Data Factor,New Infrastructure and Industry Restructuring Path
Data and new infrastructure are playing an increasingly important role in various industries.However,there are variations in the utilization efficiency and application methods of these factors across different sectors,which influence the path of industrial restructuring.We introduce a multi-sector dynamic general equilibrium model that consists of two produc-tion sectors to represent different industries or different firms within the same industry.Each sector incorporates data as a new production factor and new infrastructure as data-enhancing technology,combining them with traditional production factors to form new production functions.Additionally,there are differences between sectors in terms of data output elasticity and sub-stitution elasticity between data and traditional factors.We find that data and new infrastructure can drive industrial structure transformation,which depends on three elastici-ties:data output elasticity,demand-side product substitution elasticity,and substitution elasticity between production factors.Specifically,across different industries,due to lower product substitution elasticity,an increase in data and new infrastructure leads to higher data output elasticity and higher substitution elasticity of production factors,resulting in increased output of in-dustries with lower product prices and nominal output,prompting capital and labor to flow toward industries with lower effi-ciency in data utilization.This process will alter the prices of capital and labor and impact the share of labor income.Within the same industry,due to higher product substitution elasticity between different firms,data and new infrastructure have oppo-site effects,driving capital and labor to flow towards firms with higher efficiency in data utilization and promoting the digital transformation of the entire industry.If enterprises with high data output elasticity are labor-intensive,the share of labor in-come is likely to improve.In the numerical simulations,we highlight that from the demand side,new infrastructure develop-ment can facilitate more targeted structural transformation in the long run.Lastly,we provide policy implications to address the growth limitations and income distribution issues associated with digital transformation.The impact of increasing the quantity of new infrastructure is influenced by the productivity of data.Ef-forts should be made to achieve synergies between data and new infrastructure.Besides traditional policies,data and new in-frastructure provide a new perspective for improving income distribution.
Data FactorNew InfrastructureIndustrial RestructureSubstitution Elasticity
NETL
NSTL
万方数据
维普
