数字资本逻辑下的补贴竞争：电商平台节日促销的制度困境与生态转型

The Subsidy Competition under Digital Capital Logic: Institutional Dilemma and Ecological Transformation of E-Commerce Platform Festival Promotions

摘要: 在数字资本逻辑的牵引下，电商平台节日促销补贴已逐渐偏离传统的价格让利，而逐步演变为一种制度化的竞争机制。本文立足于资本逻辑理论，结合数字技术条件下资本增殖方式的深刻变迁，揭示补贴机制如何在平台规则、算法分配与流量投资逻辑的共同驱动下，由市场策略滑向制度化的“补贴陷阱”。这一陷阱不仅引发行业价格内卷、生态失衡与市场信任赤字等结构性矛盾，还通过算法规训实现了对商家与消费者的双向支配，进而削弱市场价格信号真实性与自组织功能，形成了以数字资本为主导的权力结构。在此基础上，本文尝试探讨平台经济突破资本单一逐利逻辑、迈向生态协同逻辑的转型路径，为理解平台经济补贴依赖问题及探索可持续发展方向提供思路。

Abstract: Under the guidance of digital capital logic, subsidy-based festival promotions on e-commerce platforms have gradually departed from traditional price concessions and evolved into an institutionalized mechanism of competition. Drawing on the theory of capital logic and taking into account the profound transformation of capital accumulation under digital technological conditions, this article reveals how the subsidy mechanism, driven jointly by platform rules, algorithmic allocation, and traffic-investment logic, slides from a market strategy into an institutionalized “subsidy trap”. This trap not only generates structural contradictions—such as price involution, ecological imbalance, and a deficit of market trust—but also enables a dual form of domination over merchants and consumers through algorithmic disciplining. In doing so, it weakens the authenticity of price signals and the self-organizing capacity of the market, consolidating a power structure dominated by digital capital. On this basis, the article explores potential transformation pathways through which the platform economy may transcend the single profit-seeking logic of capital and move toward an ecological-collaborative logic, thereby offering insights into understanding subsidy dependence and envisioning sustainable development within the platform economy.