<p>Developing countries are experiencing economic growth alongside structural transformation, yet face heightened debt default risks that threaten investors and capital markets. While traditional approaches like debt restructuring and government intervention offer short-term relief, digital-real integration(DRI) can more effectively mitigate corporate default risks and build long-term resilience. This paper utilizes data from A-share listed companies in China between 2010 and 2022, applying a two-way fixed effects model and a difference-in-differences approach to empirically assess the impact of DRI on corporate default risk and its underlying mechanisms. The results show that: (1) DRI significantly reduces default risk by improving information flow and enhancing corporate competitiveness; (2) Firms with strong organizational resilience and high market positioning experience a more substantial reduction in default risk. This study offers empirical findings and actionable policy suggestions to improve firms' ability to withstand risks and reinforce the stability and resilience of the economic system. It highlights the pivotal role of digital-real integration in facilitating the efficient flow of production factors and boosting corporate competitiveness, while unraveling the "black box" of debt default risks to enable enterprises to more clearly identify and address potential risks.</p>