The long-term extensive economic development has caused China's resource and environmental problems, especially the resource misallocation. The way China prioritises its limited resources is being significantly impacted by the rise of the digital economy and the interconnectedness of new technologies and the real economy. This paper quantitatively examines the linear and nonlinear impacts and mechanisms of digital development represented by internet development. With a series of empirical tests, we found that the internet development has significantly inhibited the resources misallocation, and the conclusion is still valid in the robustness test with internet popularization and internet infrastructure as the core explanatory variables. In addition to the marketization, internet development can further inhibit resource misallocation by promoting financial development, openness, urbanization and industrial structure. The findings of threshold regression suggest that the inhibitory effect of internet growth on resource misallocation becomes more visible as the degree of financial development and industrial structure increases; with the higher degree of urbanisation and marketization, although the internet development has always played an inhibitory role on resource mismatch, the inhibitory effect first increases and then decreases; with the improvement of openness, the hindering impact of internet growth on resource mismatch becomes more visible as the degree of financial development and industrial structure increases.
Entrepreneurs are important subjects of economic activities and creators of social wealth. Excellent entrepreneurs contribute their wisdom and make contributions to accumulating social wealth and promoting high-quality economic and social development. The business environment is the main manifestation of the soft power of cities and regional economic development, and a better business environment can effectively attract the concentration of enterprises and promote their sustainable growth. Using the data of Chinese A-share listed companies from 2009-2019 as the research sample, the following research conclusions are drawn: (1) Better business environment helps to enhance entrepreneurship. (2) Better business environment promotes entrepreneurship by reducing rent seeking expenses and corporate credit cost. (3) Compared with traditional enterprises, high-tech enterprises are better able to enjoy the dividends brought by business environment optimization and further enhance entrepreneurship. Compared with high market competition, when the competition is low, entrepreneurs face lower rent seeking expenses, which is conducive to stimulating entrepreneurship. Business environment can promote fairness and bring more equal financing opportunities for enterprises, which has higher entrepreneurship for the high financing constraint group spillover effects. This study meticulously further analyzes the impact paths of business environment affecting entrepreneurship, so as to provide references for the next step of optimizing business environment and thus enhancing entrepreneurship.
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