关键词: 数字资本, 数字生产力, 技术革命生命周期, 发展阶段, 双重作用

Abstract: Drawing on the theory of the life cycle of technological revolution and the distinctive features of the system of socialism with Chinese characteristics, this paper divides the development of digital productive forces into three periods: the formation stage, the growth stage, and the extension stage. It further examines, for each stage, the dual effects of digital capital and the specific mechanisms through which they operate. The analysis shows that, in the formation stage of digital productive forces, the profitseeking logic of digital capital helps drive the research and development of emerging digital technologies and the innovation of digital means of labor, but its combination with financial capital also tends to induce a tendency for the economy to “shift from the real to the virtual” and to impede key innovations; in the growth stage of digital productive forces, the super economicagglomeration effect of digital capital can accelerate the rate at which emerging digital technologies are transformed into real productive forces, but its tendency toward disorderly expansion also tends to aggravate imbalances in the distribution of digital productive forces; and in the extension stage of digital productive forces, the strong monopolistic nature and dominance of digital capital can suppress the socialized attributes and productive potential inherent in digital factors, yet under conditions of effective governance, the organic combination of digital capital with public capital helps further expand the space for the development of digital productive forces. Therefore, on the basis of clearly identifying the current stage of China's digital productive forces, efforts should be made to accelerate the improvement of the institutions and mechanisms that underpin the formation of digital productive forces, progressively refine the development layout that promotes the growth of digital productive forces, and make forwardlooking institutional arrangements that safeguard the extended development of digital productive forces, so as to guide digital capital to better empower the development of China's digital productive forces.

Key words: digital capital, digital productive forces, the life cycle of technological revolution, stages of development, dual role