Abstract: Based on panel data of Chinese A-share listed companies from 2012 to 2022, this study explores the impact and mechanism of the agglomeration of core industries in the digital economy on enterprise resilience. The results show that the agglomeration of core industries in the digital economy significantly empowers the resilience of enterprises, and this empowerment effect is highly robust. The mechanism test reveals that the agglomeration of core industries in the digital economy mainly enhances the resilience of enterprises through three paths: improving innovation capabilities, achieving supply and demand coordination, and optimizing internal control. The heterogeneity analysis indicates that the empowerment effect of the agglomeration of core industries in the digital economy on the resilience of enterprises presents a differential pattern: externally, “higher environmental uncertainty over lower environmental uncertainty”, and internally, “higher digitalization level over lower digitalization level”. Therefore, by focusing on the agglomeration of the core industries of the digital economy as the main line, enhancing the consistency and connection of economic policies, and strengthening the capacity to receive digital resources, the government can provide strong support for enhancing the resilience of enterprises and promoting the high-quality development of the digital economy.

Key words: Core Industries in the Digital Economy, Industrial Agglomeration, Enterprise Resilience, Supply and Demand Coordination

摘要： 基于2012—2022年中国A股上市企业面板数据,本文探究了数字经济核心产业集聚对企业韧性的影响及作用机制。结果表明,数字经济核心产业集聚可以显著提升企业韧性,且这一结果经过一系列稳健性检验后仍然成立。机制检验发现,数字经济核心产业集聚主要通过提升创新能力、实现供需协调和优化内部控制三条路径增强企业韧性。异质性分析表明,数字经济核心产业集聚对企业韧性的影响效应在外部环境不确定性较高和企业数字化水平较高的情境下更显著。因此,本文建议政府以数字经济核心产业集聚为抓手,增强企业韧性。

关键词: 数字经济核心产业, 产业集聚, 企业韧性, 供需协调