Hu, Guosheng e al.
A icle
The impac o u ban digi al pla o ms on en ep eneu ial
ac i i y: E idence om China
Jou nal o Inno a ion & Knowledge (JIK)
P o ided in Coope a ion wi h:
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Sugges ed Ci a ion: Hu, Guosheng e al. (2024) : The impac o u ban digi al pla o ms on
en ep eneu ial ac i i y: E idence om China, Jou nal o Inno a ion & Knowledge (JIK), ISSN
2444-569X, Else ie , Ams e dam, Vol. 9, Iss. 1, pp. 1-15,
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The impac o u ban digi al pla o ms on en ep eneu ial ac i i y:
E idence om China
Guosheng Hu
a,b,1
,SiHe
c,1
, Xiaoqi Dong
d,1
, Chengming Li
c,1
, Zeyu Wang
e,1
, Zengwen Wang
,1,
*,
Abbas Ma dani
g
a
School o Economics and Business Adminis a ion, Chongqing Uni e si y, Chongqing 400030, China
b
School o Economics, Sou h-Cen al Minzu Uni e si y, Wuhan, Hubei 430074, China
c
School o Economics, Minzu Uni e si y o China, Beijing 100081, China
d
Depa men o Applied Ma hema ics and S a is ics, S ony B ook Uni e si y, S ony B ook, NY 11794-3600, Uni ed S a es
e
School o Public Adminis a ion, Guangzhou Uni e si y, Guangzhou 510006, China
Resea ching Cen e o Social Secu i y, Wuhan Uni e si y, Wuhan, Hubei 430072, China
g
Business School, Wo ces e Poly echnic Ins i u e, Wo ces e , MA 01609-2280, Uni ed S a es
ARTICLE INFO
A icle His o y:
Recei ed 16 Janua y 2023
Accep ed 19 Feb ua y 2024
A ailable online 26 Feb ua y 2024
ABSTRACT
The de elopmen o u ban digi al pla o ms has changed i s en ep eneu ial en i onmen and a ec ed
egional inno a ion i ali y. We calcula ed he de elopmen index o digi al pla o ms o 294 p e ec u e-le el
ci ies in China be ween 2013 and 2020 using he p incipal componen analysis me hod. We used he mic o-
da a o en e p ise egis a ion in o ma ion o desc ibe he u ban en ep eneu ial ac i i y. Digi al pla o ms
ha e p omo ed u ban en ep eneu ial ac i i y significan ly. Mo eo e , alle ia ing labou ma ke dis o ions,
op imizing he u ban financial en i onmen , and imp o ing echnological inno a ion a e i ual channels o
digi al pla o ms o inc ease u ban en ep eneu ial ac i i y. Fu he mo e, digi al pla o ms play a mo e sig-
nifican ole in p omo ing u ban en ep eneu ial ac i i y in he eas e n egion and ci ies wi h be e indus-
ial s uc u es. This impac has a nonlinea inc easing “ma ginal e ec ”in which he as e he de elopmen
o digi al pla o ms, he mo e significan he p omo ing e ec on u ban en ep eneu ial ac i i y.
© 2024 The Au ho s. Published by Else ie España, S.L.U. on behal o Jou nal o Inno a ion & Knowledge. This
is an open access a icle unde he CC BY-NC-ND license
(h p://c ea i ecommons.o g/licenses/by-nc-nd/4.0/)
Keywo ds:
Digi al pla o ms
U ban en ep eneu ial ac i i y
Labou ma ke dis o ion
U ban financial en i onmen
Technological inno a ion le el
JEL classifica ion:
E20
L26
O30
In oduc ion
Ci ies a e essen ial o economic expansion, and en ep eneu ial
ac i i ies a e an impo an d i ing ac o o u ban economic de el-
opmen , so he en ep eneu ial ac i i y o a ci y eflec s i s economic
i ali y. Wi h he wide applica ion o digi al echnology, u ban digi al
pla o ms ha e de eloped apidly in ecen yea s. So, will he de el-
opmen o digi al pla o ms a ec u ban en ep eneu ial ac i i y?
Exis ing s udies mainly examine he influencing ac o s o en ep e-
neu ial ac i i y om he mac o and mic o le els. A he mac o le el,
s udies p ima ily ocus on economic de elopmen (Asencio e al.,
2022), ins i u ions (Chowdhu y e al., 2018), and inno a ion (G ego i
& Holzmann, 2020); a he mic o le el, esea che s ocused on indi-
idual en ep eneu s (Doughe y e al., 2019) on en ep eneu ial
ac i i y.
Digi al pla o ms a e no only an essen ial componen o he digi-
al economy, bu hey also con ibu e significan ly o economic
g ow h. Digi al pla o ms combine esou ces ha enable ex e nal
p oduce s and consume s o c ea e alue and in e ac . Such digi al
pla o ms ypically ha e h ee co e cha ac e is ics: media ing e ec s,
demand-side d i ing, and digi al echnology empowe men (Hu, Qi,
e al., 2023;Song, 2019;Wang, Zhang, e al., 2023). Howe e , he con-
inuous expansion o digi al pla o ms will also b ing some disad an-
ages. Fo example, S nicek (2017) belie es ha digi al pla o ms will
become a ool o capi al o in e cep p ofi s by acqui ing massi e
amoun s o da a and con olling and moni o ing he exis ing ules,
hus no conduci e o he coun y’s de elopmen . Scho (2017) also
emphasized ha he pla o m economy’s de elopmen would
weaken wo ke s’ba gaining powe and u he agg a a e he income
gap o he bo om 80 %. Thus, wha ole do digi al pla o ms play in
he ad ancemen o socie y? As a solu ion o his issue, we compiled
he body o esea ch and disco e ed ha he majo i y o he pape s
add essed he opic o digi al pla o m go e nance (Chen e al., 2020;
Gawe , 2022) and hei ecosys em (Hein e al., 2020;Ka hu e al.,
* Co esponding au ho .
E-mail add ess: [email p o ec ed] (Z. Wang).
1
These au ho s con ibu ed equally o his wo k.
h ps://doi.o g/10.1016/j.jik.2024.100468
2444-569X/© 2024 The Au ho s. Published by Else ie España, S.L.U. on behal o Jou nal o Inno a ion & Knowledge. This is an open access a icle unde he CC BY-NC-ND license
(h p://c ea i ecommons.o g/licenses/by-nc-nd/4.0/)
Jou nal o Inno a ion & Knowledge 9 (2024) 100468
Jou nal o Inno a ion
&Knowledge
h ps://www.jou nals.else ie .com/jou nal-o -inno a ion-and-knowledge
2018). In addi ion, a ew s udies ocus on he impac o pla o ms on
inno a ion and en ep eneu ship (C. Li e al., 2023a,b; S. Li e al.,
2023c;Sch eieck e al., 2019;S ini asan & Venka aman, 2018;S ni-
cek, 2017), bu hese s udies we e almos exclusi ely quali a i e
a he han quan i a i e. The e s ill needs o be mo e esea ch on dig-
i al pla o ms and e en less on hei impac on u ban en ep eneu ial
ac i i y.
Da a eleased by he Shanghai En ep eneu ship E alua ion Cen-
e shows ha he ailu e a e o s a -ups in China is as high as 90 %.
Howe e , many s a -ups’su i al and g ow h a es based on digi al
pla o ms a e significan ly highe . Th ough eading and so ing ele-
an li e a u e, we find ha he de elopmen o digi al pla o ms
may a ec u ban en ep eneu ial ac i i y h ough he ollowing h ee
channels: one is o alle ia e he dis o ion o he labou ma ke and
p omo e he ee flow o human esou ces; The second is o enhance
he e ficiency o capi al alloca ion and op imize he u ban financial
en i onmen ; Thi d, we will aise he le el o echnological inno a-
ion and gi e ull play o he enabling ole o echnology. Specifically,
in alle ia ing labou ma ke dis o ions, digi al pla o ms can p o-
mo e wo ke s’ ull employmen and mo i a e en e p ises’en husi-
asm o independen inno a ion (Hu, Xu, e al., 2023;Laudien &
Pesch, 2019). F om he pe spec i e o op imizing he financial en i-
onmen , digi al pla o ms, based on hei cha ac e is ics, such as
economies o scale and scope, can p o ide en ep eneu s and s a -
ups wi h low-cos unds om p e-loan o pos -loan and o he links
(Li, Li, e al., 2022;Wang e al., 2021). In e ms o imp o ing he e fi-
ciency o echnological inno a ion, digi al pla o ms can e ec i ely
play he ole o echnological inno a ion om he h ee aspec s o
en ep eneu ial cos s, en ep eneu ial oppo uni ies, and en ep e-
neu ial esou ces h ough echnological empowe men .
Based on his, his pape uses he empi ical analysis me hod and
he panel da a o 294 p e ec u e-le el ci ies in China om 2013 o
2020 o e i y he impac o he de elopmen o digi al pla o ms on
u ban en ep eneu ial ac i i y. Fi s , his pape concludes ha de el-
oping digi al pla o ms can p omo e u ban en ep eneu ial ac i i y
h ough he Bidi ec ional fixed e ec s model. Second, conside ing
he exis ence o endogenous p oblems such as au oco ela ion, his
pape uses he lag phase o he digi al pla o ms de elopmen index
o eplace he cu en alue o eg ession and uses he ins umen
a iables o es ing. In addi ion, a e p omulga ing he “B oadband
China”pilo policy, we also see ha digi al pla o ms a e g owing
mo e apidly. The e o e, we use he di e en ial me hod o e i y u -
he he ela ionship be ween digi al pla o ms and u ban en ep e-
neu ial ac i i y, and he esul s emain unchanged.
Possible con ibu ions o his pape a e as ollows: Fi s , om he
ci y le el, we esea ch he impac o digi al pla o ms on u ban
en ep eneu ial ac i i y h ough empi ical analysis, en iching he
e ec o esea ch on digi al pla o ms. The exis ing li e a u e mainly
s a s om he ela ed concep s, ca ego ies, and applica ions o digi-
al echnology (Li, He, e al., 2022;Wang, Deng, e al., 2023), explo -
ing digi al a e ac s (Po e & Heppelmann, 2014;Wang, Liang, e al.,
2023) and digi al in as uc u e (Chalme s e al., 2020;Wang e al.,
2022) on he p ocess, he p ac ice and ou come o new en ep eneu -
ship (Hu, Xiong, e al., 2023;Nambisan, 2017). A ew s udies ocus on
pla o ms’impac on inno a ion and en ep eneu ship (Sch eieck e
al., 2019). Howe e , all he abo e s udies only conduc ed quali a i e
analysis wi hou quan i a i e analysis. To his end, we use quan i a-
i e s udies o complemen he exis ing li e a u e.
Second, his pape cons uc s he digi al pla o m de elopmen
le el index h ough he p incipal componen analysis. Re e ing o
Sze b e al. (2022) and da a a ailable a he ci y le el, we se up a
mul i-dimensional e alua ion sys em consis ing o h ee fi s -le el
indica o s: digi al echnology base, mul ila e al digi al pla o ms, and
digi al use s. Rega ding he selec ion o specific indica o s, his pape
akes Sze b e al. (2022) as he benchma k, selec s 12 second-le el
indica o s, calcula es he de elopmen o digi al pla o ms in 294
ci ies in China om 2013 o 2020, and finally ob ains he de elop-
men index o digi al pla o ms. In addi ion, acco ding o he s uc-
u al di e ences, his pape also cons uc s co esponding
de elopmen indexes om he h ee dimensions o digi al echnol-
ogy ounda ion, mul ila e al digi al pla o m, and digi al use s, which
u he en iches he esea ch con en and p o ides mo e esea ch
ideas.
Thi d, his pape makes some inno a ions in he influencing ac-
o s o u ban en ep eneu ial ac i i y, especially analyzing i s impac
on u ban en ep eneu ial ac i i y om he pe spec i e o digi al pla -
o ms (Asencio e al., 2022). Specifically, we es he model by build-
ing a media ion e ec o ease labou ma ke dis o ions, op imize he
financial en i onmen , imp o e echnological inno a ion in he h ee
channels, and u he depic he digi al pla o ms o u ban influence
mechanism o en ep eneu ial ac i i y. In addi ion, i explo es he
he e ogeneous impac o digi al pla o ms on en ep eneu ial ac i i-
ies in di e en ci ies. I p o ides mo e di ec sugges ions o de el-
oping en ep eneu ial ac i i ies in he ci y.
The s uc u e is as ollows: Pa 2 is he heo e ical analysis and
esea ch hypo hesis. Sec ion 3 is empi ical design, including model
cons uc ion, da a, and a iable defini ion. Pa 4 is empi ical esul s
and analysis. The pa 5 is he mechanism analysis. Sec ion 6 p o ides
u he discussion. Sec ion 7 p o ides conclusions and policy ecom-
menda ions.
The esea ch amewo k is shown in Fig. 1.
Theo e ical analysis and esea ch hypo hesis
Digi al pla o ms a e cha ac e ized by economies o scale and
scope (Gawe , 2014), which show s ong ne wo k e ec s, da a, and
algo i hm ad an ages, op imize ac o alloca ion, and p omo e ech-
nological inno a ion. A he same ime, he de elopmen o a ci y is
also insepa able om he ole o human, ma e ial, and financial
esou ces. Acco ding o he a ailable esea ch, We ound ha
en ep eneu ial ac i i y in ci ies is influenced by en i onmen al ac-
o s (Aslan & Kuma , 2021), indi idual en ep eneu s o indi idual
fi ms (Zhang, e al., 2023), and En ep eneu ial a i udes (Bosma &
Schu jens, 2009). The e o e, we explo e he mechanism o he impac
o he g ow h o digi al pla o ms on u ban en ep eneu ial ac i i ies
h ough h ee channels: easing labou ma ke dis o ions, op imizing
he financial en i onmen , and imp o ing he e ficiency o echnolog-
ical inno a ion.
The de elopmen o digi al pla o ms can alle ia e labou ma ke
dis o ions, he eby inc easing u ban en ep eneu ial ac i i y
Digi al pla o ms can no only p omo e he ee flow o human
esou ces bu also mobilize he en husiasm o en e p ises o inno a e
independen ly, hus easing he dis o ion o he labou ma ke and
p omo ing he ac i i ies o u ban en ep eneu ship.
F om he pe spec i e o wo ke s, acco ding o he “p e-ma ke
disc imina ion” heo y, Disc imina ion in he labou ma ke occu s
when a wo ke o a g oup o wo ke s ge paid less han o he wo k-
e s o doing he same job. The ou main ypes o disc imina ion in
labou ma ke s a e wage, employmen , employee, and cus ome .
Wage disc imina ion is he mos common ype o labou disc imina-
ion. Specifically, labou employmen is based on employmen oppo -
uni ies and expec ed ea nings. When he labou ma ke dis o ion is
se e e, he p obabili y o wo k and he expec ed wage will be e y
low; he expec ed e u n o labou can ha dly make up o he human
capi al wo ke s in es .
On he one hand, i will educe he en husiasm o po en ial
employees and he in es men o human capi al. On he o he hand,
i will weaken he mo i a ion o hose who ha e al eady en e ed he
labou ma ke o lea n and ain he human capi al le el o u u e
gene a ions. F om he pe spec i e o en e p ises, labou ma ke
G. Hu, S. He, X. Dong e al. Jou nal o Inno a ion & Knowledge 9 (2024) 100468
2
dis o ions will p o ide cos ad an ages and inc ease p ofi ma gins
o en e p ises, so en e p ises will be mo e inclined o use unde al-
ued ac o s o educe p oduc ion cos s a he han in es in echno-
logical esea ch and de elopmen , which will educe he en husiasm
o en e p ises o ca y ou echnological inno a ion.
Howe e , ele an s udies show ha digi al pla o ms a e i al in
educing ma ke ic ion, especially in e ec i ely alle ia ing he
in o ma ion asymme y be ween cus ome s and supplie s (Galpe in
& G eppi, 2017;Liu e al., 2023;Pallais, 2014;Tadelis, 2016). Specifi-
cally, he “ABCD” echnology builds an in e connec ed ne wo k
among a ious subjec s. On he one hand, digi al pla o ms a e
conduci e o acqui ing sha ed and use in o ma ion eedback so
employees can be e unde s and ma ke in o ma ion and p omo e
employmen equi y. In u n, labou ma ke dis o ions a e alle ia ed,
and en ep eneu ial ac i i y in he egion is boos ed (Gaglio e al.,
2022). On he o he hand, i is help ul o b eak he ma ke access ba -
ie s o en e p ises, limi he go e nmen ’s in e en ion in he ma -
ke , p omo e he ee flow o labou ac o s on c oss- egional digi al
pla o ms, and imp o e he inno a ion mo i a ion o en e p ises
(Sandbe g e al., 2020;Simsek e al., 2019). Based on his, each pa y
can capi alize on hei unique ad an ages, imp o e collabo a ion and
he di ision o labou , achie e complemen a y ad an ages, achie e
an e ficien flow o p oduc ion ac o s, lessen labou ma ke dis o -
ion, and boos he ci y’s en ep eneu ial ib ancy.
The e o e, we p opose hypo hesis 1: De eloping digi al pla o ms
can alle ia e labou ma ke dis o ions and p omo e u ban en ep e-
neu ial ac i i y.
The de elopmen o digi al pla o ms can op imize he financial
en i onmen and imp o e u ban en ep eneu ial ac i i y
Acco ding o i s cha ac e is ics, such as economies o scale and
scope, he digi al pla o ms can alle ia e financing cons ain s o
en ep eneu s and s a -ups om he links o p e-loan and pos -loan,
op imize he financial en i onmen , and hus p omo e u ban
en ep eneu ial ac i i y.
In he p e-loan s age, i is di ficul o en ep eneu s o ob ain
enough s a -up capi al h ough adi ional financing me hods due o
asymme ic in o ma ion in he ma ke , so seeking unds o alle ia e
financing cons ain s has become a undamen al goal o en ep e-
neu s. Digi al pla o ms can b oaden he financing channels o en e-
p eneu s and educe hei financing cos s. Specifically, he digi al
pla o ms h ough a digi al c edi e alua ion sys em, elying on he
new digi al financial business such as he ne wo k, mic ofinance
lending, and digi al paymen s, educe he h eshold o he financial
se ices o en ep eneu s o p o ide a o dable, di e sified, compa-
able, and comp ehensi e financial se ices and p oduc s, mee he
demand o en ep eneu s in he di e en s a -up pe iod o financial
se ices, enhance he willingness o en ep eneu s o make en ep e-
neu ial decisions and ca y ou en ep eneu ial ac i i ies. Wu and
Mao (2020) also d ew a simila esea ch conclusion: en ep eneu ial
mo i a ion is significan ly influenced by socioeconomic condi ions
and he a ailabili y o financial and non-financial suppo . Ba ba a
Be nho e and Li (2014) also ag ee wi h his iew. He belie es he
en ep eneu ial en i onmen includes cul u al, economic, and
Fig. 1. Resea ch amewo k.
G. Hu, S. He, X. Dong e al. Jou nal o Inno a ion & Knowledge 9 (2024) 100468
3
poli ical ac o s, and indi iduals ha e di e en mo i a ions o en e-
p eneu ship in di e en en i onmen al backg ounds.
In he middle s age o lending, digi al pla o ms can use he
ma u e In e ne and ex ensi e da a analysis echnology o change
he isk assessmen mode and educe c edi assessmen cos s,
imp o e he alloca ion e ficiency o en ep eneu ial c edi esou ces,
and alle ia e he c edi misma ch p obabili y o en ep eneu s. Spe-
cifically, o indi idual en ep eneu s, digi al pla o ms can help
hem lowe he h eshold o en ep eneu ship ( on B iel e al., 2017),
p omo e he equaliza ion o en ep eneu ial oppo uni ies, and s im-
ula e indi idual en ep eneu ial i ali y. Fo en ep eneu ial en e -
p ises, digi al pla o ms can p o ide a be e a mosphe e o
en e p ise inno a ion and en ep eneu ship, imp o ing he ma ching
e ficiency be ween supply and demand (Au io, 2017), he en ep e-
neu ial oppo uni ies, and he success a e.
In he pos -loan s age, de eloping digi al pla o ms can cons ain
lende s’beha iou , educing loan- ela ed isks (Su he land, 2018).
Digi al pla o ms also use echnologies o p omp ly de ec und use
iola ions o o he po en ial de aul isks, use machine lea ning o
deal wi h h ea s, ensu e he secu i y o bo owed unds, and u he
alle ia e he financing cons ain s o all pa ies.
Based on his, his pape pu s o wa d hypo hesis 2: The expan-
sion o digi al pla o ms helps o op imize he financial en i onmen ,
educe he financial ba ie s aced by business owne s, and boos
u ban en ep eneu ship.
The de elopmen o digi al pla o ms has he po en ial o spu echnical
inno a ion and, in u n, boos u ban en ep eneu ship
Wi h he help o echnological ad an ages, he ne wo k e ec
o med by digi al pla o ms can e ec i ely p omo e he oppo uni y
in e ac ion and esou ce in eg a ion o all pa ies and educe he
cos o en ep eneu ship, hus p o iding many en ep eneu ial
oppo uni ies and p omo ing u ban en ep eneu ial ac i i y.
F om a s a -up cos pe spec i e, digi al pla o ms’co e alue is
pooling in o ma ion and educing in o ma ion asymme y. On he
one hand, i can educe he s a -up cos o digi al echnology (Song,
2019). Specifically, i ual ne wo k subjec s and digi al pla o ms a e
h i ing in he digi al economy e a. As an in e media y, digi al pla -
o ms can o m an en ep eneu ial ne wo k cen ed on en ep e-
neu s h ough ne wo k e ec s, connec all en ep eneu ial subjec s,
and o m a digi al en ep eneu ial eam, he eby educing he cos o
esou ce acquisi ion (Fe ei a e al., 2019;Huang e al., 2017;Ma a-
azzo e al., 2021) and eam communica ion (Nambisan e al., 2017;
Siachou e al., 2021), hus imp o ing inno a ion e ficiency (Hung e
al., 2023). On he o he hand, digi al pla o ms use echnologies ep-
esen ed by cloud compu ing so ha en e p ises can ob ain he
equi ed compu ing, s o age, and ne wo k esou ces a a lowe cos ,
lowe ing he echnological h eshold. Acco ding o he Ali Resea ch
Ins i u e, using cloud compu ing can educe IT cos s by 70 % and
imp o e inno a ion e ficiency by h ee imes.
F om he pe spec i e o en ep eneu ial esou ces, digi al pla -
o ms use digi al echnologies o empowe adi ional indus ies,
which can p omo e he upg ading o indus ial s uc u e and hen
elease many p oduc ion ac o s o imp o e mo e a ailable esou ces
o egional en ep eneu ial subjec s. Fu he mo e, wi h he powe o
e ficien digi al in o ma ion echnology, digi al pla o ms can connec
all pa ies, imp o e he pene a ion and syne gy o esou ces, p o-
mo e he eo ganiza ion and in eg a ion o en ep eneu ial esou ces
(Sousa-Zome e al., 2020;Yoo e al., 2012), and hen p omo e en e-
p eneu ship and imp o e he en ep eneu ial i ali y o he egion.
F om he angle o en ep eneu ial oppo uni ies, digi al pla o ms
use digi al echnology o inc ease he e ec i eness o in o ma ion
and hus c ea e new indus ies and fields, s imula ing he main ma -
ke body o en ep eneu ial en husiasm and p omo ing egional
en ep eneu ial ene gy (Khan & Tao, 2022). Digi al pla o ms can no
only o e come he “ esou ce cons ain ”and “cos cons ain ” aced
by new en e p ises bu also p o ide mo e en ep eneu ial oppo uni-
ies o en ep eneu s and significan ly imp o e egional en ep e-
neu ial ac i i y.
Based on his, his pape pu s o wa d hypo hesis 3: The de elop-
men o digi al pla o ms is conduci e o imp o ing echnological
inno a ion e ficiency and hus p omo ing u ban en ep eneu ship’s
ac i eness.
Resea ch design
Model cons uc ion
UEAi ¼a0þa1DPDIi; þa2Con oli; þmiþd þei ð1Þ
Whe e is ands o he ci y, s ands o he yea , UEA is he
en ep eneu ial ac i i y o he ci y, and DPDI ep esen s he de el-
opmzen le el o he digi al pla o ms. Con ol is a se ies o Con ol
a iables, including ci y scale, u ban economic de elopmen le el,
u ban public expendi u e, u ban financial en i onmen , he a e age
annual wage o u ban esiden s, and he p opo ion o u ban e ia y
indus y employees. miand d a e he ci y and ime fixed e ec ,
espec i ely, and ei is he andom e o e m. I should be no ed ha
he coe ficien mainly conce ned in his pape is a1. I he coe ficien
o a1is g ea e han 0, x posi i ely p omo es y, and ice e sa.
Va iable measu emen and explana ion
Measu emen o u ban en ep eneu ial ac i i y
In he exis ing esea ch, he measu emen o en ep eneu ial
ac i i y mainly includes he labou ma ke and ecological esea ch
app oaches. The basic logic o bo h me hods is o measu e he
egional en ep eneu ial ac i i y by obse ing he numbe o new
en u es in he pe iod (Reynolds e al., 2005). The e o e, we selec
he numbe o newly egis e ed en e p ises in a ci y and ake he
loga i hm o measu e ci y en ep eneu ial ac i i y.
Measu emen o digi al pla o ms
A p esen , many schola s ha e measu ed he digi al economy and
pla o m economy index, bu he e needs o be a measu emen sys-
em o he index o digi al pla o ms. Re e ing o Sze b e al. (2022)
and combining wi h he da a a ailable a he ci y le el, his pape
se s up a mul i-dimensional e alua ion sys em consis ing o h ee
fi s -le el indica o s: digi al echnology ounda ion, mul ila e al digi-
al pla o m, and digi al use . In he selec ion o specific indica o s,
his pape mainly e e s o Sze b e al. (2022), selec s 12 second-le el
indica o s, calcula es he de elopmen o digi al pla o ms in 294 ci -
ies in China om 2013 o 2020, and finally ob ains he de elopmen
index o digi al pla o ms, which is eco ded as DPDI. a. Digi al ech-
nology ounda ion
The ounda ion o digi al echnology is people’s access o digi al
in as uc u e. Wi h access o he In e ne , people can e ec i ely use
ele an se ices, including digi al pla o ms. The e o e, he ounda-
ion o digi al echnology is he basis o de eloping digi al pla o ms.
In his pape , he de elopmen o he digi al echnology ounda ion is
measu ed by In e ne access, In e ne esou ces, and he numbe o
In e ne si es, and hen measu ed by he numbe o b oadband access
po s pe 100 people, he numbe o CN domain names pe pe son,
he numbe o ou le s pe 10,000 people and o he indica o s. b. Mul-
ila e al digi al pla o ms
Mul ila e al digi al pla o ms a e in e media ies o use s and
en e p ises o connec and knowledge media o ealize and p omo e
inno a ion, en ep eneu ship, and alue c ea ion (Song, 2019). This
pape measu es he de elopmen o mul ila e al digi al pla o ms
om he pe spec i e o he cons uc ion and applica ion o digi al
G. Hu, S. He, X. Dong e al. Jou nal o Inno a ion & Knowledge 9 (2024) 100468
4
pla o ms. Specifically, in cons uc ing digi al pla o ms, his
pape adop s he index o he p opo ion o compu e se ice and
so wa e employees o measu e. This pape uses e-comme ce
sales, e-comme ce pu chase amoun , and he numbe o e-comme ce
pla o ms en e p ises o measu e in applying digi al pla o ms.
c. Digi al use s
Digi al use s a e esiden s who can pa icipa e in digi al ac i i ies
and enjoy digi al se ices. The apid de elopmen o digi al pla o ms
is also insepa able om he massi e g ow h o digi al use s, so his
pape measu es he de elopmen o digi al use s om he wo
dimensions o digi al li e acy and digi al openness. P ecisely, his
pape measu es he numbe o educa ional p ac i ione s in e ms o
digi al li e acy. Rega ding digi al openness, we measu e ou second-
a y indica o s: In e ne use s pe 100 people, mobile phone use s pe
100 people, o al elecom se ices pe capi a, and In e ne b oadband
access use s.
Table 1 is he measu emen sys em o he digi al pla o m de el-
opmen index in his pape :
Nex , we fi s s udied he ela ionship be ween he abo e 12 sec-
ond-le el indica o s and ob ained he co ela ion coe ficien ma ix
o he 12 indica o s. In addi ion, his pape fi s s anda dised he o ig-
inal da a o elimina e he possible ad e se e ec s caused by di e en
dimensions. Then, Ba le ’s Tes o Sphe ici y and KMO es shows
ha he da a in his pape a e sui able o PCA. Fu he mo e, his
pape uses he me hod o de e mine whe he he cumula i e a i-
ance con ibu ion a e o he fi s K p incipal componen s eaches
mo e han 85 %. Finally, as shown in (2), he de elopmen index o
he digi al pla o ms ob ained in his pape is s anda dized o he
in e al [0,1] o measu e he de elopmen le el o he digi al pla -
o ms.
DPDI ¼½Si=Max Si
ðÞMin Si
ðÞ0:4þ0:6ð2Þ
Media ing a iables
a. Financial en i onmen
Wi h he p omo ion and e e ence o digi al echnology, digi al
pla o ms ha e nu u ed mo e digi al-inclusi e financial se ices.
The de elopmen deg ee o u ban digi al inclusi e finance eflec s i s
economic en i onmen o some ex en , including he highe he
deg ee o digi al finance de elopmen , he g ea e he i ali y o
u ban financial inno a ion and he be e he economic en i onmen .
The e o e, his pape uses China’s Peking Uni e si y Digi al Financial
Inclusion Index (PKU-DFII) as a p oxy a iable o he financial en i-
onmen . I he PKU-DFII is mo e ex ensi e, finance is mo e inclusi e,
he financial en i onmen is be e , and ice e sa. b. Labo ac o
ma ke dis o ion
Conce ning Yang e al. (2018), we use he p oduc ion unc ion
me hod o measu e he dis o ion deg ee o ac o ma ke s and adop
he ans-log o m o he p oduc ion unc ion, which is exp essed as
ollows:
lnYi ¼λ0þλ1lnLi þλ2lnKi þ1=2λ3ln2Li þ1=2λ4ln2Ki
þλ5lnKi lnLi þei ð3Þ
Whe e Yis he egional ou pu , measu ed by he g oss egional
p oduc and balanced o 2013 cons an p ices using he GDP defla o ,
L is he egional labou o ce, which adop s he numbe o employed
pe sons in u ban uni s a he end o each egion. λ0is a cons an
e m, and λ1,λ2,λ3,λ4and λ5 ep esen he eg ession coe ficien s o
he explained a iables, espec i ely. ei deno es he andom dis u -
bance e m.
Acco ding o Eq. (3), he ma ginal ou pu o he labou o ce can
be ob ained by aking he de i a i e o L:
MPL¼ðλ1þλ3lnL þλ5lnKÞY=Lð4Þ
In Eq. (4),MPLis he ma ginal ou pu o he labou o ce. Acco d-
ing o he defini ion o ac o ma ke dis o ions, labou ac o ma ke
dis o ions can be exp essed as he ma ginal ou pu o labou di ided
by i s p ice, i.e.,
DIST_L¼MPL= ð5Þ
In Eq. (5),DIST_L ep esen s he deg ee o labou ma ke dis o -
ion. is he labou p ice, ha is, he wage le el. In his pape , he
a e age index o u ban uni employmen in each egion is used o
cha ac e ize i , and i is calcula ed as he cons an p ice o 2013 based
on he consume p ice index o u ban esiden s. c. Technological
inno a ion
This pape e e s o Riaz e al. (2018) and uses he o al numbe o
pa en applica ions o measu e he le el o echnological inno a ion.
The mo e pa en applica ions a ci y has, he highe echnological
inno a ion.
Con ol a iables
Re e o Capozza e al. (2018),Goel and Sauno is (2020), and we
selec ci y scale, u ban economic de elopmen le el, u ban public
expendi u e, u ban financial en i onmen , he a e age annual wage
o u ban esiden s, and he p opo ion o employees in he e ia y
indus y as con ol a iables. The abo e a iables a e calcula ed as
shown in Table 2.
Samples and da a sou ces
Since his pape s udies he impac o digi al pla o ms on
en ep eneu ial ac i i y in ci ies, he esea ch samples ocus on
he ci y le el. The p ima y da a a e om he China Ci y S a is ical
Yea book, he S a e S a is ical Bu eau, he annual s a is ical
Table 1
Measu emen index o digi al pla o ms.
One-le el indica o s Two-le el indica o s Defini ion o indica o s
The ounda ion o digi al echnology In e ne Access Numbe o b oadband access po s pe 100 people
In o ma ion on In e ne Resou ces CN domain name pe pe son
Numbe o In e ne si es The numbe o ou le s pe 10,000 people is measu ed.
Digi al mul ila e al pla o ms Applica ion o digi al mul ila e al pla o ms E-comme ce sales olume
E-comme ce pu chase amoun
Numbe o e-comme ce pla o m en e p ises
The es ablishmen o digi al mul ila e al pla o ms The pe cen age o compu e se ice and so wa e employees
Digi al use s Digi al Open In e ne use s pe 100 people
Mobile phone use s pe 100 people
To al elecom se ice pe capi a
In e ne b oadband access use s
Digi al li e acy Numbe o educa ional p ac i ione s
G. Hu, S. He, X. Dong e al. Jou nal o Inno a ion & Knowledge 9 (2024) 100468
5
bulle ins o each ci y, and he CSMAR da abase. Besides he medi-
a e a iable, he Digi al Financial Inclusion De elopmen Index
(DFIDI) comes om he Peking Uni e si y Digi al Finance Cen e .
This pape conduc s he ollowing p ocessing o make he sample
da a ep esen a i e: fi s , elimina e he ci ies wi h appa en miss-
ing da a; Second, he linea in e pola ion and smoo h index
me hods a e used o fill in some missing da a easonably. A e
he abo e p ocessing, his pape akes 2013-2020 as he sample
pe iod and de e mines 294 p e ec u e-le el ci ies as he whole
sample o he empi ical s udy.
Desc ip i e analysis
Desc ip i e s a is ical analysis is o desc ibe he ele an da a
o all a iables, mainly including he equency analysis o da a,
he cen al end analysis o da a, he deg ee o da a dispe sion
analysis, he dis ibu ion o da a, and some basic s a is ical
g aphs. A desc ip i e s a is ical analysis desc ibes he da a dis i-
bu ion in his pape . Table 3 shows he esul s o he p ima y
desc ip i e analysis in his pape . The mean alue o he u ban
en ep eneu ial ac i i y is 10.529, he minimum alue is 7.411,
and he maximum is 13.767, which indica es ha he en ep e-
neu ial ac i i y le el o di e en ci ies has appa en di e ences,
which is consis en wi h he conclusion o exis ing li e a u e
(Song & Winkle , 2014). The a e age alue o he de elopmen
index o digi al pla o ms is 0.652, and he de elopmen o digi al
pla o ms has appa en di e ences. Indi idual di e ences in he
o he con ol a iables a e also e iden , meaning ha he sample
is well- ep esen ed.
Empi ical analysis
Baseline eg ession
In Table 4, columns (1) and (2) show he esul s o mixed
eg ession (OLS), and columns (3) and (4) show he esul s o fixed
e ec s eg ession (FE). The eg ession coe ficien s o hese ou
columns a e significan ly posi i e, indica ing ha digi al pla o ms
can p omo e u ban en ep eneu ial ac i i y. In con ol a iables,
he eg ession coe ficien s o he ci y’s economic de elopmen
le el (GDP), size (SIZE), and a e age annual wage o esiden s
(AWAGE) a e all significan ly posi i e, indica ing ha he as e
he ci y’s economic g ow h, he mo e popula ion, he mo e a e -
age yea ly sala y o esiden s, and he highe he u ban en ep e-
neu ial ac i i y.
Table 2
Defini ion o main a iables.
Va iables name Va iables defini ion
Explained a iable U ban en ep eneu ial ac i i y (UEA) Ln (Numbe o newly egis e ed en e p ises in he ci y in ha yea +1)
Explana o y a iables Digi al Pla o m De elopmen Index (DPDI) See abo e
Digi al In as uc u e Technology Index (DITI) See abo e
Digi al Mul ila e al Pla o ms Index (DMPI) See abo e
Digi al Use s Index (DUI) See abo e
Media ing a iables Index o ac o ma ke dis o ions (DIST_L) The p oduc ion unc ion me hod is used o measu e he dis o ion deg ee o
he ac o ma ke .
Digi al Financial Inclusion De elopmen Index (DFIDI) Peking Uni e si y Digi al Financial Inclusion De elopmen Index
Technology Inno a ion Index (TII) To al numbe o pa en applica ions
Con ol a iables U ban size (SIZE) Ln (A he end o he popula ion o en housand people +1)
The le el o u ban economic de elopmen (GDP) Ln (Annual p ice o GDP billion yuan +1)
U ban go e nmen Expenses (GS) Re enue and expendi u e o local gene al public budge Ci ywide/ (10000*
Annual p ice o egional GDP billion yuan)
U ban Financial En i onmen (FIN) Financial ins i u ions a he end o he yea RMB - financial ins i u ions a he
end o he yea RMB loans)/ (10000* Annual p ice o GDP billion yuan)
A e age wage o u ban esiden s (AWAGE) Ln (The o al wage o employees is 10,000 yuan/ he a e age numbe o
employees is 10,000 yuan +1)
The p opo ion o employees in he e ia y indus y in he ci y (TIND) Pe sons employed in he e ia y sec o /all pe sons employed
Table 3
Desc ip i e analysis.
Va iable Obs Mean S d. De . Min Max
UEA 2360 10.529 0.917 7.411 13.767
DPDI 2360 0.652 0.046 0.600 1.000
GDP 2360 7.397 1.013 0.000 16.312
SIZE 2360 5.851 0.753 2.996 8.140
GS 2360 0.080 0.029 0.000 0.262
FIN 2360 1.545 1.246 0.377 38.690
AWAGE 2360 11.023 0.450 2.090 16.077
TIND 2360 0.554 0.146 0.166 1.059
DIST_L 2360 0.724 3.569 -8.796 63.814
Table 4
Baseline eg ession esul s.
OLS FE
(1) (2) (3) (4)
DPDI 13.71*** 1.955*** 2.576*** 1.704***
(0.304) (0.249) (0.414) (0.417)
GDP 0.500*** 0.0469***
(0.0148) (0.0149)
SIZE 0.389*** 0.544***
(0.0164) (0.0666)
GS 0.938*** -0.155
(0.295) (0.323)
FIN 0.0423*** -0.00358
(0.00672) (0.00427)
AWAGE 0.247*** 0.0553***
(0.0198) (0.0138)
TIND 0.387*** -0.0425
(0.0618) (0.0978)
_cons 1.591*** 0.197 8.849*** 5.318***
Ci y fixed e ec
Time fixed e ec
(0.198)
No
No
(0.219)
No
No
(0.270)
Yes
Yes
(0.450)
Yes
Yes
N 2360 2360 2360 2360
R
2
0.464 0.825 0.957 0.959
No e:
***
** , and * indica e significance a he 1 %, 5 %, and 10 % s a is ical le els,
espec i ely.
G. Hu, S. He, X. Dong e al. Jou nal o Inno a ion & Knowledge 9 (2024) 100468
6
Nonlinea e ec analysis
The de elopmen o digi al pla o ms is closely ela ed o he
In e ne . In o he wo ds, he de elopmen o digi al pla o ms will
also exis in he “Me cal e Law”o he In e ne . The ne wo k alue
equals he squa e o he numbe o nodes, and he ma ginal e ec o
ne wo k spillo e inc eases. The impac o digi al pla o ms on u ban
en ep eneu ial ac i i y may also ha e nonlinea cha ac e is ics. As
digi al pla o ms e ol e, he ma ginal cos o in e depa men al
in e ac ion con inues o dec ease, and he benefi s o pa icipan s
will inc ease geome ically. This e ec will become mo e and mo e
e iden as digi al pla o ms e ol e. The e o e, his pape akes he
de elopmen index o digi al pla o ms as he h eshold a iable o
ca y ou h eshold e ec eg ession (Fig. 2).
Be o e es ima ing he h eshold model, his pape conduc s he
exis ence es o panel h esholds based on Hansen (1999) ’s me hod.
A e epea ed sampling by he boo s ap me hod 1000 imes, he
esul s show ha he h eshold a iable o he digi al pla o ms
de elopmen index has passed he double h eshold significan ly bu
ailed he iple h eshold es . I can be seen om Table 5 ha wi h
he de elopmen o digi al pla o ms, he coe ficien o u ban
en ep eneu ial ac i i y will inc ease co espondingly.
Endogenei y analysis
Con ol o fixed e ec s
To a oid he endogenei y p oblems, such as causali y be ween he
de elopmen o digi al pla o ms and u ban en ep eneu ial ac i i y,
we se he p o incial fixed e ec and he in e ac ion e ec be ween
p o inces and yea s. In Table 6, column (1) is he esul a e he
p o ince e ec is fixed based on he baseline eg ession, and column
(2) is he esul a e he in e ac ion e m o p o ince and yea is
added based on column (1). Howe e , he esul s o columns (1) and
(2) a e consis en wi h he basic eg ession.
Sys em GMM me hod
A sys ema ic GMM app oach examines he baseline esul s o
educe po en ial endogenei y p oblems. Since u ban en ep eneu ial
ac i i y may pe sis o e ime, he sys em GMM can dynamically
model u ban en ep eneu ial ac i i y. Conside ing ha he u ban
en ep eneu ial ac i i y o he cu en pe iod may be a ec ed by he
en ep eneu ial ac i i y o he p e ious pe iod, his pape in oduces
he lagged one-s age L.UEA o he explained a iable. Then, he base-
line esul s we e es ed using he sys em GMM es ima ion me hod.
As shown in Table 7, he DPDI is significan ly posi i e, consis en
wi h he eg ession esul s abo e.
Fig. 2. Reg ession esul s o he h eshold e ec .
Table 5
Reg ession esul s o he h eshold e ec .
The h eshold model
(1)
GDP 0.122***
(0.0179)
SIZE 0.398***
(0.0810)
GS -1.074***
(0.391)
FIN 0.0119**
(0.00517)
AWAGE 0.225***
(0.0155)
TIND 1.129***
(0.0994)
0.ca #c.DPDI 6.449***
(0.485)
1. ca #c.DPDI 6.752***
(0.480)
2. ca #c.DPDI 6.976***
(0.468)
_cons -0.132
Ci y fixed e ec
Time fixed e ec
(0.491)
Yes
Yes
N 2360
R
2
0.599
No e:
***
** , and * indica e significance a he 1 %, 5 %, and
10 % s a is ical le els, espec i ely.
G. Hu, S. He, X. Dong e al. Jou nal o Inno a ion & Knowledge 9 (2024) 100468
7
Ins umen al a iable me hod
The de elopmen o digi al pla o ms will a ec he en ep eneu -
ial ac i i y o ci ies; likewise, he de elopmen o ci ies will also p o-
mo e he de elopmen o digi al pla o ms. The e o e, digi al
pla o ms and u ban en ep eneu ial ac i i y may ha e a ecip ocal
cause-e ec ela ionship. To sol e he po en ial endogenei y p ob-
lem, his pape adop s he ollowing wo me hods o a oid he influ-
ence o endogenei y. (1) The eg ession es ima ion is e-pe o med
by using he digi al pla o ms’lag pe iod o eplace he cu en alue.
In column (1) o Table 8, he coe ficien o DPDI is s ill significan ly
posi i e.
(2) Re e ing o ele an li e a u e, his pape adop s he his o ical
da a o pos s and elecommunica ions 1984 as he ins umen al a i-
able. The de elopmen o elecom echnology acili ies in his o y will
a ec he subsequen applica ion o he In e ne and o he echnolo-
gies and hen a ec he de elopmen o digi al pla o ms. This pape
in oduces he ime-changing a iable o he numbe o In e ne
use s in China in he p e ious yea and mul iplica es i wi h he his-
o ical da a o pos s and elecommunica ions o p o inces in 1984 o
cons uc ins umen al panel a iables and conduc eg ession analy-
sis. In column (2) o Table 8, he eg ession coe ficien s o ins umen-
al a iables a e s ill significan ly posi i e, indica ing ha he esul s
o his pape a e s ill obus .
Exogenous shock es
−
he impac o he pilo policy o “B oadband
China”
a. Di e ence-in-di e ences me hod
We use he “B oadband China”pilo policy shock o analyze
he causal ela ionship be ween digi al pla o ms and u ban
en ep eneu ial ac i i y. In Augus 2013, he Minis y o Indus y and
In o ma ion Technology and he Na ional De elopmen and Re o m
Commission selec ed 120 ci ies in h ee ba ches as “B oadband
China”demons a ion si es in 2014, 2015, and 2016. This policy sig-
nifican ly p omo es he local b oadband use scale, b oadband ne -
wo k speed, b oadband co e age, and so on, which is conduci e o
de eloping digi al pla o ms. The e o e, his pape uses he di e -
ence-in-di e ences model o es whe he he pilo policy o “B oad-
band China”p omo es he de elopmen o u ban en ep eneu ial
ac i i y and he mechanism behind i . Specifically, we cons uc ed
he ollowing di e ence-in-di e ences model:
UEAi ¼Cons an þaPos i T ea i þgCon oli þm þdi
þe:Model ð6Þ
Whe e he coe ficien o Pos i T ea i eflec s he ea men
e ec o his policy on u ban en ep eneu ial ac i i y, subsc ip I ep-
esen s ci y indi iduals, subsc ip ep esen s ime, and UEA ep e-
sen s ci y en ep eneu ial ac i i y. T ea men is a dummy a iable, 1
Table 6
Fixed e ec eg ession.
Con ol o fixed e ec s
(1) (2)
DPDI 1.951*** 1.951***
(0.422) (0.423)
GDP 0.0455*** 0.0452***
(0.0150) (0.0151)
SIZE 0.334*** 0.334***
(0.0983) (0.0983)
FIN -0.00421 -0.00412
(0.00428) (0.00432)
GS -0.197 -0.188
(0.326) (0.331)
AWAGE 0.0633*** 0.0632***
(0.0160) (0.0161)
TIND -0.00956 -0.00756
(0.0998) (0.101)
dum 2.16e-09
(1.35e-08)
_cons 6.294*** 4.620
Ci y fixed e ec
Time fixed e ec
P o ince fixed e ec
(0.601)
Yes
Yes
Yes
(10.43)
Yes
Yes
Yes
N 2331 2331
R
2
0.959 0.959
No e:
***
** , and * indica e significance a he 1 %, 5 %, and
10 % s a is ical le els, espec i ely.
Table 7
Sys em GMM eg ession esul s.
GMM
(1)
L.UEA 0.817***
(24.31)
DPDI 0.418
(1.16)
SIZE 0.107***
(5.07)
GDP 0.066
(1.50)
GS 0.375
(1.34)
FIN 0.003
(0.56)
AWAGE 0.058***
(3.66)
TIND -0.051
Ci y fixed e ec
Time fixed e ec
(-0.61)
Yes
Yes
Obse a ions 2065
Numbe o code 295
Hansen 0
a 1 0
a 2 0.514
No e:
*****
, and * indica e significance a
he 1 %, 5 %, and 10 % s a is ical le els,
espec i ely.
Table 8
Ins umen al a iable me hod.
IV1 IV2
(1) (2)
L.DPDI 1.836
***
(0.474)
SIZE 0.586
***
0.303
***
(0.0668) (0.0976)
GDP 0.0391
***
0.146
***
(0.0146) (0.0321)
GS -0.0375 0.326
(0.346) (0.393)
FIN -0.00275 -0.00696
(0.00420) (0.00780)
AWAGE 0.0566
***
-0.0173
(0.0154) (0.0304)
TIND 0.0227 -0.111
IV (0.102) (0.123)
0.184
**
(0.0745)
_cons 5.054
***
5.639
***
Ci y fixed e ec
Time fixed e ec
(0.507)
Yes
Yes
(1.108)
Yes
Yes
N 2065 1983
R
2
0.963 0.965
No e: ***, **, and * indica e significance a he 1
%, 5 %, and 10 % s a is ical le els, espec i ely.
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