数实融合与企业韧性

——来自中国上市公司的证据

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中图分类号：F832.51；F49 文献标识码：A文章编号：1007-5097（2025）07-0074-10

Digital-Real Integration and Corporate Resilience： Evidence fromChineseListedCompanies

FENG Zheng， ZHONG Jian（College of Economics，Shenzhen University，Shenzhen 518o55，China）

Abstract：Based ondata from Chinese listed companies spanning 2O1O—2O23，this essay examines the impactof digitalrealintegrationoncorporateresilienceanditsunderlyingmechanisms.Thefindingsrevealthatdigital-realintegration significantly enhances corporateresilience，a conclusion that remains robust after instrumental variable analysis，the Heckmantwo-stage model，andother robustness tests.Mechanismtests indicatethat digital-real integrationbolsters corporateresilience through thedriving effctof digital transformation，theoptimizationeffctof supply-demand matching，and theenhancement efectofprofitability.Heterogeneityanalysis demonstrates thattheresilience-enhancing effectof digital-real integration ismore pronounced inmature firms，large-scale enterprises，high-tech industry firms， anddigitallempoweredbusinesss.Furtheranalysisshowsthatdigital-realintegrationstrengthenscorporateresilience duringcrises，anditssynergywithpilotpoliciescombining technologyandfinancejointlypromotesresilience.The findingsprovide insights for accelerating digital-real integrationand leveraging it to enhancecorporate resilience.

Keywords：digital-real integration; corporate resilience;digital transformation; supply-demand matching

一、引言及文献综述

从党的二十大报告强调“加快发展数字经济，促进数字经济和实体经济深度融合，打造具有国际竞争力的数字产业集群”，到习近平总书记在二十届中共中央政治局第十一次集体学习时指出要大力发展数字经济，促进数字经济和实体经济深度融合，再到党的二十届三中全会明确提出，“健全促进实体经济和数字经济深度融合制度”，在一系列政策措施牵引下，中国数字经济与实体经济的融合发展取得了显著成效。（剩余16012字）