New forms and models of foreign trade, standardization construction and enterprises “going global”: a dual machine learning perspective

Cross-border e-commerce is a significant new forms and models of foreign trade and an important measure to promote enterprises “going global”. This paper is based on data from Chinese A-share listed companies in Shanghai and Shenzhen from 2011 to 2024. In order to improve the accuracy of the model and reduce bias-variance trade-off, it uses a dual machine learning perspective to analyze the impact mechanism of China cross-border e-commerce comprehensive pilot area on enterprises “going global” through direct and indirect channels and conducts empirical tests on it. The research results show that: China cross-border e-commerce comprehensive pilot area has a significant positive impact on enterprises “going global”. From the perspective of the impact mechanism, it can promote enterprises to go global by alleviating financing constraints, enhancing enterprise innovation levels, and increasing inward connections. The impact of it on different types of enterprises is heterogeneous, beneficial for non-state-owned holding enterprises, non-international enterprises, and green mergers and acquisitions enterprises to “go global”. Further research indicates that China cross-border e-commerce comprehensive pilot area exert a significant positive influence on the total number of digital outbound foreign direct investment transactions, yet exert no substantial effect on the frequency of OFDI. Their enabling capacity is constrained by institutional environments. Moreover, standardization initiatives exert a significant positive moderating effect on the promotion of enterprises’ “going global” within China cross-border e-commerce comprehensive pilot areas. By unifying rules and standards, these areas can enhance their capacity to empower enterprises in their global ventures. This paper enriches the research on the influencing factors of enterprises “going global” and the policy value of it. The conclusion brings new opportunities for the international development of enterprises.