| New digital infrastructure is a support for the rapid development of the digital economy.Since the 18 th Party Congress,a series of policies and plans have been introduced from the central to the local level,and the new digital infrastructure represented by 5G,fiber optic broadband,industrial Internet,data centers,etc.has achieved rapid development.The smooth flow of data and the opening of information "arteries" is the necessary foundation for promoting economic development,quality change,efficiency change and power change of enterprises around the world.At the same time,the current international economic situation is in the midst of tremendous changes,with counter-globalization leading to trade disruptions,and OFDI enterprises urgently need to improve their technical efficiency to better face the opportunities and challenges.In the new round of international and domestic changes,how does the construction of new digital infrastructure affect the technical efficiency of OFDI enterprises and how does it affect them? This thesis will study and analyze from the above two perspectives.First,through literature reading and comparative study,the article sorts out the connotation and impact effects of new digital infrastructure and technical efficiency of OFDI enterprises,and systematically analyzes the existing research on the technical efficiency of OFDI enterprises by new digital infrastructure construction.Secondly,the article defines the concepts of new digital infrastructure and technical efficiency of OFDI enterprises,theoretically elaborates from two aspects of technological change theory and infrastructure externality theory,and then explores the research mechanism of the article and puts forward relevant research hypotheses according to the theory.Again,the article measures the level of new digital infrastructure construction in each province of China through the entropy value method,calculates the variability of technical efficiency of OFDI enterprises(enterprises that made OFDI during the sample period)and non-OFDI enterprises(enterprises that did not make OFDI during the sample period)based on the SFA model using frontier4.1 software,and analyzes the results of the current situation.Then,the article analyzes the impact of new digital infrastructure construction on the technical efficiency of OFDI firms by constructing a two-way fixed-effects regression model,and performs robustness tests by lagging explanatory variables,replacing fixed effects and removing special samples before regression;on this basis,the article examines the heterogeneity of the impact effect through four aspects:regional location,nature of property rights,scale differences and institutional environment,and Two mechanisms of action,financing empowerment and firm internationalization,are examined.Finally,the article proposes targeted research recommendations based on the findings.The study findings are as follows: first,the construction of new digital infrastructure has a positive and significant impact on the technical efficiency of OFDI enterprises,and the two show a differentiated layout of "high in the east and low in the west",and they keep improving over time.Second,the construction of new digital infrastructure has a significant positive impact on the technical efficiency of OFDI enterprises in the eastern region,provinces with better institutional environment,state-owned nature,and large-scale OFDI enterprises.Third,corporate financing constraints and corporate internationalization are the two transmission mechanisms through which the new digital infrastructure construction promotes the technical efficiency of OFDI firms,i.e.,the new digital infrastructure construction can promote the technical efficiency of OFDI firms by alleviating corporate financing constraints and enhancing the internationalization of firms. |
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