The Impact of Technological Convergence in Digital and Real Industries on the New Quality Productive Forces: Evidence from Chinese Listed Companies

Yuxi Song and Ruzanna Ab Razak ()
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Yuxi Song: Faculty of Economics and Management, Universiti Kebangsaan Malaysia, Malaysia.
Ruzanna Ab Razak: Faculty of Economics and Management, Universiti Kebangsaan Malaysia, Malaysia.

Capital Markets Review, 2025, vol. 33, issue 1, 25-39

Abstract: Research Question: How does the technological convergence of digital and real industries influence the new quality productive forces in Chinese listed companies? Motivation: Accelerating the development of the digital economy, promoting the deep technological convergence of digital and real industries, and creating internationally competitive digital industry clusters are essential for China's development in the new era. Idea: Based on the financial statements and patent information of Chinese listed companies from 2013 to 2022, this study examined the impact of technological convergence in digital and real industries on the development of new quality productive forces in enterprises. Data: Panel data that consist of 4040 firm-year observations were analysed in this study. The data were extracted from the database of China’s National Intellectual Property Administration and financial statement data of A-share listed companies for the period 2013 to 2022. Method/Tools: The panel regression analysis was carried out. Several robust tests are conducted such as endogeneity test, heterogeneity test and alternative measures of key variables. Findings: This study finds that technological convergence in digital and real industries significantly enhances the level of new quality productive forces in enterprises, and this conclusion holds true even after robustness checks and controlling for endogeneity. The heterogeneity analysis shows that the effect of technological convergence in digital and real industries on the development of new quality productive forces is more pronounced in non-manufacturing and non-high-tech industries. Contributions: The results provide factual support and policy implications for promoting technological convergence in digital and real industries and advancing the development of new quality productive forces in enterprises.

Keywords: Digital economy; technological convergence; new quality productive forces. (search for similar items in EconPapers)
JEL-codes: C23 O14 O32 (search for similar items in EconPapers)
Date: 2025
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