Virtual Economy, Innovation Inhibition and Search for a New Driving Force for China's Economic Development
SUN Jun1, GAO Yan-yan2
1. Business School, Jiangsu Ocean University, Lianyungang, Jiangsu, 222005; 2. College of Economics and Management,Southeast University, Nanjing, Jiangsu, 211189
Abstract：Virtual economy represented by finance and real estate is “a fast variable”, while the improvement of innovation ability in real economy is a “slow variable”. This difference may result in innovation inhibition when economy shifts from real to virtual. Based on the panel data of 283 cities in China from 2003 to 2018, this paper explores the relationship between the impact of virtual economy, innovation, and the driving force for economic development. The findings show that economy shifting from real to virtual does not directly weaken real economy but slows down real economy as it weakens corporate innovation, and that this effect is significant. The mechanism analysis reveals that economy shifting from real to virtual inhibits corporate innovation by squeezing out the innovative labor input in innovation departments and increasing the cost of production factors, such as wages. Therefore, only by prioritizing the problems in the process of shifting from real economy to virtual economy such as resource mismatch and fast rise of the cost of production factors can we actually carry out the innovation-driven strategy. The key is to construct a new mechanism of coordinated development between the “fast variable” of virtual economy and the “slow variable” of innovation, so as to reshape the driving force for economic development.
孙军, 高彦彦. 虚拟经济、创新抑制与经济发展动力重塑[J]. 《深圳大学学报》（人文社科版）, 2021, 38(6): 59-68.
SUN Jun, GAO Yan-yan. Virtual Economy, Innovation Inhibition and Search for a New Driving Force for China's Economic Development. , 2021, 38(6): 59-68.
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2021, Vol. 38 
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