The spillover effect of enterprise integration of real industry and technology: a supply chain perspective

Promoting the integration of the real economy and the digital economy is a key measure for facilitating the digital transformation and upgrading of supply chains, as well as enhancing their resilience. However, the potential spillover effects of real industry technology integration among supply chain stakeholders have not been sufficiently explored. This article uses panel data from A-share listed companies in China's Shanghai and Shenzhen stock markets from 2008 to 2022, matching patent citation data between suppliers and customers, and employs fixed-effects models to evaluate the spillover effects and mechanisms of enterprise real industry technology integration (ITInt). The results show that: (1) ITInt in focal firms generates significant positive spillovers on both upstream suppliers and downstream customers, and these findings remain robust after addressing endogeneity using instrumental variables and conducting extensive robustness tests; (2) The spillover effects operate through two key mechanisms: information element coordination and labor element coordination, whereby higher ITInt levels enhance the alignment of digital information systems and human capital configurations between target firms and their supply chain partners; (3) Spillovers are more pronounced when partners are small-to-medium enterprises (SMEs), non-high-tech firms, or non-state-owned enterprises. This research employs empirical methods to investigate spillover effects of real industry technology integration through a supply chain lens, offering fresh perspectives on the convergence between real and digital economies, supply chain network stability, and factor coordination enhancement. These findings have significant implications for firms seeking to leverage supply chain digitalization and for policymakers promoting high-quality economic development.