首都经济贸易大学学报2026，Vol.28Issue(1)：22-35,14.DOI:10.13504/j.cnki.issn1008-2700.2026.01.003
数字经济、实体经济发展对企业新质生产力的影响效应
The Effect of Digital,Real Economy Development on the Firms'New Quality Productivity Forces
摘要
Abstract
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.关键词
企业新质生产力/数字经济/实体经济/数实融合发展水平/高质量发展Key words
firms'new quality productive forces/digital economy/real economy/development level of digital-real integration/high-quality development分类
管理科学引用本文复制引用
孙忠娟,李伟东,冯佳林..数字经济、实体经济发展对企业新质生产力的影响效应[J].首都经济贸易大学学报,2026,28(1):22-35,14.基金项目
国家自然科学基金面上项目"企业数字能力的内涵构建、组态前因及其对创新的影响机制研究"(72172097) （72172097）
"十四五"时期北京市属高校优秀青年人才培育计划项目"企业数字能力的概念结构、构建路径及其影响价值共创的机理研究:基于北京市专精特新企业的分析"(BPHR202203174) （BPHR202203174）
