数字化转型对中国企业对外直接投资的影响分析OACHSSCD

Against the backdrop of"Digital China",leveraging digital transformation as an opportunity to promote outward foreign direct investment(OFDI)holds significant importance for advancing high-level opening-up.This paper first constructs a theoretical framework for analyzing the impact of digital transformation on enterprises'OFDI.Based on data from A-share listed companies in China between 2009 and 2024,an econometric model is established to empirically examine the effects and mechanisms of digital transformation on Chinese enterprises'OFDI.The findings are as follows:(1)digital transformation significantly promotes Chinese enterprises'OFDI,a conclusion that remains robust after a series of rigorous tests.(2)The promotional effect of digital transformation on OFDI is notably stronger for high-tech enterprises compared to non-high-tech enterprises.Additionally,the im-pact of digital transformation on OFDI is more pronounced among enterprises in eastern China than those in central and western re-gions.(3)Digital transformation facilitates Chinese enterprises'OFDI primarily by alleviating financing constraints and enhancing product market competitive advantage.(4)Economic policy uncertainty negatively moderates the relationship between digital trans-formation and Chinese enterprises'OFDI,with higher uncertainty weakening the influence of digital transformation on OFDI.