【摘要】 通过构建数字经济测度指标，运用固定效应模型研究数字经济对实体经济的影响机制。结果表明：数字经济对实体经济存在非线性作用，呈现倒“U”形；在数字经济背景下创新水平和人力资本水平对实体经济存在非线性作用，呈现“U”形，而居民消费水平正向显著促进实体经济发展。通过调节效应模型进一步研究发现，在数字经济对实体经济影响中，创新水平和居民消费水平存在负向的调节作用，而人力资本水平存在正向的调节作用。更多还原

【Abstract】 By constructing the measurement index of digital economy and using the fixed effect model, the influence mechanism of digital economy on the real economy is studied. The research shows that the digital economy has a nonlinear effect on the real economy, showing an inverted “U” shape. Under the background of digital economy, the level of innovation and human capital have a nonlinear affect on the real economy, showing a “U” shape, and the consumption level of residents has positively promoted the development of the real economy.Further using the moderating effect model, it is found that in the influence of the digital economy on the real economy, the level of innovation and the consumption level of residents have a negative moderating effect, and the level of human capital has a positive moderating effect.更多还原