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| Can the Development of Digital Economy Improve China's Resource Misallocation? |
| Li Huiquan1,Jian zhaoquan1,Lin Qingning2 |
| (1.School of Business Administration, South China University of Technology, Guangzhou 510631,China;2.Institute of Agricultural Economics and Development, Chinese Academy of Agricultural Sciences, Beijing 100081, China) |
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Abstract The economic problems such as market factor distortion, resource misallocation and overcapacity hinder China's economic development. Resource misallocation caused by factor distortion is an important reason for the difference in economic growth rate. It can effectively promote economic growth by optimizing resource allocation. As a new economic pattern,the digital economy pays more attention to the importance of digital data in economic development, changes the supply structure of market factors, and provides a new mechanism for improving resource allocation. So the current academic and industrial research centers on how to release the driving force of digital economy on economic development.#br#The essence of improving resource misallocation is to improve factor allocation efficiency, alleviate factor distortion and reduce the degree of resource misallocation to make the actual production closer to the production frontier. Drawing on the resource allocation theory and the balanced panel data of 29 provinces in China from 2011 to 2019, this study constructs the digital economy development indices from multi-dimensional indicators. By calculating the capital and labor misallocation indices, it employs the static and dynamic models, and uses a variety of measurement methods to empirically test the impact of the development level of digital economy on China's factor resource misallocation. The discussion on the improvement effect of digital economy on resource misallocation has deepened the understanding of the technical dividend of digital economy, providing practical significance to improve the allocation of resources in various regions and promote economic development.#br#It is found that there is a certain path dependence in China's resource misallocation, that is, the past factor misallocation will significantly affect the current allocation efficiency. The development of digital economy can effectively improve the misallocation of capital and labor force in various regions of China and improve the efficiency of resource allocation. It has become a new driving force to promote economic growth. After substituting the variables and introducing the instrumental variables for robustness test, its improvement effect still exists significantly. The development of digital economy can indirectly affect the misallocation of capital and labor force in various regions by promoting market-oriented development and the level of financial development, as well as improving the degree of opening to the outside world, so as to improve the allocation efficiency of capital and labor force. The development of digital economy has a significant spatial impact which can effectively improve the resource misallocation in the region, but will aggravate the resource misallocation in some adjacent areas, mainly because of the "Matthew effect" and "digital technology gap" in the development of digital economy in various regions. Further analysis shows that there are obvious heterogeneity differences in the improvement effect of digital economy development on resource misallocation. The difference of overcapacity level and the direction of resource misallocation in different regions and regions have a significant impact on the improvement effect of digital economy; specifically, the digital economy has a greater effect on the improvement of resource misallocation in the eastern region, regions with high overcapacity level and excessive resource allocation, and less effect on the improvement of resource misallocation in the central and western regions, regions with low overcapacity level and insufficient resource allocation.#br#The marginal contribution of this paper lies in three aspects. First, this paper brings the development of digital economy and the misallocation of factor resources into a unified analysis framework, deeply analyzes the internal mechanism of the development of digital economy affecting resource allocation, and strengthens the theoretical research on the relationship between digital economy and resource allocation. Second, on the basis of the calculation of the resource distortion coefficient of each region, the static and dynamic panel models are used to empirically test the direct, indirect and spatial impact of the development level of digital economy on the misallocation of capital and labor force in each region, deepening the empirical research in the field of digital economy. Third, it focuses on whether regional differences, differences in the level of regional overcapacity and different directions of resource misallocation have an impact on the improvement effect of digital economy, deepens the understanding of the heterogeneity of dividend effect of digital economy, and provides a practical reference for the implementation of differentiated and dynamic digital economy development strategy. In addition, this paper uses a variety of methods to test the endogeneity and robustness, which better improves the robustness of the research conclusion.#br#
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Received: 11 April 2022
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