关键词: 数实产业技术融合, 股票流动性, 数字经济

Abstract: The integration of digital economy and real economy is a new trend of high-quality economic development and an important force to promote Chinese modernization. How enterprises can realize capital market value through “digital-real integration” has gradually become the focus of all walks of life. Based on the panel data of China's A-share listed companies in Shanghai and Shenzhen from 2008 to 2022, we study how the technology convergence of digital and real economy industries affects stock liquidity and its mechanism. It is found that the technology convergence of digital and real economy industries can significantly promote corporate stock liquidity, which still holds after the endogeneity test and the exclusion of the interference of major financial events. The mechanism study finds that, in terms of innovation effect, the technology convergence of digital and real economy industries promotes the quality of innovation, which is the mechanism of improving stock liquidity; in terms of governance effects, it promotes stock liquidity by enhancing the financial stability; and from the perspective of information effect, it enhances corporate stock liquidity by improving the quality of information disclosure and analysts' attention. The heterogeneity study finds that the technology convergence of digital and real economy industries enhances corporate stock liquidity more significantly in regions with higher government digital technology attention, regions with stronger intellectual property protection, and non-state-owned enterprises. The findings expand the research on the application of digital technology and capital market value of enterprises, which is of great practical significance for the national implementation of the development strategy driven by “digital-real integration”.

Key words: Technology Convergence of Digital and Real Economy Industries, Stock Liquidity, Digital Economy