数字经济、实体经济发展对企业新质生产力的影响效应OACHSSCD

Since the 18th CPC National Congress,the Chinese government has introduced policies to acceler-ate the development of the digital-real economy and promote digital-real integration.The digital economy,the real economy,and the digital-real integration together constitute the critical external environment for firms'resource allo-cation and capability building.However,previous studies mostly focus on the macro level or emphasize theoretical exploration,with limited empirical investigation into how these three dimensions interact to shape firms'new quality productive forces.This gap hinders a comprehensive understanding of the micro-level mechanisms underlying pro-ductivity transformation. This study investigates the impact of the development of digital-real economy and digital-real integration on firms'new quality productive forces,using panel data from 4 018 A-share listed firms in China from 2015 to 2024.This study further explores the heterogeneous effects of firm scale,industry,and regional advantages.The empirical results reveal the following:(1)Both the development of the digital economy and digital-real integration signifi-cantly enhance firms'new quality productive forces,whereas the development of the real economy exhibits a non-linear effect;(2)There is a"U-shaped"relationship between the development level of the real economy and the new productive forces of enterprises;(3)The positive effects of the development of the digital economy and digital-real integration on firms'new quality productive forces are more pronounced among firms with scale,industry,and regional advantages. This study has the following policy implications.First,the government should increase investment in the digit-al economy,commit to optimizing the digital infrastructure,and formulate differentiated policies to unleash its po-tential efficacy.Second,it should improve the level of the real economy and activate innovation-driven develop-ment.Third,it should continuously promote digital-real integration,leveraging complementary advantages to un-block data supply,fostering digital transformation in traditional industries,and balancing regional strengths to maxi-mize the overall benefits. This study makes the following contributions.First,incorporating the digital economy,real economy,and dig-ital-real integration into a unified analytical framework enriches the theoretical research on their effects.Second,it reveals the"U-shaped"relationship between the development of the real economy and firms'new quality productive forces.Third,it supplements research on the drivers of firms'new quality productive forces,and provides a theoret-ical basis for the development of the regional economy and firms'development strategy.