数实融合能否改善要素市场扭曲

Does the Integration of the Digital Economy and Real Economy Improve the Distortion of Factor Markets?

基于我国2013—2020年省级面板数据,在测度数实融合水平的基础上分别采用双向固定效应模型、面板门槛模型实证检验数实融合对要素市场扭曲的影响机制与效应。研究发现,数实融合有利于改善要素市场扭曲,该结论在多种稳健性检验和内生性检验下依然成立;面板门槛模型分析显示,数实融合对改善要素市场扭曲存在以数字经济发展水平、实体经济规模为门槛变量的递增型非线性特征;区域异质性分析发现,数实融合对中西部以及处于非长江经济带的地区要素市场扭曲改善作用较强;驱动路径分析表明,数实融合主要通过改善资本市场要素扭曲来改善整体的要素市场扭曲,对劳动力市场要素扭曲和能源市场要素扭曲的改善作用尚不明确。

Based on provincial-level panel data from 2013 to 2020 in China,this paper measures the level of digital and real economy integration and empirically tests the impact mechanism and effect of digital and real economy integration on factor market distortion using a bidirectional fixed effects model and a panel threshold model,respectively.It finds that the integration is beneficial for improving factor market distortions,and this conclusion remains valid under various robustness and endogeneity tests.The panel threshold model analysis shows that the integration has an increasing nonlinear characteristic in improving factor market distortion,with the digital economy's development level and the real economy's size as threshold variables.Regional heterogeneity analysis finds that the integration has a strong effect on improving factor distortion in the central and western regions and those located in the non-Yangtze River economic belt.The driving path analysis shows that the integration mainly improves the overall factor market distortion by improving the distortion of capital market factors.The improvement effect on the distortion of labor factor market and energy factor market is not yet clear.