Digital Economy and Resource Allocation: Action Mechanism and Spatial Effects

The development of the digital economy is accelerating factor mobility and dissolving market boundaries, thereby reshaping the underlying logic of resource allocation. Drawing on panel data from 278 prefecture-level and above cities in China from 2011 to 2021, this study employs a two-way fixed effects model and a Spatial Durbin Model (SDM) to investigate the impact of the digital economy on resource allocation. The results show that the digital economy significantly mitigates distortions in capital and labor allocation, thereby enhancing overall resource allocation efficiency. Mechanism tests indicate that the digital economy improves resource allocation efficiency by increasing market integration and promoting the division of labor among cities. Heterogeneity analysis reveals that these positive effects are more pronounced in eastern and western regions, gigabit cities, non-resource-based cities, central cities, and the four major urban agglomerations. Further analysis demonstrates that the digital economy generates significant spatial spillover effects, exerting a positive influence on resource allocation improvements in neighboring regions. To further optimize resource allocation, the study proposes policy recommendations such as accelerating the development of digital infrastructure, eliminating market barriers, reshaping the urban division of labor, and implementing place-based differentiated strategies.