【摘要】 面对复杂多变的国际环境，数智化转型为外向型企业提供了新增长极，通过驱动“价值跃迁”优化企业海外投资结构。以2010—2024年存在过对外直接投资（OFDI）的沪深A股上市公司为样本，在价值驱动视角下探究数智化转型对企业OFDI深度与广度的影响与作用机制。研究结果表明：数智化转型作为重塑企业内部价值链的重要组织升级过程，能显著提升OFDI深度与广度；机制检验表明，数智化转型能促进企业“微笑曲线”两端进一步抬升，即通过提升企业技术价值与品牌价值来提高OFDI深度与广度。当企业将战略重心聚焦于价值创造活动，及管理层具备长期导向时，数智化转型对OFDI二元边际的促进作用将显著增强。异质性分析表明，数智化转型对OFDI二元边际的促进作用在非国有、高对外开放区域及高市场势力的企业中受益更明显。非高新技术企业数智化转型下有助于OFDI深度提高，高新技术企业在数智化转型下则更易提升OFDI广度。本研究结论为优化中国企业全球布局及实现高质量“走上去”战略提供了理论依据与实践启示。更多还原

【Abstract】 Amid volatile international conditions, digital and intelligent transformation creates new growth momentum for export-oriented enterprises by enabling “value leapfrogging” to optimize overseas investment structures. Analyzing Shanghai/Shenzhen A-share listed firms with outward direct investment(OFDI) during 2010-2024, this study examines how digital and intelligent transformation affects OFDI depth and breadth from a value-driven perspective. Results demonstrate that digital and intelligent transformation, as a critical organizational upgrade process that reshapes the internal value chain of enterprises, can significantly enhance the depth and breadth of outbound foreign direct investment(OFDI). Mechanism tests establish that this transformation elevates both ends of the “smile curve” through augmented technological and brand value, thereby strengthening OFDI depth and breadth. The effect intensifies when firms prioritize value-creation activities and management maintains long-term orientation. Heterogeneity analysis reveals stronger impacts among non-SOEs, firms in highopenness regions, and enterprises with substantial market power. Non-high-tech firms primarily achieve OFDI depth gains through digital and intelligent transformation, while high-tech firms attain greater breadth expansion. These findings offer theoretical and practical guidance for optimizing Chinese enterprises’ global deployment and high-quality “Go-up” strategy.更多还原