measurement system based on Vasily Leontiefs input-output model.By using principal component analysis method,four principal components whose factor load exceeds 1 are extracted from 17 secondary indexes to calculate the comprehensive score and extract the score of digital economy governance,digital economy input and digital economy output.When the data are fully available,the digital economy score data of 70 countries from 2010 to 2019 are calculated and the digital economy development degree of each country is analyzed by means.In the empirical study,this paper selects the OFDI event data of China’s listed manufacturing companies during 2010-2019 from the Guotai ’an database as the sample,and draws the conclusion that the development degree of the host country’s digital economy is positively correlated with China’s manufacturing OFDI decision;The score of digital economy governance is related to the OFDI decision of manufacturing industry,but there is no significant correlation between the score of digital economy input and output and OFDI decision of manufacturing industry.Heterogeneity test shows that there is a positive correlation between the comprehensive score of digital economy development and the score of governance of the host country and the manufacturing industry of state-owned enterprises and non-state-owned enterprises.Input score has nothing to do with the OFDI decision of state-owned enterprises,but output score has nothing to do with the OFDI decision of non-state-owned enterprises.The robustness test adopts the computer,communication and other electronic equipment manufacturing industry as the main body and the substitution variable regression method to further verify the validity of the current conclusion.Finally,this paper puts forward some policy suggestions based on the research results.