数实产业技术融合对企业创新的驱动效应OACHSSCD

Against the strategic background of deep integration of digital economy and real economy,this paper empirically tests the driving effect and mechanism of digital and real industry technology integration on corporate innovation based on micro data of China A-share listed companies from 2010 to 2024.Research shows:First,technology integration in digital and real industries has significantly promoted enterprise innovation.This conclusion is still stable after controlling for endogenicity,sample selection bias and multi-dimensional fixed effects.Second,mechanism testing shows that digital and real industry technology integration drives innovation through the dual channel of strengthening supply chain resistance and alleviating financing constraints.The former uses digital technology to reconstruct the resilience of supply chain networks and reduce the risk of supply breakpoints of innovation factors;the latter optimizes capital allocation efficiency through data credit enhancement effects and alleviates credit rationing prob-lems in innovation activities.Third,heterogeneity analysis found that asset-intensive industries have the highest elasticity of tech-nology integration and innovation,followed by technology-intensive industries,and not significant in labor-intensive industries.In addition,the technological integration of digital and real industries has a significant driving effect on both incremental innovation and breakthrough innovation.Breakthrough innovation is highly dependent on the fierce market competition environment.This study provides empirical evidence for analyzing the micro-innovation mechanism of technology integration in digital and real industries,and provides decision-making basis for implementing differentiated technology adaptation policies and optimizing innovation ecosys-tem governance.