【摘要】 数字经济时代，算力作为继热力、电力之后新的关键生产力，已成为技术进步和经济增长的源泉，是促进资本跨区域流动的重要力量。文章以2022年启动的“东数西算”工程为准自然实验，基于2018—2024年A股上市公司数据，考察“东数西算”工程对资本跨区域流动的影响。研究发现，“东数西算”工程的实施能够显著促进资本跨区域流动，该结论在经过一系列稳健性检验后依然成立。机制分析结果表明，“东数西算”工程能够通过在微观层面降低企业运营成本、在中观层面改善地区算力资源禀赋以及在宏观层面增加政府激励等渠道促进跨区域投资。异质性分析发现，在技术和资本密集型企业、数字产业、非国有企业以及高算力水平地区，“东数西算”工程对资本跨区域流动的影响更加显著。进一步分析发现，资本的跨区域流动在东西部枢纽节点地区存在非对称性，“东数西算”工程能够促进资本从东部非枢纽地区流入西部枢纽地区，有利于东西部区域协调发展。文章证实了“东数西算”工程这一国家级工程的经济效果，丰富了资本跨区域流动的相关研究，为新时代推动数字中国建设和促进区域协调发展提供了有益参考。更多还原

【Abstract】 In the era of the digital economy,computing power,as a new key productive force following thermal power and electricity,has become the source of technological progress and economic growth,and the important force promoting cross-regional capital flows. Taking the implementation of the East Data West Computing project in 2022 as a quasi-natural experiment and utilizing the data of A-share listed companies from 2018 to 2024,this paper examines the impact of the East Data West Computing project on cross-regional capital flows. It is found that the implementation of the East Data West Computing project can promote cross-regional capital flows. This conclusion remains valid after a series of robustness tests. Mechanism analysis indicates that the project facilitates cross-regional investment by reducing corporate operating costs at the micro level,improving regional computing resource endowments at the meso level,and increasing government incentives at the macro level. In addition,the heterogeneity analysis finds that the impact of the East Data West Computing project on cross-regional capital flows is more significant in technology-and capital-intensive enterprises,digital industries,non-state-owned enterprises,and regions with low computing power levels. Further analysis reveals that there is asymmetry in cross-regional capital flows between the eastern and western hub nodes. The East Data West Computing project can promote the flow of capital from non-hub areas in the east to hub areas in the west,which is conducive to the coordinated development of the eastern and western regions.更多还原