推动数字经济与实体经济深度融合正逐渐成为中国新一轮经济增长点。文章以A股上市的制造企业为研究对象,从企业专利文本信息中识别出数字专利,进而构造数字技术创新指标,并考察其对公司市场价值的影响。实证结果表明:数字技术创新对制造企业的市值有明显的促进作用,且这一结论在内生性和稳健性的检验中依然成立。上述提升作用在高科技企业、劳动密集型企业、民营企业以及大公司中更显著。机制检验表明,数字技术创新可以通过降低生产成本、优化劳动力资源结构以及提升创新效率这三重机制影响市场价值。本研究验证了数字技术创新对实体经济价值增长的提升作用,对中国数字技术相关的政策设计具有参考价值,为推动实体企业数字化转型的战略决策提供了经验证据和建议。

Promoting the deep integration of the digital economy and the real economy is gradually becoming a new growth driver for China’s economy. This study focuses on A-share listed manufacturing enterprises in China, analyzing corporate patent texts to identify digital patents, thereby constructing a digital technology innovation indicator and examining its impact on corporate market value.The empirical results show that digital technology innovation significantly enhances the market value of manufacturing enterprises, and this conclusion remains valid after endogeneity and robustness tests. The positive effect is more pronounced in high-tech enterprises, labor-intensive enterprises, private enterprises, and large companies. Mechanism tests indicate that digital technology innovation affects market value through three channels: reducing production costs, optimizing labor resource structures, and improving innovation efficiency. This study validates the role of digital technology innovation in boosting the value growth of the real economy, providing reference for policy design related to digital technology in China and offering empirical evidence and recommendations for promoting the digital transformation of real enterprises.