Abstract: Guiding the rational allocation of manufacturing capital among regions is the key to achieving common prosperity among regions and improving the domestic economic circulation.This paper investigates the impact of digital transformation on the trans-regional investment of manufacturing enterprises based on the Firm Boundary Theory:(1) Digital transformation can promote the trans-regional investment of manufacturing enterprises by reducing the coordination costs within the organization.(2) In the process of digital transformation of manufacturing enterprises,their trans-regional investment structure is more inclined to service-oriented business.(3) In general,digital transformation has made investment agglomerate in developed regions,but as the economic gap between regions narrows,this agglomeration effect will be weakened.In the future,we should continue to increase the investment in the digital transformation of manufacturing,and guide the manufacturing capital to developing areas.

Key words: digital transformation, manufacturing, listed companies, the Firm Boundary Theory, trans-regional investment