The mechanism of digital transformation promoting enterprise outward foreign direct investment: an analysis based on panel quantile regression and multiple mediation effects

Shasha Hao, Wenhui Chen () and Qing Mu
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Shasha Hao: Beijing University of Chemical Technology
Wenhui Chen: Beijing University of Chemical Technology
Qing Mu: Tsinghua University Carbon Neutrality Research Institute, Tsinghua University

International Economics and Economic Policy, 2026, vol. 23, issue 1, No 3, 34 pages

Abstract: Abstract Since the Belt and Road Initiative (BRI) was proposed in 2013, China’s outward foreign direct investment (OFDI), as a key driver of high-quality economic development, has become the core path of enterprise internationalization. However, existing studies have paid less attention to the heterogeneous impacts of digital transformation on OFDI at the micro-firm level. Using data from Shanghai and Shenzhen A-share listed enterprises from 2006 to 2022, this study finds that digital transformation significantly promotes corporate OFDI. Through the multiple mediation effect model, stepwise regression method, and bias-corrected nonparametric percentile Bootstrap method, this study further finds that this facilitation is achieved by enhancing ESG performance, reducing financing constraints, and enhancing innovation capacity. Then panel quantile regression reveals an “M-shaped” marginal effect: as OFDI increases, the promotion effect first rises, then falls, and rises again. Heterogeneity analysis shows spatial and temporal characteristics and regional differences. Enterprises are advised to leverage digital transformation to accelerate internationalization and upgrade strategies.

Keywords: Digital transformation (DX); Outward foreign direct investment (OFDI); Multiple intermediation effect; Panel quantile regression model; The Belt and Road Initiative (BRI) (search for similar items in EconPapers)
Date: 2026
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DOI: 10.1007/s10368-025-00697-1

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