Research on the Impact of Digital-Real Integration on Enterprises'New Forms of Productivity:From the Perspectives of Innovation,Resource Allocation,and Industrial Upgrading
The deep integration of digital economy and real economy is a necessary guarantee for China's economy to achieve high-quality development.This article utilizes relevant data from China Statistical Yearbook,adopts entropy weight method and coupling method to measure the degree of digital-real in-tegration,and estimates the level of new-quality productivity based on the annual reports of A-share listed companies in Shanghai and Shenzhen from 2011 to 2021,studying the impact of digital-real inte-gration on new-quality productivity.The research found that the average level of new-quality productiv-ity of Chinese enterprises is relatively low,and the level of digital-real integration differs significantly among different regions,but it shows a trend of continuous growth.Digital-real integration can signifi-cantly improve the level of new-quality productivity of enterprises,and the results remain valid after endogenous treatment and robustness test.Mechanism tests show that digital-real integration enhances new-quality productivity by improving enterprises'innovation capabilities,optimizing their resource al-location efficiency,and promoting industrial structure upgrading.Heterogeneity tests indicate that the effect of digital-real integration on enhancing new-quality productivity is more significant in high-tech enterprises,manufacturing enterprises,enterprises with a higher degree of digital transformation,and enterprises with a higher level of Al application.Further analysis using quantile regression reveals that the digital-real integration must reach the 34th percentile,i.e.,0.365 2,to have a significant improve-ment effect on the new-quality productivity of enterprises.This research provides theoretical support and policy recommendations for further promoting the integration of digital and real economies and vig-orously developing enterprises'new-quality productivity.
Integration of Digital and Real EconomiesNew-Quality ProductivityEnterprise Innova-tionResource Allocation EfficiencyIndustrial Structure Upgrading
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