Digital Transformation,Supply Chain Delivery and the Synergy between Domestic and Foreign Investment of Enterprises
Whether digital transformation can promote cross-border investment among enterprises and the linkage between domestic and foreign markets through the supply chain is of crucial significance for building a dual-circulation development pattern.Based on the data of Chinese listed companies from 2012 to 2021,this paper examines the impact of digital transformation on enterprises'OFDI from the perspective of supply chain spillover.The research results show:digital transformation has significantly promoted enterprises'outward direct investment,not only increasing the probability of enterprises'decision-mak-ing on OFDI,but also significantly promoting the increase in the amount and frequency of investment;the investment promotion effect of digital transformation mainly comes from the application of digital technology by enterprises,rather than digital technology innovation;compared with enterprises in the growth and maturity stages,the promotion effect of digital transformation on the OFDI behavior of enterprises in the recession stage is more obvious;the impact of digital transformation on enterprises'OFDI only has a significant backward supply chain spillover effect,while the forward spillover effect is not significant;the in-crease in internal supply chain risk has a significant negative moderating effect on digital promotion of enterprises'OFDI,while the increase in external supply chain risk has a pos-itive moderating effect.Digital transformation promotes enterprises to enter the international market,it also significantly promotes the expansion and extension of enterprises to other provinces in China and more distant markets,realizing the investment linkage between the foreign market and the domestic market.The research in this paper has certain reference value for the decision-making of enterprises'international operation and the formulation of digital development strategy.
Digital TransformationOFDISupply Chain SpilloverInvestment Synergy
NETL
NSTL
万方数据
