Research On The Impact Of Digital Economy On Cross-region Capital Flow

In recent years,the booming digital economy has become a significant impetus to boost the global economy.Digital economy has become a hot topic concerned by many scholars.The existing researches mainly discuss the impact of digital economy from three perspectives: individual level,enterprise level represented by production efficiency and macro-overall level.However,there are few studies on the relationship between digital economy and cross-region capital flow.The cross-region capital flow is conducive to giving full play to the super-large market scale advantage of China.Exploring the impact of digital economy on the cross-region capital flow is of great significance for building a unified big market,unblocking the big domestic circulation,and providing strong support for the new development pattern.Based on the data of listed companies and city-level digital economy from2011 to 2019,this paper studies the impact of digital economy on cross-region capital flow,and explores the possible mechanism.This paper tests the robustness of the basic conclusions by means of instrumental variable method,sample sensitivity test and replacement of explained variables.Finally,this paper analyzes the heterogeneity of regression results from three perspectives: industry category,enterprise equity nature and urban area.This paper finds that the digital economy promotes the cross-regional capital flow,and this conclusion is still valid after the robustness test.Mechanism analysis shows that breaking market segmentation and promoting the transformation of enterprises to specialized are the main paths of digital economy to promote cross-regional capital flow.The impact of the digital economy on the cross-region capital flow is obviously heterogeneous.The promotion of digital economy is more obvious in private enterprises and enterprises in underdeveloped areas,but not in national public utility enterprises and regional monopoly enterprises.The digital economy has a negative impact on the primary industry.Based on the above conclusions,this paper draws policy enlightenment from four aspects: grasping the new development opportunities of the times,driving the new drivers of digital economy,reducing market transaction costs and focusing on enterprises and regional differences.The contribution of this paper is mainly the innovation in research perspective.Numerous studies have analyzed the digital economy and capital flows from a single perspective,but no one has discussed the two together.This study can provide some references for the topic of digital economy promote the cross-regional capital flow,which is conducive to more targeted policy formulation.