The development of digital technology has spawned the digital economy,which is becoming increasingly prominent in the development of the market economy.Particularly during the COVID-19 pandemic,the digital economy has demonstrated strong resilience and has attracted widespread attention from the academic community.To verify the influence of the digital economy on regional innovation capabilities,this article constructs a model and uses data from 11 prefecture-level cities in Zhejiang Province for benchmark regression tests and robustness checks.The results reveal a nonlinear U-shaped relationship between the digital economy and the release of"innovation dividends"in regions.Finally,the article proposes suggestions in four areas:the layout of digital infrastructure,the business environment of the digital economy,preventing the shift from real to virtual in digital economic development,and the development of the digital economy in enterprises,aiming to provide references for local digital economic development.
digital economyinnovation dividendresource allocationfinancing constraintstransaction costs
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