数字化转型如何赋能双循环?OACHSSCD

Confronting the dual challenges of slowing export growth and restricted access to critical inputs,ex-panding domestic and international investment portfolios has become a key strategic priority for firms to integrate in-to a dual circulation development pattern in which domestic economic cycle plays a leading role while international economic cycle remains its extension and supplement.However,the implementation of this internal-external linkage encounters twin barriers:external institutional distance and internal resource constraints.During China's transition-al phase,digital transformation,through organizational and operational restructuring,endogenously and systemati-cally enhances firm capabilities in information acquisition,technological innovation,and operational efficiency.This offers a viable strategic pathway to overcome the aforementioned dual constraints and achieve deep integration into dual circulation. Using panel data from A-share listed manufacturing firms in China from 2010 to 2024,this paper employs the geographic scope of corporate investment as a measure of firms' capability to coordinate domestic and international markets and resources.It constructs an analytical framework linking digital transformation to capability enhance-ment and ultimately dual circulation,to empirically examine the empowerment and mechanisms of digital transfor-mation on firms' integration into dual circulation.Results demonstrate that digital transformation promotes firms' out-ward expansion and inward deepening,facilitating dual circulation.Specifically,firms with higher digital transfor-mation exhibit broader investment coverage across domestic provincial-level regions and overseas host countries.Mechanism analyses reveal three primary channels:information acquisition,technological innovation,and produc-tivity enhancement.Heterogeneity analyses indicate that the promotional effect is more pronounced among firms in central-western regions and inland areas.Meanwhile,firms with high trade dependence achieve a two-way expan-sion of both domestic and overseas investment breadth through digital transformation,while those with low trade de-pendence mainly exhibit inward-focused empowerment in domestic investment breadth.Furthermore,the effect is more prominent among firms with risk-preferring executives and stronger risk-bearing capacity. The findings yield several policy implications:(1)deepening the integration of traditional manufacturing and digital industries;(2)enhancing policy support systems to enable firms to leverage digital transformation for im-proved information acquisition,technological innovation,and productivity;(3)implementing targeted digital trans-formation support strategies based on firm differences in trade dependence;(4)improving firms' digital and cross-regional risk management capabilities;and(5)building integrated digital cooperation networks that link domestic and international markets to drive market connectivity.This paper not only advances theoretical research on the dig-ital economy and corporate spatial strategies but also provides direct micro-level empirical evidence of how the digit-al economy promotes dual circulation.