关键词: 数字经济, 大数据试验区, 财政可持续性, 双重差分法

Abstract: In the era of the digital economy with significant local financial pressures, this paper examines the impact of the digital economy on local fiscal sustainability. Using quasi-natural experiments from the construction of national-level big data experimental zones in 2016 as proxies, the study employs provincial panel data from 31 provinces in China from 2013 to 2022. Utilizing the PSM-DID method, the findings reveal that the digital economy notably enhances local fiscal sustainability. This effect persists even after placebo tests and variable replacements. The mechanism test shows that the digital economy notably enhances local fiscal sustainability by increasing fiscal dependence and self-sufficiency. Heterogeneity analysis indicates that positive impact of digital economy on local fiscal sustainability is significant in western regions, areas with higher government debt, and those with low government efficiency. Thus, the study suggests that the government should keep building the digital economy to enhance the local fiscal sustainability.

Key words: Digital Economy, Big Data Pilot Area, Financial Sustainability, Difference-in-difference Method