The Impact of National Big Data Zones on Enterprises’ ODI: The Moderating Role of Host Countries’ Data Protection Policies
摘要
In the rapidly growing digital economy, big data has emerged as a crucial catalyst for enterprise internationalization. This study employs a staggered difference-in-differences model to investigate the impact and underlying mechanisms of National Big Data Experimental Zones (NBDZs) on the Outward Direct Investment (ODI) of Chinese enterprises from 2007 to 2022. The findings indicate that NBDZs significantly boost ODI firms’ overseas expansion, particularly in cross-regional zones, provinces with highly skilled labor, and regions with limited digital transformation. Key mechanisms include fostering industrial agglomeration, driving innovation, and enhancing experiential learning. Additionally, NBDZs enhance ODI resilience under stringent host-country data protection regulations, highlighting the moderating role of data policies. This paper provides valuable insights into the role of big data in shaping internationalization strategies and the policy-driven dynamics of ODI in the digital era.