【摘要】 发展数字经济是构建新发展格局、推动高质量发展的重要途径。在地方政府债务累积、地方财政不断承压的背景下，从财政视角探究数字经济对可持续发展的影响具有紧迫性和重要性。通过对2015—2020年中国225个地级市面板数据的实证研究，发现数字经济发展水平越高，地方财政的可持续性越强。机制分析表明，这种影响源于数字经济可增加财政收入和提高财政支出效率。特别地，对于土地财政依赖度较高、受减税降费影响较大的地区，数字经济提高财政可持续性的效果更强；而地方更高的财政透明度和更丰富的金融资源是增强数字经济积极作用的支撑条件。研究验证了数字经济“稳增长，防风险”的关键作用，对推动数字中国建设、有效防范化解地方财政金融风险、促进经济可持续发展具有借鉴意义。更多还原

【Abstract】 Digital economy plays an important role in fostering new development dynamic and supporting high-quality development. Since the fiscal pressures of Chinese local governments have been increasing, it is crucial to explore the impact of digital economy on local fiscal sustainability. This paper uses panel data of 225 prefecture-level cities in China from 2015 to 2020, and finds that cities with higher level of digital economy development will have stronger local fiscal sustainability. Mechanism analysis shows that digital economy enhances local fiscal sustainability by raising fiscal revenue and increase fiscal expenditure efficiency. The important role of digital economy in improving fiscal sustainability is further demonstrated in the fact that digital economy has stronger mitigation effect on fiscal risks of local governments which rely more on land finance and are greatly affected by tax cuts and fee reduction policy. Higher fiscal transparency and more financial support can improve the effect of digital economy on fiscal sustainability. This study verifies the key role of digital economy in maintaining stable growth and preventing risks, and is meaningful for promoting Digital China initiative, resolving local financial risks and advancing sustainable development of economy.更多还原