华北水利水电大学学报（社会科学版）

基于我国2010—2022年对28个欧盟成员国直接投资的面板数据，从基础作用、机制作用和异质作用三方面考察欧盟成员国数字经济发展对中国对外直接投资效率的影响。研究发现：欧盟成员国数字经济发展显著提升了中国对外直接投资效率，结论经多种工具检验后依然稳健；就作用机制而言，在制度效应、产业效应和创新效应的调节下，成员国数字经济发展能够通过提升制度质量、优化产业结构和提高创新能力三种渠道驱动中国对外直接投资效率提升；中东欧国家和知识产权保护力度强的国家数字经济发展对中国对外直接投资效率提升的影响更显著。因此，应大力支持中国企业开展对欧盟成员国直接投资，加强中欧双方数字经济发展联动，积极构建数字经济投资合作发展机制，以实现中国对外直接投资高质量发展。

Based on panel data of China's direct investment in 28 EU member states from 2010 to 2022, this study examines the impact of EU member states' digital economy development on the efficiency of China's outward direct investment from three aspects: fundamental role, mechanism role, and heterogeneous role. Research has found that the development of digital economy in EU member states has significantly improved the efficiency of China's outward foreign direct investment, and the conclusion remains robust even after being tested using various tools; In terms of mechanisms, under the moderating effects of institutional effects, industrial effects, and innovation effects, the development of digital economy in member countries can drive the efficiency improvement of China's outward foreign direct investment through three channels: improving institutional quality, optimizing industrial structure, and enhancing innovation capabilities. Heterogeneity analysis shows that the development of digital economy in Central and Eastern European countries and countries with strong intellectual property protection has a more significant impact on the efficiency improvement of China's outward foreign direct investment. Therefore, we should strongly support more Chinese enterprises to carry out direct investment in EU member states, strengthen the linkage of digital economy development between China and Europe, actively build a mechanism for digital economy investment cooperation and development, in order to achieve high-quality development of China's outward direct investment.