Abstract: Promoting the high-quality development of securities firms’ wealth management services is not only a key lever for optimizing the service functions of the capital market, but also a strategic measure to accelerate the construction of a strong financial country. Breaking through the limitations of existing literature that only focuses on the one-dimensional impact of digital transformation or international operations, this article uses a two-way fixed effects panel regression model based on the full sample data of the securities industry from 2017 to 2021 to systematically examine the mechanism and impact of digital transformation combined with international operations on the high-quality development of securities firms' wealth management services. The results show that the coordinated development of digital transformation and international operations helps to promote the expansion and structural optimization of securities firms’ wealth management business, thereby achieving a leap in service level. Channel testing found that the combined effect of the two factors helps to activate customer securities trading behavior and increase the sales rate of wealth management products, but the impact on investment consulting services is relatively limited. The conclusion of this study provides important theoretical support for Chinese financial institutions to deeply grasp the operating rules of the cross-border wealth management market, and at the same time provides empirical evidence and decision support for them to break through the bottleneck of overseas market development and achieve global strategic layout.

Key words: international operation, digital transformation, wealth management, high level opening-up to the outside world, high-quality development