Abstract
The increasingly widespread impact of the business environment has profoundly changed the efficiency, structure, regional layout, and investment patterns of cross-border enterprises in the current international investment arena. This study examines the digital economy of China's trade using panel data of 53 countries from 2010-2019.The empirical results show that the development of digital economy in host countries can improve the efficiency of China's outward OFDI. After multiple robustness tests, the results remain robust. Finally, the results of the heterogeneity test indicate that the level of digital economy development in high-income countries has the greatest impact on the efficiency of China's OFDI. Therefore, this paper proposes that countries should strengthen the digital economy.
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