The deep integration of the digital economy and the real economy creates favorable conditions for the high-quality development of enterprises.Based on the patent citation information among enterprises,this paper portrays enterprises'digital and real technology integration behavior,and explains the impact and path of digital and real technology integration on enterprises'financial performance.The results show that positive digital and real technology integration can significantly enhance the financial performance of enterprises,and this effect works through two paths:enhancing organizational resilience and alleviating financing constraints.In addition,the enabling effect of digital-real technology integration varies across firms'life cycles and industries.The above findings provide empirical evidence and policy implications for enterprise innovation and development.
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