【摘要】 随着国际贸易摩擦加剧、技术民族主义兴起以及全球供应链脱钩风险上升，企业如何进行对外投资成为重点话题。本研究基于对国际生产折衷模型（OLI模型）在逆全球化背景下的扩展分析，探讨了企业数字化能力对友岸投资（即向双边关系友好国家投资）的影响及其行业异质性。利用我国2013—2021年1031家A股制造业上市企业对外投资数据，分析结果表明：企业数字化能力对友岸投资具有正向影响，行业不确定性、行业竞争强度及地缘政治高风险行业削弱了这一影响。本研究拓展了OLI模型在逆全球化背景下的理论内涵，为理解企业数字化和友岸投资之间关系提供新的视角。更多还原

【Abstract】 Against the backdrop of intensifying international trade tension, rising technological nationalism and increasing global decoupling risks, how firms should engage in foreign investment becomes a key topic. Building on an extended analysis of the OLI(Ownership, Location, Internalization) model in the context of deglobalization, this study examines the impact of firms’ digital capabilities on their friend-shoring investments(that is, the investments in host countries with friendly bilateral relations to their home countries), and how these effects vary across different industries. Using data from 1,031 A-share listed manufacturing companies in China from 2013 to2021, the results show that firms’ digital capabilities positively influence friend-shoring investments, while industry uncertainty, competition intensity, and high geopolitical risk industries weaken this effect. This study expands the theoretical implications of the OLI model in the context of deglobalization and provides a new perspective for understanding the relationship between firms’ digital capabilities and friend-shoring investments.更多还原