Study On The Influence And Mechanism Of Digital Economy Development Level Of Host Country On China’s Outward Foreign Direct Investment

Against the backdrop of countercurrent economic globalization,digital economy has emerged with advantages such as low cost and high efficiency.It has not only made great contributions to national economic development,but also changed the mode and path of international investment.This has attracted wide attention from governments around the world,who have incorporated digital economy into their economic development strategies and priority areas of action.For China,it is not only concerned about the development level of digital economy at home and committed to building a digital China,but also actively advocates strengthening the construction of digital economy in countries along the Belt and Road and improving the "digital Silk Road".However,due to the existing digital divide,countries along the Belt and Road have different levels of digital economy development,which will restrict the ability of the Belt and Road countries to utilize outward foreign investment and develop their economies.Under the current severe international situation,if China wants to optimize the overseas investment structure,it must improve the accuracy of investment and formulate investment strategies for countries along the routes with different levels of digital economy development.Based on this background,the paper takes 41 countries along the Belt and Road as samples to analyze their digital economy development level,and at the same time discusses the impact of digital economy development of countries along the Belt and Road on China’s outward foreign direct investment,in order to optimize the layout of China’s overseas investment and improve the efficiency of foreign direct investment.This paper studies from the following aspects:(1)China’s outward foreign direct investment in countries along the Belt and Road is analyzed from three aspects:investment scale,investment region and investment industry.(2)Construct an index system based on the four dimensions of digital infrastructure construction,digital economy development environment,digital economy outward competitiveness and digital technology innovation environment,and use the entropy method to measure and analyze the development status of digital economy in countries along the Belt and Road.(3)Analyze the influence path of digital economy on China’s outward foreign direct investment from the theoretical level,and put forward relevant hypotheses.(4)The digital economy development level of countries along the Belt and Road is included in the investment expansion gravity model,and the impact of the digital economy development level of countries along the belt and Road on China’s outward foreign direct investment is empirically-investigated.At the same time,the function mechanism is constructed from three aspects: information transparency,human capital level and innovation ability,and how the digital economy development of countries along the belt and Road attracts China’s outward foreign direct investment.Through the research,this paper draws the following conclusions:(1)Although the scale of China’s outward investment in the countries along the Belt and Road is expanding,the growth rate is slowing down;The investment area is concentrated in Asia,especially Southeast Asia;The investment involves a wide range of industries,among which manufacturing accounts for a relatively high proportion,and the investment structure is constantly optimized.(2)Developed countries along the Belt and Road have a higher level of digital economy than developing countries,and the digital gap is obvious;Different regions and different countries in the same region have higher levels of digital economy development;The digital economy of countries along the Belt and Road is on the rise.(3)Through empirical investigation,it is found that the development level of digital economy in countries along the Belt and Road can significantly attract China’s outward foreign direct investment,"human capital level" and "information transparency" play an intermediary role,and "innovation capability" plays a positive moderating role.At the same time,compared with developing countries,the improved digital economy of developed countries along the Belt and Road can significantly attract China’s outward direct investment.In addition,according to the research conclusions,this paper puts forward five suggestions for the countries along the "One Belt and One Road" and China’s outward foreign direct investment,in order to improve the development level of digital economy in the countries along the Belt and One Road and optimize the structure of China’s overseas investment.