The Impact of the Digital Economy on Financial Regulatory Costs: An Empirical Analysis Based on the Solow Growth Model

As a novel economic form,the digital economy is reshaping the financial regulatory landscape and significantly impacting regulatory costs.This paper incorporates the digital economy and financial regulatory costs into the classic Solow growth model,uncovering an inverted U-shaped relationship between them.A subsequent mechanism analysis explains the rationale behind this relationship.To empirically examine this relationship in China,the paper utilizes inter-provincial panel data from 2013 to 2021 and employs methodologies such as the two-way fixed effects and moderating effects models.These analyses have important implications for the sound and sustainable development of China’s financial industry.The findings indicate:(a)As China’s digital economy develops,its impact on financial regulatory costs follows an inverted U-shaped pattern,initially increasing and then declining.This conclusion remains valid after robustness tests.(b)The influence of the digital economy on regulatory costs depends on favorable external conditions.Specifically,the impact is more pronounced in regions and periods with better digital infrastructure and more abundant human capital.(c)Additionally,redundant resources moderate this impact,which can weaken the inverted U-shaped relationship.Our findings not only provide a theoretical foundation for understanding the impact of the digital economy on financial regulatory costs but also offer valuable policy insights for optimizing financial regulation in China.

Research on the Digital Economy's Impact on China's Economic Growth:Based on the Variations in Urbanization Levels Across China's Eastern,Central,and Western Regions and Sectoral Heterogeneity

This paper uses inter-provincial panel data from 2011 to 2017,a linear regression model,and a threshold model to conduct empirical analyses of the impact of the digital economy on China's overall economic growth and the three main sectors of industry.The paper then investigates the impact and effects the digital economy has had on the economic growth of the three main sectors of industry in China's eastern,central,and western regions.Finally,the paper investigates the most significant differences among the various regions and the threshold effects of urbanization levels on the relationship between the digital economy and economic growth.The findings indicate a significantly positive correlation between the digital economy and regional economic growth.Moreover,geographical factors notably influence this correlation.The digital economy exerts a positive effect on all sectors of industry.It may not substantially impact industrial development in regions with highly developed infrastructure.Regarding the other regions,the digital economy exhibits varying degrees of impact due to the differences in the specific indicators.The conclusion drawn by the threshold model is that the magnitude of the threshold effect correlates with geographic factors.No threshold effect was observed in the eastern region,while the threshold effect occurred in the central region when the urbanization levels for the provinces were below 0.6645.Similarly,the threshold effect was noted in the western region when the urbanization level was below 0.3931.Considering all of this,the study also offers policy recommendations that will help balance the regional development of digital economies,accelerate the digital transformation of traditional industries,enhance digital infrastructure construction,refine the formulation and implementation of data policy,and establish relevant incentive mechanisms.

Does digitalization mitigate regional inequalities?Evidence from China

Regional inequality significantly influences sustainable development and human well-being.In China,there exists pronounced regional disparities in economic and digital advancements;however,scant research delves into the interplay between them.By analyzing the economic development and digitalization gaps at regional and city levels in China,extending the original Cobb-Douglas production function,this study aims to evaluate the impact of digitalization on China's regional inequality using seemingly unrelated regression.The results indicate a greater emphasis on digital inequality compared to economic disparity,with variable coefficients of 0.59 for GDP per capita and 0.92 for the digitalization index over the past four years.However,GDP per capita demonstrates higher spatial concentration than digitalization.Notably,both disparities have shown a gradual reduction in recent years.The southeastern region of the Hu Huanyong Line exhibits superior levels and rates of economic and digital advancement in contrast to the northwestern region.While digitalization propels economic growth,it yields a nuanced impact on achieving balanced regional development,encompassing both positive and negative facets.Our study highlights that the marginal utility of advancing digitalization is more pronounced in less developed regions,but only if the government invests in the digital infrastructure and education in these areas.This study's methodology can be utilized for subsequent research,and our findings hold the potential to the government's regional investment and policy-making.

Dynamic experimental study on rock meso-cracks growth by digital image processing technique

A new meso-mechanical testing scheme based on SEM was developed to carry out the experiment of microfracturing process of rocks. The microfracturing process of the pre-crack marble sample on surrounding rock in the immerged Long-big tunnel in Jinping Cascade II Hydropower Station under uniaxial compression was recorded by using the testing scheme. According to the stereology theory, the propagation and coalescent of cracks at meso-scale were quantitatively investigated with digital technology. Therefore, the basic geometric information of rock microcracks such as area, angle, length, width, perimeter, was obtained from binary images after segmentation. The failure mechanism of specimen under uniaxial compression with the quantitative information was studied from macro and microscopic point of view. The results show that the image of microfracturing process of the specimen can be observed and recorded digitally. During the damage of the specimen, the distribution of microcracks in the specimen is still subjected to exponential distribution with some microcracks concentrated in certain regions. Finally, the change law of the fractal dimension of the local element in marble sample under different external load conditions is obtained by means of the statistical calculation of the fractal dimension.

Digital Economy, Financial Inclusion and Inclusive Growth

This paper represents an early attempt to investigate whether digital finance driven by the internet revolution helps promote inclusive growth in China.We match the Index of Digital Financial Inclusion,which measures digital finance development in China,with data of the China Family Panel Studies(CFPS),which provide representative household survey data in China.Firstly,based on sub-sample empirical analysis,we find that digital finance has helped increase household income,especially rural household income,in China.Thus,digital finance is conducive to inclusive growth in China by narrowing regional and urban-rural gaps.Secondly,we examine how digital finance spurs inclusive growth in China by bringing rural households equal access to entrepreneurship opportunities.Lastly,we uncover how digital finance interacts with physical capital and social capital in promoting entrepreneurship,concluding that households with less physical or social capital had bene fited more,which is also conducive to inclusive growth.

Digital Transformation:Reshaping China’s Development Landscape

The Chinese economy is currently undergoing a digital transformation.New growth drivers are replacing old ones,creating a new development landscape.Countries with strong digital industries will be the first to reap the benefits of digitalization.For China,the transformation to a digital economy is both of inevitability and heterogeneity fueled by dual circulations.Crowded out from more skill-based digitalized sectors,less-skilled labor moves to less digitalized sectors.New capital,industries and technology clusters emerge as new drivers of manufacturing and service sector development.With its large domestic market and industrial competitiveness,China has fostered a new development landscape of“dual circulations”.

Information Models for Forecasting Nonlinear Economic Dynamics in the Digital Era

The aim of this study was to develop an adequate mathematical model for long-term forecasting of technological progress and economic growth in the digital age (2020-2050). In addition, the task was to develop a model for forecast calculations of labor productivity in the symbiosis of “man + intelligent machine”, where an intelligent machine (IM) is understood as a computer or robot equipped with elements of artificial intelligence (AI), as well as in the digital economy as a whole. In the course of the study, it was shown that in order to implement its goals the Schumpeter-Kondratiev innovation and cycle theory on forming long waves (LW) of economic development influenced by a powerful cluster of economic technologies engendered by industrial revolutions is most appropriate for a long-term forecasting of technological progress and economic growth. The Solow neoclassical model of economic growth, synchronized with LW, gives the opportunity to forecast economic dynamics of technologically advanced countries with a greater precision up to 30 years, the time which correlates with the continuation of LW. In the information and digital age, the key role among the main factors of growth (capital, labour and technological progress) is played by the latter. The authors have developed an information model which allows for forecasting technological progress basing on growth rates of endogenous technological information in economics. The main regimes of producing technological information, corresponding to the eras of information and digital economies, are given in the article, as well as the Lagrangians that engender them. The model is verified on the example of the 5th information LW for the US economy (1982-2018) and it has had highly accurate approximation for both technological progress and economic growth. A number of new results were obtained using the developed information models for forecasting technological progress. The forecasting trajectory of economic growth of developed countries (on the example of the USA) on the upward stage of the 6th LW (2018-2042), engendered by the digital technologies of the 4th Industrial Revolution is given. It is also demonstrated that the symbiosis of human and intelligent machine (IM) is the driving force in the digital economy, where man plays the leading role organizing effective and efficient mutual work. Authors suggest a mathematical model for calculating labour productivity in the digital economy, where the symbiosis of “human + IM” is widely used. The calculations carried out with the help of the model show: 1) the symbiosis of “human + IM” from the very beginning lets to realize the possibilities of increasing work performance in the economy with the help of digital technologies;2) the largest labour productivity is achieved in the symbiosis of “human + IM”, where man labour prevails, and the lowest labour productivity is seen where the largest part of the work is performed by IM;3) developed countries may achieve labour productivity of 3% per year by the mid-2020s, which has all the chances to stay up to the 2040s.

Statistical learning prediction of fatigue crack growth via path slicing and re-weighting

Predicting potential risks associated with the fatigue of key structural components is crucial in engineering design.However,fatigue often involves entangled complexities of material microstructures and service conditions,making diagnosis and prognosis of fatigue damage challenging.We report a statistical learning framework to predict the growth of fatigue cracks and the life-to-failure of the components under loading conditions with uncertainties.Digital libraries of fatigue crack patterns and the remaining life are constructed by high-fidelity physical simulations.Dimensionality reduction and neural network architectures are then used to learn the history dependence and nonlinearity of fatigue crack growth.Path-slicing and re-weighting techniques are introduced to handle the statistical noises and rare events.The predicted fatigue crack patterns are self-updated and self-corrected by the evolving crack patterns.The end-to-end approach is validated by representative examples with fatigue cracks in plates,which showcase the digital-twin scenario in real-time structural health monitoring and fatigue life prediction for maintenance management decision-making.

数字经济发展与区域经济收敛——基于动态空间面板模型的实证研究

数字经济发展对于扎实推进共同富裕具有重要意义。基于经济增长条件收敛模型,采用动态空间杜宾模型实证考察数字经济发展对区域经济增长收敛的影响。研究发现:考察期内全国经济增长具有显著的条件收敛特征,数字经济发展显著促进了区域经济收敛;东中西部地区和南北地区均存在明显的俱乐部收敛现象,仅东部地区和南方地区数字经济发展能够显著缩小地区经济差距;东部地区数字经济发展对本地区及邻近地区的经济增长均具有显著的正向累积效应,西部地区数字经济发展的空间溢出效应为负。为此,提出以下政策建议:一是充分把握数字经济发展机遇,二是巩固数字经济的区域经济收敛效应,三是推行差异化的数字经济政策,四是推动数字经济均衡发展。

数字经济背景下消费增长困境与对策

数字经济作为一种新经济形态,通过制度环境重塑机制、供需对接便利机制和供给质量提升机制对居民消费产生积极影响。在实践中,数字经济助力提升居民消费也存在数字鸿沟导致的消费排斥困境、数字技术导致的消费选择困境和数字营销导致的消费安全困境,需要从充分挖掘农村消费潜力、持续培育消费信任和全面提升消费安全保障等三个方面采取措施,以扩大国内需求、培育壮大新型消费。

数字情境下产品创新对新企业成长的影响

以数字情境下新企业为研究对象,构建产品创新、投机导向、不良竞争和新企业成长间的关系模型。通过对北京、深圳、上海等城市的350份新企业样本的实证研究发现:数字情境下产品创新积极影响新企业成长,即数字技术赋能新企业高效率整合内外部资源,以更好地发挥产品创新的推动作用;投机导向抑制了产品创新对新企业成长的积极影响,即投机导向越高,产品创新的积极影响受到制约越强;不良竞争行为抑制了产品创新对新企业成长的积极影响,即不良竞争行为越强,产品创新的积极影响受到制约越强。

面向数字社会的学生社群互动行为分析

命运与共是当今世界的显著标志,人际交往对于社会生产与发展具有重要现实意义。信息技术的发展扩大了学生的成长空间,数字交往成为当代学生主要的人际互动形式,网络社群则成为学生成长的主要空间。然而,这也导致学生直面数字社交带来的交往异化和主体性丢失问题。因此,研究从交往理性的视角构建了数字社会CSS架构,涵盖数字文化(Digital Culture)、主体空间(Individual Space)和社会秩序(Social Order)三个层面,该架构为数字社会成员在新时代的生存发展和社会交往提供了可信机理。基于此架构详细分析了个体面向数字社会所应具备的胜任能力,具体包含数字文化中的工具意识、数字素养和主体效能;主体空间中的自我意识、身份认同和行为约束以及社会秩序中的群体意识、情绪驾驭和社会参与。

数字经济赋能养老产业的增长路径研究

数字经济的发展为养老产业增长注入新动能,智慧养老成为一种有效应对人口老龄化的数字化治理模式,推动养老产业增长。基于组态视角,采用模糊集定性比较分析方法(fsQCA),以养老产业增长为结果变量,以中国内地30个省级行政区(不含数据缺失较多的西藏)为案例,从数字经济的基础、发展及规模三个维度,探寻数字经济发展赋能养老产业增长的组态路径,为养老产业的数字化转型提供参考。研究发现:数字经济单一要素并不构成养老产业高增长水平的必要条件,养老产业高增长水平是数字经济多种要素协同作用的结果;“数字基础设施”与“数字人才”是各地发展养老产业的核心要素,“数字应用”、“数字交易”及“数字金融”等要素更多情况下作为辅助条件发挥作用;“数字基础设施+数字人才”奠基型、“数字人才+数字应用”推动型、“数字化基础+规模”驱动型、“数字化基础+发展+规模”引领型是四条有效增长养老产业的路径。基于此,提出发挥要素协同作用、强化数字化基础建设及打造数字化养老平台等对策建议,从而实现养老产业的高质量增长。

数字经济发展协同推进增长降碳的动态效应研究

构建居民、厂商(包含数字经济厂商)、政府3部门DSGE模型,重点研究数字基础设施、数字产业化、产业数字化等随机冲击协同推进增长降碳的动态效应及其传导机制。研究发现:数字基础设施、数字产业化、产业数字化3类数字经济随机技术冲击能够有效促进经济增长并减缓碳排放总量和碳排放强度;数字经济投资冲击能够显著减缓碳排放总量和碳排放强度,对数字经济产出和经济增长也有正向促进作用;数字经济对新型基础设施投资推动效应越强,所引致的环境经济效果越佳;数字经济结构调整能够显著推进数字经济产出和碳减排。整体来看,数字经济随机技术冲击、数字经济投资冲击、数字经济结构调整等不同政策呈现出增长降碳协同效应。

基于宏观视角的灵活就业助推居民收入增长研究

收入是扩大消费的基础,在当前我国面临有效需求不足压力的情况下,有效增加居民收入是激发有潜能消费的关键。从宏观视角全面分析灵活就业对居民收入的影响,以弥补已有文献从微观视角分析的理论局限性。灵活就业是与数字经济发展相适应的新就业形态,因而数字经济的信息获取便利性和赋能机制为增加居民收入提供了新的可能,主要表现为就业的创造效应和收入提升效应。基于2006-2020年省级面板数据,实证检验了灵活就业对居民收入的影响及其内在机制。进一步的政策调节效应和区域异质性分析表明,地方政府出台有关促进灵活就业发展的相关政策能够有效增强灵活就业对居民收入的提升作用,而且东部地区灵活就业对居民收入的提升作用较为显著。针对灵活就业发展中存在的主要问题,提出要在规范中大力发展灵活就业等新就业形态,起到助推我国数字经济发展和居民收入增长“一石两鸟”作用。

数字经济时代区域经济下行风险防范与应对:基于GaR模型的实证分析

防范化解重大经济金融风险是保障我国经济高质量发展的关键,数字经济发展为积极应对经济下行压力、快速转换经济增长动力、统筹兼顾“稳增长”与“防风险”提供了新的契机。基于内生增长理论模型和“在险增长”(GaR)实证研究框架,演绎了数字经济发展的理论机理,使用我国2011-2022年期间226个地级市的季度数据测度了区域经济下行风险,实证考察了数字经济发展对区域经济下行风险的作用效果。结论表明:数字经济发展能够有力防范区域经济下行风险;通过促进产业转型升级、挖掘城市市场潜力、激活乡村消费活力以及增强大众创业动力,数字经济能够发挥资本渗透与技术溢出的间接效应。进一步分析表明,数字经济在缺乏区位优势、经济基础较弱的城市作用效果并不显著,加快数字基础设施建设能够调节风险防范效应的空间异质性。研究结果对研判宏观经济增长不确定性、加快发展新质生产力、推动经济实现质的有效提升和量的合理增长具有重要意义。

数字经济、统一大市场建设与经济增长

在建设全国统一大市场背景下,利用省级面板数据经验分析数字经济对中国经济增长的影响及内在机理。微观上数字经济会延后边际报酬递减的到来,释放生产与消费潜能,降低交易费用,提高企业生产运营效率;中观层面,数字经济通过与传统产业的深度融合,促进产业组织升级;宏观上数据作为新型要素进入生产过程中,提高资本、劳动力等要素的生产率,为经济增长提供了新动力。由此可见,数字经济能够显著促进经济增长,然而由于潜藏的数字安全隐患,二者间呈倒U型作用关系。分维度回归结果表明,数字产业化对经济增长的促进效应最强,数字基础设施次之。在此基础上,通过构建市场潜能指数来衡量统一大市场的建设水平,并以此作为中介变量分析数字经济对经济增长的作用机制。数字经济会通过促进国内统一大市场的形成为中国经济增长赋能。异质性分析显示,数字经济对经济增长的促进效应在市场化水平、政策出台数量和时段、创新能力、人力资本水平及资源配置能力等方面均存在差异,数字经济能够对资源禀赋不佳的地区“补短板”“纠错配”,从而减缓其对经济增长的消极影响,具有一定的普惠特征。研究结论可以为推动统一大市场建设、促进经济增长提供经验证据和有益的启示。

数字经济对区域经济增长收敛的影响研究

共享型经济的发展对落后地区经济增长和推动共同富裕具有重大意义。本文以2013~2022年长江经济带的110个城市为研究样本,将数字经济纳入空间杜宾模型分析框架,实证考察数字经济对区域经济增长收敛的影响。研究发现:(1)长江经济带城市的经济增长总体上呈明显的收敛态势,数字经济的发展能够显著促进经济增长收敛,且这一结论在替换空间权重矩阵及解释变量后依然成立;(2)长江经济带城市经济增长的收敛性存在一定的空间溢出效应,且数字经济对经济增长收敛的促进作用也存在明显的空间溢出效应;(3)从空间维度来看,数字经济对经济增长收敛的促进作用在长江经济带上游城市影响最大,中游城市次之,下游城市最小;(4)从时间维度来看,2013~2022年期间长江经济带的收敛速度呈现逐步增长的趋势,且数字经济对经济增长收敛的影响具有明显的缓冲期,2016年以后其促进作用才显现出来。

应激相关成长:数智时代应激研究的挑战和创新

在数字智能时代的背景下,个体所遭遇的社会压力和心理挑战日益复杂多元,使得应激相关成长这一积极适应策略的重要性愈发显著.以数字智能时代为背景,阐述应激相关成长的定义及其相关性指标(如抑制控制和认知灵活性),并强调其在帮助个体应对压力和创伤后积极成长的重要性.在论述认知机制时,提出认知重评、自我肯定和意义建构等适应策略在推动应激相关成长方面的关键性作用.在神经机制的讨论中,基于三元情感神经模型,推断这3种认知过程的对应神经机制,包括奖赏系统、杏仁核以及默认模式网络的激活.在对应激相关成长的干预措施方面,数字化干预可能提供了一种实现应激干预心理服务普及化和公平性的新途径.建议未来的研究能够考虑到个体差异,基于认知神经机制,利用智能平台的多模态数据来提升评估的准确性,同时采用机器学习等前沿技术来提高干预的效果,从而提升个体的应激相关成长.

数字化投资与认知互补增效——高层梯队理论视角

数字化转型需要企业认知转变与资金投入的共同推动,即数字化认知与数字化投资的互补增效,而高管团队的结构特征在其中扮演重要作用.根据高层梯队理论,高管团队的背景结构影响传统企业的数字化认知,成为数字化投资能否为企业增效的关键影响因素.本研究基于208家医药上市企业2010年—2019年的非平衡面板数据,分析并检验了高管团队职能背景异质性和金融背景主导性对企业数字化投入产出的调节作用.结果表明企业的数字化投资与数字化认知相互依赖、互补增进,两者共同推动企业成长性价值;高管团队职能背景异质性能够强化两者的互补效应,而高管团队中金融背景成员的增加会弱化该效应.