Research on the Impact of the Digital Economy on China’s High-Quality Economic Development = 디지털 경제가 중국의 고품질 경제발전에 미치는 영향에 관한 연구

다국어 초록 (Multilingual Abstract)

Against the backdrop of the rapid diffusion of digital technologies and China’s transition from high-speed growth to high-quality development, the digital economy has emerged as a crucial driver for transforming development modes, optimizing resource allocation, and enhancing governance efficiency. Focusing on the core question of how the digital economy affects high-quality economic development, this study systematically reviews the relevant theories and literature and constructs a multi-level analytical framework integrating firm-level, city-level, and comprehensive perspectives to examine the overall effects, policy impacts, underlying mechanisms, and heterogeneity of the digital economy.
Methodologically, this study employs panel data of Chinese A-share listed firms and city-level data, and adopts a series of econometric approaches, including two-way fixed effects models, mediation analysis, and a difference-in-differences （DID） strategy based on the “Broadband China” policy as a quasi-natural experiment. In addition, instrumental variable methods and multiple robustness checks are applied to address potential endogeneity concerns and ensure the reliability of the empirical results.
The main findings are as follows. First, the digital economy significantly promotes high-quality economic development, and this effect is consistently confirmed at both the firm and city levels. Second, digital infrastructure policy plays a pivotal institutional bridging role in linking the digital economy to high-quality development. Third, the digital economy facilitates high-quality development through multiple channels, including improving resource allocation efficiency, stimulating technological innovation, and upgrading industrial structure. Fourth, the effects of the digital economy exhibit significant regional heterogeneity and stage-dependent characteristics, with stronger impacts observed in eastern and central regions and in cities with higher levels of digital development.
This study enriches the existing literature by providing multi-level empirical evidence on the relationship between the digital economy and high-quality development, and offers important policy implications for promoting digital transformation and formulating differentiated regional development strategies.

국문 초록 (Abstract)

디지털 기술의 급속한 확산과 중국이 고속 성장에서 고품질 발전으로 전환하는 상황 속에서 디지털 경제는 발전 모델을 전환하고 자원 배분을 최적화하며 거버넌스 효율성을 제고하는 데 있어 핵심적인 동력으로 부상하고 있다.디지털 경제가 고품질 경제 발전에 어떤 영향을 미치는지 라는 핵심 질문에 초점을 맞춰, 본 연구는 관련 이론과 문헌을 체계적으로 검토하고 기업 수준, 도시 수준, 그리고 종합적 관점을 통합한 다단계 분석 프레임워크를 구축함으로써 디지털 경제의 전체적 효과, 정책적 영향, 기저 메커니즘 및 이질성을 분석한다.
방법론적으로 본 연구는 중국 A주 상장 기업의 패널 데이터와 도시 단위 데이터를 활용하며, 양방향 고정효과 모델, 매개 분석, 그리고 ‘브로드밴드 차이나（Broadband China）’ 정책을 기반으로 한 준자연실험적 접근 방식인 차이-차이（DID） 분석 등 다양한 경제계량학적 방법을 적용한다. 또한 잠재적인 종종성 문제를 해결하고 실증 결과의 신뢰성을 확보하기위해 도구변수 분석 및 다중 견고성 검증을 수행하였다.
주요 연구 결과는 다음과 같다. 첫째, 디지털 경제는 고품질 경제 발전을 크게 촉진하며, 이러한 효과는 기업 수준과 도시 수준 모두에서 일관되게 확인되었다. 둘째, 디지털 인프라 정책은 디지털 경제와 고품질 발전을 연결하는 핵심적인 제도적 매개 역할을 수행한다.셋째, 디지털 경제는 자원 배분 효율성 향상, 기술 혁신 촉진, 산업 구조 고도화 등 다양한 경로를 통해 고품질 발전을 촉진한다. 넷째, 디지털 경제의 효과는 지역별로 상당한 차이를 보이며 발전 단계에 따라 달라지는데, 특히 동부 및 중부지역과 디지털 발전 수준이 높은 도시에서 그 영향이 더욱 두드러진다.
본 연구는 디지털 경제와 고품질 발전 간의 관계에 대한 다단계 실증적 증거를 제시함으로써 기존 문헌을 보완하며, 디지털 전환 촉진 및 지역별 차별화된 발전 전략 수립에 있어 중요한 정책적 시사점을 제공한다.

목차 (Table of Contents)

• 1. Introduction 1
• 1.1 Research Background and Research Motivation 1
• 1.1.1 The Formulation and Execution Trajectory of The ＂Broadband China＂ Initiative 4
• 1.1.2 The Intrinsic Relationship Between the Digital Economy and High-Quality Economic Development 8
• 1.1.3 A Review of Domestic and International Studies on the Digital Economy, Policy Intervention, and High-Quality Development· 16
• 1.1.4 The Distinctive Features and Research Significance of the Broadband China Policy 21
• 1.2 Research Questions and Research Objectives 27
• 1.2.1 Principal Research Questions 28
• 1.2.2 Research Objectives 31
• 1.3 Implications of the Study 37
• 1.3.1 Theoretical Implications: Broadening the Investigative Scope of Digital Economic Systems and Superior Development Paradigms· 37
• 1.3.2 Practical Significance: By Leveraging Digital Technologies and Related Tools, the Study Demonstrates Methods to Strengthen Economic Resilience Against Global Uncertainties, Thereby Establishing a Robust Foundation for Mitigating International Market Fluctuations and Supporting Sustainable Socioeconomic Advancement.· 39
• 1.4 Theoretical Basis 42
• 1.4.1 Theory of Resource Allocation Efficiency 42
• 1.4.2 Institutional Change and Governance Theory· 44
• 1.4.3 The Theory of Innovation Diffusion and Green Transformation Mechanism· 46
• 1.4.4 Industrial Organization Theory and Market Competition Mechanism·47
• 1.4.5 Demand Structure Upgrade Theory 49
• 1.5 Research Innovation and Potential Contributions 51
• 1.5.1 Methodological Innovation· 51
• 1.5.2 Policy Inspiration for Innovation 53
• 1.6 Research Ideas and Paper Structure Arrangement· 55
• 2. Research on the Impact of the Digital Economy on High-Quality Development of Enterprises 58
• 2.1 Introduction· 58
• 2.2 Literature Review and Research Hypotheses 59
• 2.2.1 Research Hypotheses 60
• 2.3 Methodology Framework 63
• 2.3.1 Research Sample and Data Collection· 64
• 2.3.2 Methodology Framework 64
• 2.3.3 Variable Definition and Measurement· 66
• 2.3.4 Descriptive Statistics 71
• 2.4 Empirical Analysis· 73
• 2.4.1 Benchmark Regression 73
• 2.4.2 Robustness Test 76
• 2.4.3 Endogeneity Test 79
• 2.4.4 Examination of Mediating Pathways 82
• 2.4.5 Adjustment Mechanism Test （ESG Rating） 84
• 2.4.6 Heterogeneity Analysis 86
• 2.5 Subsection of This Chapter 90
• 3. Research on the Impact of the Digital Economy on High-Quality Urban Economic Development - Based on the ＂Broadband China＂ Quasi-Natural Experiment 92
• 3.1 Introduction· 92
• 3.2 Research Hypotheses· 94
• 3.3 Research and Design· 97
• 3.3.1 Baseline Model Configuration 98
• 3.3.2 Data Sources and Sample Selection 99
• 3.3.3 Variable Selection and Index Construction 100
• 3.3.4 Selection and Description of Control Variables 106
• 3.4 Research Methods 111
• 3.4.1 Descriptive Statistics· 111
• 3.4.2 Baseline Regression Analysis 112
• 3.4.3 Parallel Trend Test 114
• 3.4.4 Placebo Test 116
• 3.4.5 Stability Analysis 117
• 3.4.6 Mediation Analysis 119
• 3.4.7 Heterogeneity 121
• 3.5 Chapter Summary 124
• 4. Research on the Impact of the Digital Economy on High-Quality Economic Development Research Based on Dual Machine Research 126
• 4.1 Introduction 126
• 4.2 Research Hypotheses 127
• 4.3 Research Design 131
• 4.3.1 Data Sources 131
• 4.3.2 Model Design 132
• 4.3.3 Variable Definition and Measurement 138
• 4.3.4 Descriptive Statistics· 151
• 4.4 Empirical Analysis 152
• 4.4.1 Benchmark Regression 152
• 4.4.2 Addressing Endogeneity Concerns 153
• 4.4.3 Robustness Verification 154
• 4.4.4 Mediation Mechanism Testing 156
• 4.4.5 Heterogeneity Analysis· 159
• 4.5 Summary of This Chapter 161
• 5. Conclusions and Policy Recommendations 164
• 5.1 Main Research Conclusions 164
• 5.2 Theoretical Implications 165
• 5.3 Policy Recommendations· 167
• 5.3.1 Accelerate the Development of Modern Digital Infrastructure Frameworks· 167
• 5.3.2 Enhance Interregional Collaboration and Institutional Framework Improvement 168
• 5.3.3 Facilitate Comprehensive Convergence Between Digital Economy and Sustainable Development 168
• 5.3.4 Establishing a Long-Term Evaluation System for High-Quality Development 169
• 5.4 Research Limitations and Prospects for Future Research 170
• References 173
• Acknowledgement 192
• 국문 초록 및 주제어 194