数字经济发展对投资效率影响研究  

A Study on the Impact of Digital Economy Development on Investment Efficiency

作　　者：杨飞虎[1] 贺胤霖 李月琛 YANG Feihu;HE Yinlin;LI Yuechen

机构地区：[1]江西财经大学经济学院

出　　处：《新金融》2025年第1期48-57,共10页New Finance

基　　金：国家社会科学基金重大招标项目“数据要素参与收入分配的机制与策略研究”(20ZDA047);江西省宣传思想文化领域高层次人才专题项目。

摘　　要：投资质量和效率是实现经济高质量发展的重要抓手和关键动力,数字经济发展为投资效率提升提供了物资技术基础。基于2011—2020年我国272个样本城市的面板数据,实证研究了数字经济发展对投资效率的影响和效应。结果表明:(1)数字经济水平对投资效率具有显著的类“U型”正向影响,技术进步在这一效应中发挥着正向中介作用。(2)区域异质性分析表明,在东部与西部地区,数字经济水平对投资效率存在显著的类“U型”关系,西部地区当前总体处在偏负向关系阶段。(3)以数字经济水平为门槛变量,东部、中部和西部地区样本城市均存在单门槛效应,东部地区样本城市的门槛最早出现。因此,应多策并举,以全社会数字化转型提升宏观经济运行效率,以数字经济区域协调发展提升投资效率,构建以数智技术和新基建提升投资效率的长效机制等。Investment quality and efficiency is an important hand and an important driving force for realising highquality economic development,and the development of digital economy provides a material and technical foundation for improving investment efficiency.Based on panel data from 272 sample cities in China from 2011 to 2020,this empirical study investigates the impact and effects of digital economy development on investment efficiency.The results indicate that:(1)The level of digital economy has a significant U-shaped direct positive impact on investment efficiency,with technological progress playing a positive mediating role in this effect;(2)Regional heterogeneity analysis shows that in the eastern and western regions,the level of digital economy has a significant“U-shaped”relationship with investment efficiency,and the western region is currently in the stage of negative relationship.(3)Taking the level of digital economy as a threshold variable,there is a single-threshold effect in the sample cities in the eastern,central and western regions,with the threshold of the sample cities in the eastern region appearing earliest.Therefore,multiple measures should be taken to enhance the efficiency of macroeconomic operations through the digital transformation of the entire society,improve investment efficiency through the coordinated regional development of the digital economy,and establish a long-term mechanism for improving investment efficiency through digital intelligence technology and new infrastructure.

关 键 词：数字经济发展 投资效率 技术进步 新基建 

分 类 号：F42[经济管理—产业经济]