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<p>The issue of overcapacity in the manufacturing sector has long constrained high-quality economic development, and the integration of the digital economy and the real economy (IDR) is the key solution to addressing this challenge. However, existing research lacks specific quantitative evidence on the effects and underlying mechanisms of IDR in this context. Using matched data from Chinese cities and manufacturing enterprises, we employ a coupling coordination model and stochastic frontier analysis (SFA) to measure IDR and manufacturing enterprise capacity utilization (MECU) in China from 2011 to 2021, respectively. We then apply a two-way fixed effects model to empirically examine the impact of IDR on MECU and its mechanisms. The results indicate that IDR significantly improves MECU. Specifically, a one-unit increase in IDR is associated with an average rise of 0.49 units in MECU. Heterogeneity tests reveal that IDR has a more pronounced effect on MECU in the central and western regions, non-state-owned enterprises, and enterprises with lower financing constraints. Mechanism analysis shows that IDR helps mitigate enterprise risks, thereby enhancing MECU. Additionally, IDR strengthens innovation capabilities at both the city and enterprise levels, improves total factor productivity, boosts industrial productivity, and increases GDP growth rates, thereby reinforcing MECU through multiple channels. These findings suggest that, at the current stage, promoting IDR, reducing financing constraints, and enhancing innovation and total factor productivity can serve as effective strategies to improve MECU.</p>

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How does the integration of the digital economy and the real economy mitigate overcapacity: evidence from China

  • 期刊论文

  • 发表日期：

    2025年8月22日

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  • Dong Guo,
  • Dapeng Yang

摘要

The issue of overcapacity in the manufacturing sector has long constrained high-quality economic development, and the integration of the digital economy and the real economy (IDR) is the key solution to addressing this challenge. However, existing research lacks specific quantitative evidence on the effects and underlying mechanisms of IDR in this context. Using matched data from Chinese cities and manufacturing enterprises, we employ a coupling coordination model and stochastic frontier analysis (SFA) to measure IDR and manufacturing enterprise capacity utilization (MECU) in China from 2011 to 2021, respectively. We then apply a two-way fixed effects model to empirically examine the impact of IDR on MECU and its mechanisms. The results indicate that IDR significantly improves MECU. Specifically, a one-unit increase in IDR is associated with an average rise of 0.49 units in MECU. Heterogeneity tests reveal that IDR has a more pronounced effect on MECU in the central and western regions, non-state-owned enterprises, and enterprises with lower financing constraints. Mechanism analysis shows that IDR helps mitigate enterprise risks, thereby enhancing MECU. Additionally, IDR strengthens innovation capabilities at both the city and enterprise levels, improves total factor productivity, boosts industrial productivity, and increases GDP growth rates, thereby reinforcing MECU through multiple channels. These findings suggest that, at the current stage, promoting IDR, reducing financing constraints, and enhancing innovation and total factor productivity can serve as effective strategies to improve MECU.