数字经济对资本市场一体化的作用研究——基于中国省际面板数据的实证检验  

Research on the Effect of Digital Economy on Capital Market Integration——An Empirical Analysis Based on Provincial Panel Data

作　　者：赵新宇[1,2] 蔡佳怡 万孟泽 ZHAO Xin-yu;CAI Jia-yi;WAN Meng-ze

机构地区：[1]吉林大学中国国有经济研究中心 [2]吉林大学经济学院,长春130012

出　　处：《求是学刊》2025年第2期39-51,共13页Seeking Truth

基　　金：教育部人文社会科学重点研究基地重大项目“国有企业在区域协调发展中的主导作用研究”(22JJD790027);国家社科基金青年项目“数据要素市场化配置的效应评估与政策优化研究”(23CJL021)。

摘　　要：随着数字技术的迅速发展与广泛应用,数字经济在为传统生产要素注入新动能的同时,亦对资本要素市场的发展带来了机遇与挑战。本文利用2011-2022年我国省际面板数据,通过理论分析和实证检验考察了我国数字经济发展对资本市场一体化的影响作用。研究结果表明:第一,数字经济发展水平对资本市场一体化具有显著的促进作用;第二,数字经济具有空间溢出效应,可以有效推动本地与邻近地区的资本市场一体化进程;第三,数字经济主要通过创新驱动效应和产业升级效应来间接影响资本市场一体化进程;第四,数字经济对资本市场一体化的作用存在明显的区域异质性。因此,应加快资本市场化改革进程,消除资本流动障碍;增强数字经济基础性建设,优化资本要素配置;同时注重数字经济发展平衡性,推动区域协调发展,更好地发挥数字经济在建设全国统一大市场中的驱动作用。With the rapid development and wide application of digital technology,the digital economy has brought opportunities and challenges to the development of the capital factor market while injecting new momentum into traditional factors of production.This article empirically studies the relationship between the digital economy and capital market integration based on Chinese provincial panel data from 2011 to 2022.The results show that:first,the development of the digital economy has a significant promoting effect on the integra-tion of capital market;second,the digital economy has a spatial spillover effect,which can effectively promote the capital market integration between the local and neighboring regions;third,the digital economy indirectly affects capital market integration mainly through innovation-driven effects and industrial upgrading effects;fourth,there is obvious regional heterogeneity in the role of digital economy on capital market integration.Therefore,the reform of capital marketization should be accelerated to remove the obstacles to capital flow.The basic construction of digital economy should be enhanced to optimise the allocation of capital factors.At the same time,we should pay attention to the balance of the development of digital economy,promote the coordinated development of the region,and give better play to the driving role of the digital economy in the construction of a unified national market.

关 键 词：数字经济 资本市场一体化 市场分割 数字鸿沟 

分 类 号：F83[经济管理—金融学]