Regional Digital–Real Integration and Enterprise Resilience: Evidence from Listed Manufacturing Firms

Regional digital–real integration (RDRI) refers to the deep integration of digital technologies into the real economy, through which digital technologies reshape industrial production, organizational processes, and value creation. Amid global industrial restructuring and increasing economic uncertainty, RDRI has become a key driver of high-quality economic development in China. Using A-share listed manufacturing firms, this study constructs a multidimensional index of enterprise resilience (ER) covering resistance, recovery, development, and innovation. It then applies the entropy weight method and the coupling coordination model to examine the impact of RDRI at the city level on ER. The results show that RDRI significantly improves ER, and the conclusion remains robust after endogeneity checks and robustness tests. Moreover, the results show that the positive effects of RDRI are stronger for firms in eastern China, capital-intensive firms, State-Owned Enterprises (SOEs), and high-tech firms. RDRI also enhances ER by optimizing resource allocation, improving firm productivity, and easing financing constraints. The paper provides theoretical insight and empirical evidence for deepening RDRI and strengthening ER.