Technological innovation and high-quality economic development are inevitable requirements of sustainable development, and the digital economy has gradually become a new engine to enhance technological innovation and the high-quality development of China’s economy. Deeply discussing the effect of digital economy on high-quality economic development and clarifying the mechanism behind it can effectively grant the boosting power of digital economy to China’s high-quality development, which is of great practical significance to China’s sustainable economic development. In this study, the mechanism, effect, and regional heterogeneity of the impact of the digital economy on the level of high-quality economic development in 30 Chinese provinces from 2011–2019 were measured and empirically tested using a mediating effects model and a spatial Durbin model, among others. The results showed that the overall level of digital economy and high-quality development is not high, and there were both high agglomeration and low agglomeration, with obvious spatial path dependence and spatial lock-in. Digital economy could promote the high-quality development level of the economy, and the spatial spillover effect was remarkable. In addition, the function of digital economy in promoting high-quality economic development in the eastern, central, and western regions was gradually weakened. Besides, the technological innovation was an important transmission path of digital economy to high-quality economic development. Based on these findings, it is proposed that decision-makers should strengthen digitalization efforts so that the digital economy can become a powerful tool to narrow the digital divide. Further, the dynamic and differentiated digital economy development strategy should be implemented to reduce regional development imbalances in an effective manner.

China is currently in a strategic opportunity period for green and high-quality development, and developing the digital economy is an important choice to achieve environmental pollution control, improve regional ecological efficiency, and enhance social welfare. In this context, the impact of the digital economy on ecological well-being performance and the role of environmental regulation need to be examined. In this study, the super-efficiency SBM-DEA model was used to measure the level of ecological well-being performance in 30 provinces of China from 2011 to 2019. On this basis, the mediating effect model and spatial Durbin model were adopted to explore the transmission mechanism and regional heterogeneity of the impact of the digital economy on ecological well-being performance. The empirical results show that the digital economy significantly contributes to regional ecological well-being performance in China, and there is significant spatial spillover as well. Moreover, the findings still hold under robustness tests. The results also show that environmental regulation is an important transmission path for the digital economy to enhance regional ecological well-being performance, and the impact of environmental regulation on ecological well-being performance varies by region; specifically, the impact in eastern China is positive but not significant. However, the digital economy plays a significant positive role in promoting ecological well-being performance in the central and western regions, and is more obvious in the central region. Finally, suggestions are put forward to enhance the role of the digital economy in regional ecological well-being performance, which is of great significance for promoting green economic growth and high-quality development.

China’s rapid industrialization and urbanization have led to ecological and environmental problems, particularly air pollution. Digitalization has become a key component in high-quality development to overcome the previous high-energy and high-pollution development model. However, a certain degree of “green blindness” exists in the digital development process, and the impact on air pollution is not always positive. Therefore, the impact of the digital economy on air pollution is worth exploring. In this study, the authors examines the emissions increase and reduction effect mechanisms of the digital economy on air pollution using panel data in 30 provinces in China from 2011 to 2020. The two-tier stochastic frontier model showed that the interaction between the emissions increase effect and emissions reduction effect of the digital economy reduced the actual air pollution emissions level below the frontier level by 0.15%, on average. Overall air pollution level is characterized prominently by emission reduction, owing to the asymmetric bilateral effect of the digital economy. Second, the time trend characteristics of the net effect of the digital economy on air pollution emissions showed a wave-like change; the average values of the net effect in the three major regions (i.e., the east, central, and west) were all negative. Third, along with the development of digital economy, human capital levels, and general economic levels, the emissions reduction effect of the digital economy on air pollution has strengthened, such that the net effect became positive to negative. However, significant heterogeneous characteristics were noted in the effects of the digital economy on air pollution under different levels of digital economy development, human capital, and economic development. This study provides practical paths for air pollution management, strengthening inter-regional environmental synergy management and high-quality economic development.

How equity incentives affect corporate performance has become a consensus. However, the question of how to maximize the sustainable incentive effect of equity incentives on corporate performance and avoid “short-sighted” behavior under equity incentives has not yet been resolved. This research re-examines the sustainable incentive of equity incentives and examines the moderating role of aspiration levels based on the behavioral theory of the firm and the prospect theory. Applying panel data comprised 9588 observations from Chinese A-share listed companies spanning the period from 2011 to 2019, this study found that there is an inverted U-shaped relationship between equity incentives and corporate performance. Aspiration surplus negatively moderates the curvilinear inverted U-shaped relationship. As the level of aspiration surplus changes from low to high, the curvilinear relationship between equity incentives and corporate performance is weakened. Aspiration loss positively moderates the curvilinear inverted U-shaped relationship. As the level of aspiration loss changes from low to high, the curvilinear relationship between equity incentives and corporate performance is enhanced. This study demonstrates the importance of aspiration level between equity incentives and corporate performance, guiding firms to focus on the implementation scenario as an influencing factor in order to improve the sustainable incentive effect of equity incentives.