数字化转型如何赋能双循环？

——基于企业投资地理广度的微观证据

陈凤兰¹，梁豪浲¹，吴祯²

（1. 深圳大学 经济学院，广东 深圳 518055；

2. 中国人民大学 经济学院，北京 100872）

摘要：面对出口增长放缓与关键投入品进口受限的双重约束，拓展国内外投资布局以实现双循环，已成为企业把握发展主动权的关键举措。基于2010—2024年沪深A股制造业上市公司数据，以企业投资地理广度表征其统筹利用国内国际两个市场、两种资源的能力，实证检验数字化转型对双循环的影响及其作用机制。研究发现，数字化转型能够促进企业拓展投资地理广度，有效赋能双循环，具体表现为数字化转型程度越高的企业，其国内异地投资省份与海外投资东道国的覆盖范围越广。机制检验结果表明，数字化转型通过提升企业信息获取能力、技术创新水平与全要素生产率促进双循环。异质性分析结果显示，该促进作用在中西部地区与内陆地区、风险承担能力强和高管风险偏好高的企业中更为明显；同时，高外贸依存度企业借助数字化转型实现国内外投资广度的双向拓展，而低外贸依存度企业则表现为国内投资广度的内向赋能。研究结论为理解数字化转型如何通过拓展企业市场空间布局来服务新发展格局提供了微观证据，并为利用数字化工具促进区域协调发展与优化全球投资布局提供了政策启示。

基金项目：国家社会科学基金重点项目“全球产业链收缩对中国产业链影响机制研究”（21AJY003）；广东省自然科学基金面上项目“产业链国内循环赋能制造企业国际化发展的机制、障碍和对策研究”（2025A1515012167）；深圳市自然科学基金面上项目“人工智能与企业供应链安全：基于工业机器人应用的证据”（JCYJ20240813142305007）

关键词：数字化转型；双循环；海外投资；异地投资；投资地理广度

作者简介：陈凤兰，深圳大学经济学院助理教授、特聘副研究员，通信作者；梁豪浲，深圳大学经济学院硕士研究生；吴祯，中国人民大学经济学院博士研究生。

引用格式：陈凤兰,梁豪浲,吴祯.数字化转型如何赋能双循环?——基于企业投资地理广度的微观证据[J].首都经济贸易大学学报,2026,28(3):71-87.

How Does Digital Transformation Empower Dual Circulation?

—Micro-Evidence from Geographic Scope of Corporate Investment

CHEN Fenglan¹, LIANG Haofeng¹, WU Zhen²

（1. Shenzhen University, Shenzhen 518055;

2. Renmin University of China, Beijing 100872）

Abstract: Confronting the dual challenges of slowing export growth and restricted access to critical inputs, expanding domestic and international investment portfolios has become a key strategic priority for firms to integrate into 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 transitional phase, digital transformation, through organizational and operational restructuring, endogenously and systematically 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 enhancement and ultimately dual circulation, to empirically examine the empowerment and mechanisms of digital transformation on firms' integration into dual circulation. Results demonstrate that digital transformation promotes firms' outward expansion and inward deepening, facilitating dual circulation. Specifically, firms with higher digital transformation exhibit broader investment coverage across domestic provincial-level regions and overseas host countries. Mechanism analyses reveal three primary channels: information acquisition, technological innovation, and productivity 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 expansion of both domestic and overseas investment breadth through digital transformation, while those with low trade dependence 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 improved information acquisition, technological innovation, and productivity; (3) implementing targeted digital transformation 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 digital economy and corporate spatial strategies but also provides direct micro-level empirical evidence of how the digital economy promotes dual circulation.

Keywords: digital transformation; dual circulation; overseas investment; inter-regional investment; geographic scope of investment

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