The integration of digital and real economy technologies and corporate value creation efficiency: Evidence from Chinese enterprise patent information

In the context of the digital economy, which has profoundly reshaped the global industrial pattern, digital-real economy integration (DRI) has become a core strategic direction for driving industrial transformation, upgrading, and high-quality development. On the basis of patent citation data from China's A-share listed companies from 2012 to 2023, this study constructs an indicator of the integration of digital and real economy technologies (IDRET) measured by patent citation links between digital and industrial technology categories and empirically examines its impact on corporate value creation efficiency (CVCE) as well as the underlying mechanisms. The results of this study show that IDRET significantly improves CVCE, and the analysis of the mechanism of action reveals that IDRET mainly empowers CVCE enhancement through a "two-wheel drive" path: internal capability reconstruction, which is manifested in enhancing competitive advantage (CA) and innovation quality (IQ), and external network synergy, which is manifested in alleviating financing constraints (FC) and promoting knowledge network synergy (KN). The heterogeneity analysis reveals that this uplift effect is more pronounced among large enterprises, state-owned enterprises, firms at the mature stage of digital transformation, high-tech industry enterprises, and those located in regions with higher levels of intellectual property protection and more developed new digital infrastructure. This study not only provides micro evidence and pathways for Chinese firms to deepen IDRET and enhance CVCE but also provides empirical evidence for other emerging market economies facing similar transformation challenges to deepen their digital transformation and drive enterprise value growth through the "two-wheel drive" mechanism.