Abstract:    The integration of digital economy with real economy has become an important option for addressing the innovation bottleneck of enterprises in key core technology sectors. This paper utilized the text mining method to extract the citation information from invention patents and key core technology information from the annual reports of listed companies. We constructed the indicators for innovation efficiency in enterprises within the fields of digital-real integration and key core technologies. Using a sample of A-share listed companies in China from 2008 to 2022, we employed a two-way fixed effects model to study the impact of digital-real integration on enterprise innovation efficiency (hereafter referred to as enterprise innovation efficiency) and its mechanisms. The research findings indicated that: (1) Digital-real integration significantly enhances enterprise innovation efficiency; (2) It promotes consumption upgrading, optimizes resource allocation, reduces enterprise financing costs, improves supply chain efficiency, and enhances the robustness of strategic decision-making, thereby comprehensively improving enterprise innovation efficiency from the perspectives of demand, supply, technology and strategy; (3) We examined the heterogeneous effects of digital-real integration on enterprise innovation efficiency based on its internal and external characteristics; (4) We analysed the moderating effects of the local government policy environment and the internal operational environment of enterprises on the improvement of innovation efficiency due to digital-real integration. The conclusions of this study will provide theoretical support and policy insights for promoting digital-real integration and enhancing innovation efficiency in key core technology enterprises.

Key words: digital-real integration, enterprise in key technology sectors, innovation efficiency, text mining method