Does the Integration of the Digital Economy and Real Economy Improve the Distortion of Factor Markets?
Based on provincial-level panel data from 2013 to 2020 in China,this paper measures the level of digital and re-al economy integration and empirically tests the impact mechanism and effect of digital and real economy integration on factor market distortion using a bidirectional fixed effects model and a panel threshold model,respectively.It finds that the inte-gration is beneficial for improving factor market distortions,and this conclusion remains valid under various robustness and endogeneity tests.The panel threshold model analysis shows that the integration has an increasing nonlinear characteristic in improving factor market distortion,with the digital economy's development level and the real economy's size as threshold variables.Regional heterogeneity analysis finds that the integration has a strong effect on improving factor distortion in the central and western regions and those located in the non-Yangtze River economic belt.The driving path analysis shows that the integration mainly improves the overall factor market distortion by improving the distortion of capital market factors.The improvement effect on the distortion of labor factor market and energy factor market is not yet clear.
digital economyreal economydigital and real economy integrationdistorted factor markets
NETL
NSTL
万方数据
