How can digital economy development empower high-quality economic development?
Abstract
The role of the digital economy in economic transformation is increasingly prominent. This paper empirically examines how the digital economy affects TFP and its mechanism using Chinese provincial panel data. The results show that the impact of the digital economy on regional TFP is U-shaped. Further studies show that digital economy development may improve regional TFP through two channels: stimulating innovation and promoting entrepreneurship. In addition, we also discuss the role of active government, effective market, and high-level judicial protection in digital economic policies improving economic growth. Based on our research results, we put forward some policy recommendations.
First published online 17 April 2023
Keyword : digital economy, TFP, innovation and entrepreneurship, active government, effective market, judicial protection
How to Cite
Chen, W., Du, X., Lan, W., Wu, W., & Zhao, M. (2023). How can digital economy development empower high-quality economic development?. Technological and Economic Development of Economy, 29(4), 1168–1194. https://doi.org/10.3846/tede.2023.18784
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Lozada, N., Arias-Pérez, J., & Perdomo-Charry, G. (2019). Big data analytics capability and co-innovation: An empirical study. Heliyon, 5(10), e02541. https://doi.org/10.1016/j.heliyon.2019.e02541
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Mao, H., Chen, D., & Yin, Z. (2019). A theoretical inquiry and empirical investigation on the way towards perfection of the “dual track” patent protection system in China. China Soft Science, 9, 1–17.
Meng, Q. (2021). Digital economy and high-quality employment: Theory and empirical research. Journal of Social Sciences, 2, 47–58.
Mihardjo, L.W., Sasmoko, S., Alamsyah, F., & Elidjen, E. (2019). The influence of digital leadership on innovation management based on dynamic capability: Market orientation as a moderator. Management Science Letters, 9(7), 1059–1070. https://doi.org/10.5267/j.msl.2019.3.018
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Chen, B., Jin, X., & Ouyang., D. (2015). Housing prices, resource misallocation and productivity of Chinese industrial enterprises. The Journal of World Economy, 38(4), 77–98.
Chen, M., & Zhang, X. (2020). Analysis on the statistical challenges and accounting ideas of digital economy. Reform, 9, 52–67.
Chen, W. (2022). Can low-carbon development force enterprises to make digital transformation? Business Strategy and the Environment, 3189. https://doi.org/10.1002/bse.3189
Chen, W. (2023). Digital economy development, corporate social responsibility and low-carbon innovation. Corporate Social Responsibility and Environmental Management, 2443. https://doi.org/10.1002/csr.2443
Chen, W., & Wu, Y. (2022). Does intellectual property protection stimulate digital economy development? Journal of Applied Economics, 25(1), 723–730. https://doi.org/10.1080/15140326.2022.2045846
Chen, W., Zhu, Y., He, Z., & Yang, Y. (2022a). The effect of local government debt on green innovation: Evidence from Chinese listed companies. Pacific-Basin Finance Journal, 73, 101760. https://doi.org/10.1016/j.pacfin.2022.101760
Chen, X., Chen, W., & Lu, K. (2023). Does an imbalance in the population gender ratio affect FinTech innovation? Technological Forecasting and Social Change, 188, 122164. https://doi.org/10.1016/j.techfore.2022.122164
Chen, X., Yan, D., & Chen, W. (2022b). Can the digital economy promote FinTech development? Growth and Change, 53(1), 221–247. https://doi.org/10.1111/grow.12582
Chlosta, S., Patzelt, H., Klein, S. B., & Dormann, C. (2012). Parental role models and the decision to become self-employed: The moderating effect of personality. Small Business Economics, 38(1), 121–138. https://doi.org/10.1007/s11187-010-9270-y
Dai, Z. Q. (2014). Does the intellectual property protection enhance China’s export technological sophistication? – An empirical study on panel data of provinces. Journal of Studies in Science of Science, 12, 1846–1858.
David, P. A. (1990). The dynamo and the computer: An historical perspective on the modern productivity paradox. American Economic Review, 80(2), 355–361.
Deng, Y., & Li, L. (2021). Research on influencing factors of patent protection strength from perspective of national innovation system. Studies in Science of Science, 39(07), 1229–1238.
Edwards, J. R., & Lambert, L. S. (2007). Methods for integrating moderation and mediation: A general analytical framework using moderated path analysis. Psychological Methods, 12(1), 1–22. https://doi.org/10.1037/1082-989X.12.1.1
Eisdorfer, A., & Hsu, P. H. (2011). Innovate to survive: The effect of technology competition on corporate bankruptcy. Financial Management, 40(4), 1087–1117. https://doi.org/10.1111/j.1755-053X.2011.01172.x
Fan, J., & Liu, Y. (2018). Comparison of the internationalization-performance relationships between Chinese 500 and Global 500. Journal of Management Sciences in China, 21(6), 110–126.
Fang, J. X. (2006). Evolvement of marketization and improvement of capital allocation efficiency. Economic Research Journal, 5, 50–61.
Gao, J., & Mu, R. (2021). Mass entrepreneurship and mass innovation in China. In X. Fu, B. McKern, & J. Chen (Eds.), The Oxford Handbook of China Innovation (pp. 254–271). Oxford University Press. https://doi.org/10.1093/oxfordhb/9780190900533.013.15
Han, L., Chen, S., & Liang, L. (2021).Digital economy, innovation environment and urban innovation capabilities. Science Research Management, 42(4), 35–45.
He, N., & Dong, Z. (2020). An empirical study of the quantitative model of patent judicial protection intensity. Scientific Research Management, 41(2), 115–122.
Huang, Q., Yu, Y., & Zhang, S. (2019). Internet development and manufacturing productivity improvement: Internal mechanism and Chinese experience, China Industrial Economics, 8, 5–23.
Jensen, R. (2007). The digital provide: Information (technology), market performance, and welfare in the South Indian fisheries sector. The Quarterly Journal of Economics, 122(3), 879–924. https://doi.org/10.1162/qjec.122.3.879
Jiang, S., & Sun, Y. (2020). A emprical study on the efct of digital economy on real economy. Science Research Management, 41(5), 32–39.
Jing, W. J., & Sun, B. W. (2019). Digital economy promotes high-quality economic development: A theoretical analysis framework. Economist, 2, 66–73.
Jones, C. I., & Tonetti, C. (2020). Nonrivalry and the economics of data. American Economic Review, 110(9), 2819–2858. https://doi.org/10.1257/aer.20191330
Kumbhakar, S., & Lovell, C. (2000). Stochastic frontier analysis. Cambridge University Press. https://doi.org/10.1017/CBO9781139174411
Li, L. (2016). Inverted U-shaped relationship between patent judicial protection and industrial economic development: Measurement and facts. Studies in Science of Sciences, 34(6), 841–849.
Li, W., & Zheng, M. (2016). Is it substantive innovation or strategic innovation? Impact of macroeconomic policies on micro-enterprises’ innovation. Economic Research Journal, 4, 60–73.
Li, Z., & Liu, F. (2020). Does entrepreneurship improve the total factor productivity of cities? Economic Review, 221(1), 131–145.
Lin, Z., & Long, X. (2019). Can short-selling threat motivate the innovation of Chinese firms? The Journal of World Economy, 42(9), 126–150.
Liu, C., & Ma, Q. (2020). Research on the influence of network infrastructure construction on total factor productivity growth: A quasi-natural experiment of “Broadband China” pilot policy. Chinese Journal of Population Science, 3, 75–88+127–128.
Liu, H., Fu, L., Li, T., & Sun, B. (2019a). The summary of the 1st forum for internet and digital economy. Economic Research Journal, 54(3), 204–208.
Liu, J., Yang, Y., & Zhang, S. (2020). Research on the measurement and driving factors of China’s digital economy. Shanghai Journal of Economics, 6, 81–96.
Liu, J., Zhang, Y., & Wang, Q. (2021). Escaping “middle-income trap”: Based on the test of convergence club and the cross-country analysis on the TFP promotion path. Zhejiang Social Sciences, 11, 12–26+156.
Liu, S., Zhang, S., & Zhu, H. (2019b). Study on the measurement and high-quality economy development effect of national innovation driving force. The Journal of Quantitative & Technical Economics, 36(4), 3–23.
Lozada, N., Arias-Pérez, J., & Perdomo-Charry, G. (2019). Big data analytics capability and co-innovation: An empirical study. Heliyon, 5(10), e02541. https://doi.org/10.1016/j.heliyon.2019.e02541
Ma, X. (2020). The change of consumption in the digital economy: Trends, characteristics, mechanisms and model. Finance & Economics, 1, 120–132.
Mao, H., Chen, D., & Yin, Z. (2019). A theoretical inquiry and empirical investigation on the way towards perfection of the “dual track” patent protection system in China. China Soft Science, 9, 1–17.
Meng, Q. (2021). Digital economy and high-quality employment: Theory and empirical research. Journal of Social Sciences, 2, 47–58.
Mihardjo, L.W., Sasmoko, S., Alamsyah, F., & Elidjen, E. (2019). The influence of digital leadership on innovation management based on dynamic capability: Market orientation as a moderator. Management Science Letters, 9(7), 1059–1070. https://doi.org/10.5267/j.msl.2019.3.018
Mueller, S., Bakhirev, A., Böhm, M., Schröer, M., Krcmar, H., & Welpe, I. (2017). Measuring and mapping the emergence of the digital economy: A comparison of the market capitalization in selected countries. Digital Policy, Regulation and Governance, 19(5), 367–382. https://doi.org/10.1108/DPRG-01-2017-0001
Nicoletti, G., von Rueden, C., & Andrews, D. (2020). Digital technology diffusion: A matter of capabilities, incentives or both? European Economic Review, 128, 103513. https://doi.org/10.1016/j.euroecorev.2020.103513
Niyazbekova, S. U., Moldashbayeva, L. P., Zhumatayeva, B. A., Mezentseva, T. M., & Shirshova, L. V. (2021). Digital economy development as an important factor for the country’s economic growth. In E. G. Popkova, V. N. Ostrovskaya, & A. V. Bogoviz (Eds.), Studies in systems, decision and control: Vol. 314. Socio-economic systems: Paradigms for the future (pp. 361–366). Springer, Cham. https://doi.org/10.1007/978-3-030-56433-9_38
Nunn, N., & Qian, N. (2014). US food aid and civil conflict. American Economic Review, 104(6), 1630–1666. https://doi.org/10.1257/aer.104.6.1630
Organisation for Economic Co-operation and Development. (2014). Measuring the digital economy: A new perspective. OECD Publishing.
Research Group on China’s Economic Growth. (2015). The new factor-suppy theory, system and choices for breakthrough economic growth slowdow. Economic Research Journal, 50(11), 4–19.
Sahut, J. M., Iandoli, L., & Teulon, F. (2021). The age of digital entrepreneurship. Small Business Economics, 56(3), 1159–1169. https://doi.org/10.1007/s11187-019-00260-8
Shan, H. J. (2008). Reestimating the capital stock of China: 1952–2006. The Journal of Quantitative & Technical Economics, 10(1), 17–31.
Sobel, M. E. (1982). Asymptotic confidence intervals for indirect effects in structural equation models. Sociological Methodology, 13, 290–312. https://doi.org/10.2307/270723
Sutherland, E. (2018, July 16–20). Trends in regulating the global digital economy. In Proceedings of the 4th Annual Competition and Economic Regulation Conference, Johannesburg, South Africa. https://doi.org/10.2139/ssrn.3216772
Wang, J., & Lei, P. (2021). The tournament of Chinese environmental protection: Strong or weak competition? Ecological Economics, 181, 106888. https://doi.org/10.1016/j.ecolecon.2020.106888
Wang, M., & Zhang, X. (2020). Research on the impact mechanism of technological change on the production process in the digital economy era. Economist, 1, 152–158.
Wang, S., & Du, E. (2021). Can technological entrepreneurship promote economic growth? Evidence from the perspective of national high-tech zones. Study & Exploration, 313(8), 130–138.
Wang, X., Fan, G., & Yu, J. (2019). China provincial marketization index report 2018. Social Science Literature Publishing House.
Wen, H., Zhong, Q., & Lee, C. C. (2022). Digitalization, competition strategy and corporate innovation: Evidence from Chinese manufacturing listed companies. International Review of Financial Analysis, 82, 102166. https://doi.org/10.1016/j.irfa.2022.102166
Wen, J., Yan, Z., & Cheng, Y. (2019). Digital economy and upgrading regional innovation capacity. Inquiry into Economic Issues, 11, 112–124.
Wu, Y., & Zhang, Y. (2021). Digital economic and regional innovation: From the perspective of financing and intellectual property protection. South China Journal of Economics, 9, 36–51.
Xie, R., & Teo, T. S. H. (2022). Green technology innovation, environmental externality, and the cleaner upgrading of industrial structure in China – Considering the moderating effect of environmental regulation. Technological Forecasting and Social Change, 184, 122020. https://doi.org/10.1016/j.techfore.2022.122020
Xu, D., & Chen, S. (2015). Research on systemic financial risk measurement based on financial stress index. Economic Perspectives, 4, 69–78.
Yalcin, N., & Ünlü, U. (2018). A multi-criteria performance analysis of initial public offering (IPO) firms using CRITIC and VIKOR methods. Technological and Economic Development of Economy, 24(2), 534–560. https://doi.org/10.3846/20294913.2016.1213201
Yang, H. (2020). How artificial intelligence “empowers” high-quality development: Enlightenment in the ICT era and countermeasures in the AI era. Journal of Humanities, 5, 31–42.
Ye, X., & Liu, J. (2020). The impact of government support and market-oriented reforms on manufacturing technology progress. Economic Research Journal, 55(5), 83–98.
Yin, Z., Gong, X., Guo, P., & Wu, T. (2019). What drives entrepreneurship in digital economy? Evidence from China. Economic Modeling, 82, 66–73. https://doi.org/10.1016/j.econmod.2019.09.026
Yu, H., Xu, L., & Chen, B. (2010). The control right of ultimate controlling shareholder and overinvestment of free cash flow. Economic Research Journal, 8, 103–114.
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