Digital Upgrading of “Post-Investment Management” in Cross-Border Equity Investment: Practices of Financial Monitoring and Strategic Empowerment for Multi-Regional Enterprises

Abstract

In cross-border equity investment, traditional post-investment management faces information decay and decision-making lags due to differences in standards and geographical dispersion. Based on the quasi-natural experiment constructed by the launch of Alpha Capital’s digital platform in 2021, this paper integrates dynamic capabilities theory with the perspective of information asymmetry, proposing a three-tier digital architecture of “data—technology—application.” Using 260 cross-border investments from 2018 to 2024 as a sample, we jointly apply difference-in-differences (DID) and spatial econometric models to examine the causal effect of digital upgrading on post-investment return on investment (ROI) and its spatial spillover.