数据、生产与宏观经济——一个具有企业数字化的一般均衡理论  

Data,Production and Macroeconomy:A General Equilibrium Theory with Firm Digitalization

作　　者：李兆睿 许志伟 Li Zhaorui;Xu Zhiwei(Peking University HSBC Business School;China Center for Economic Studies,Fudan University;School of Economics,Fudan University)

机构地区：[1]北京大学汇丰商学院 [2]复旦大学中国社会主义市场经济研究中心 [3]复旦大学经济学院

出　　处：《管理世界》2024年第9期80-97,共18页Journal of Management World

基　　金：教育部哲学社会科学研究重大专项项目《不确定性、宏观政策与中国经济韧性研究》(2023JZDZ021);国家自然科学基金面上项目《数字经济动态一般均衡研究》(72473029);国家自然科学基金原创项目《基于异质微观主体的复杂宏观经济理论与方法》(72150003)的资助。

摘　　要：作为数字经济的核心要素,数据如何影响微观企业的决策逻辑和宏观经济的运行规律,是当下亟待探讨的理论课题。本文将企业的内生数据生成机制引入具有信息摩擦的一般均衡分析框架,研究企业数字化转型对微观决策和宏观系统的作用。微观层面,数据是企业生产经营活动的副产品,有助于企业降低不确定性;宏观层面,数据有助于减小信息摩擦,优化资源配置效率,提高全要素生产率。本文在理论上证明:在一般均衡下,数字经济中存在“微观数据增加→宏观生产率提高→微观数据增加”的正反馈机制,导致企业数字化在促进长期发展的同时也能够放大短期波动。进一步地,本文构建了刻画数字经济的动态随机一般均衡模型,定量分析了企业数字化的宏观影响。在政策建议上,本文的研究表明:短期而言,应重视企业数字化潜在的波动放大作用,加强数字经济中的宏观调控力度;长期而言,应增强企业数据供给激励,优化数据流通渠道,以实现数据驱动的高质量发展。Data is the cornerstone of the digital economy,influencing both firm decision-making and macroeconomic dynamics,which necessitates further theoretical exploration.This paper incorporates firm's endogenous data generation into a general equilibrium framework with information frictions,to examine the impact of digitalization on firm decision and macroeconomic system.At the micro level,data is generated as a by-product of firm's production activities and helps reduce uncertainty.At the macro level,data mitigates information friction,improves allocation efficiency,and increases aggregate TFP.This paper theoretically proves that,in the digital economy,there is a positive feedback loop in the general equilibrium:increased data leads to higher aggregate TFP,thereby stimulating further data generation.Consequently,firm digitalization can enhance long-term steady-state levels while amplifying short-term fluctuations.This paper further builds up a dynamic stochastic general equilibrium model of digital economy and quantifies the macroeconomic impacts of firm digitalization.In terms of policy implications,this paper suggests the necessity for robust macroeconomic interventions in the short run,to mitigate the heightened business cycle volatility in the digital economy.In the long run,to achieve a data-driven high-quality development,government should incentivize firm-level data supplyand facilitatedata circulation.

关 键 词：企业数字化 微观数据生成 一般均衡 正反馈机制 

分 类 号：F49[经济管理—产业经济] F279.1