Journal of Guangxi Teachers Education University (Philosophy and Social Sciences Edition) ›› 2024, Vol. 60 ›› Issue (5): 117-134.doi: 10.16088/j.issn.1001-6597.2024.05.010

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Urban Digital Economy Driving High-quality Development of Enterprises: Theoretical Logic and Empirical Test

GUO Han1,2, LIAN Zhi-cong1   

  1. 1. School of Economics and Management, Northwest University, Xi’an 710127, China;
    2. Nanjing University Business School, Nanjing 210023, China
  • Received:2024-01-22 Online:2024-09-25 Published:2024-09-13

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Abstract: In the current context of the on-going integration of China’s digital economy and real economy, it is of great significance, with an aim to integrate digital and real economies, to explore the relationship between the development of urban digital economy and the high-quality development of enterprises. This paper, based on the structured data, the micro-data and text data, measures the level of digital economy development in Chinese cities; it, by employing the data of China’s A-share listed enterprises on the Shanghai and Shenzhen Stock Exchanges from 2011 to 2020, measures enterprise productivity, and further studies the mechanism and impact of the digital economy on the high-quality development of enterprises. The results show that: the development of the digital economy can significantly empower the high-quality development of enterprises, and the conclusion holds true after robustness tests with adopting the instrumental variables approach and replacing the calculation of the high quality development indicator; the results of the mechanism test reflect that the development of the digital economy is conducive to promoting the expansion of the operational scale of enterprises, the enhancement of R&D and innovation capabilities, the upgrading of human capital and the alleviation of financing constraints, thus promoting the high-quality development of enterprises; the promotion effect of digital economy development on enterprise productivity is influenced by regional, industry, and enterprise heterogeneity: enterprises in areas with higher levels of information infrastructure construction, high-tech industries, and enterprises with higher levels of digital transformation are more significantly promoted by the digital economy for high-quality development. The research conclusion expands the scope of micro level research on the effects of the digital economy, thus providing useful references for the Chinese government to optimize digital economy policies and enterprises to formulate high-quality development strategies.

Key words: digital economy, high-quality development, text analysis, human capital, financing constraints, enterprise innovation

CLC Number:  F273
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