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

摘要： 本文基于技术革命生命周期理论以及中国特色社会主义制度特殊性，将数字生产力发展区分为形成阶段、增长阶段和延伸阶段三个时期，并分别探讨不同发展阶段数字资本的双重效应及具体作用机理。经过分析得出，在数字生产力形成阶段，数字资本的逐利逻辑有助于推动新兴数字技术研发与数字劳动资料创新，但其与金融资本的结合也容易引致经济“脱实向虚”倾向以及关键性创新受阻；在数字生产力增长阶段，数字资本的超级经济集聚效应能够加快新兴数字技术向现实生产力的转化速率，但其无序扩张趋势又容易加剧数字生产力分布的不平衡；在数字生产力延伸阶段，数字资本的强垄断性与强支配力会抑制数字要素所具有的社会化属性与生产力潜力，但在有效治理条件下，数字资本与公有资本的有机结合又有助于进一步拓展数字生产力发展空间。因此，应在明确当前我国数字生产力发展阶段基础上，通过积极引导和规范资本行为来筑牢数字生产力的形成基础，通过统筹数字资本的赋能效应与极化效应来优化数字生产力的增长格局，通过前瞻布局治理体系与制度框架来拓展数字生产力的发展空间，从而引导数字资本更好赋能我国数字生产力发展。

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