数字经济、实体经济发展对企业新质生产力的影响效应

孙忠娟¹，李伟东¹，冯佳林2

（1. 首都经济贸易大学 工商管理学院，北京 100070；2. 河北经贸大学 工商管理学院，河北 石家庄 050061）

摘要：数字经济和实体经济是当今社会经济发展的两大支柱，能够对以劳动者、劳动资料、劳动对象及其优化组合的跃升为基本内涵的企业新质生产力产生持续性、深远性和结构性影响。本文基于2015—2024年中国4018家A股上市企业的21945条数据，实证分析数字经济发展水平、实体经济发展水平和数实融合发展水平对企业新质生产力的影响。研究发现：（1）数字经济发展水平能够促进企业新质生产力发展；（2）实体经济发展水平与企业新质生产力发展之间呈现“U型”关系；（3）数实融合发展水平能够促进企业新质生产力发展；（4）在具有规模优势、产业优势和地区优势的企业中，数字经济发展水平和数实融合发展水平对企业新质生产力发展的促进作用更加明显。本文为进一步推动数字经济与实体经济协同发展，促进企业新质生产力跃升提供了实证依据与经验启示。

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）；“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）

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

作者简介：孙忠娟，首都经济贸易大学工商管理学院教授、博士生导师；李伟东，首都经济贸易大学工商管理学院硕士研究生；冯佳林，河北经贸大学工商管理学院，通信作者。

引用格式：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.

Firms' New Quality Productivity Forces

SUN Zhongjuan¹, LI Weidong¹, FENG Jialin2

(1. Capital Unversity of Economics and Business, Beijing 100070;

2. Hebei University of Economics and Business, Shijiazhuang 050061)

Abstract: Since the 18th CPC National Congress, the Chinese government has introduced policies to accelerate 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 allocation 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 productivity 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 4018 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 significantly 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 digital economy, commit to optimizing the digital infrastructure, and formulate differentiated policies to unleash its potential efficacy. Second, it should improve the level of the real economy and activate innovation-driven development. Third, it should continuously promote digital-real integration, leveraging complementary advantages to unblock data supply, fostering digital transformation in traditional industries, and balancing regional strengths to maximize the overall benefits.This study makes the following contributions. First, incorporating the digital economy, real economy, and digital-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 theoretical basis for the development of the regional economy and firms' development strategy.

Keywords: firms' new quality productive forces; digital economy; real economy; development level of digital-real integration; high-quality development

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