INTEGRATION OF THE DIGITAL ECONOMY AND THE REAL ECONOMY: CONNOTATION, MEASUREMENT, AND EFFECTS—A RESEARCH REVIEW
Main Article Content
บทคัดย่อ
The integration of the digital economy and the real economy (digital-real integration) has emerged as a core engine for high-quality economic development and a new focus of global competition. This paper systematically reviews and synthesizes this pivotal topic, with the following key findings. Integrating the digital economy with the real economy leads to higher efficiency in the manufacturing and service sectors, reduces operating costs through the use of IoT, PL, and Big Data, creates new businesses, expands digital employment opportunities, and drives sustainable growth. The concept of digital-real integration is interpreted across multiple dimensions, including technology diffusion and innovation, factor restructuring, economic structure evolution, micro-agent behavior, and systemic synergy. Measurement methods for digital-real integration have been developed in three aspects: Macro-level assessment based on the degree of coupling coordination degree and industrial linkages, meso-level measurement of technological integration using patent citations, and micro-level evaluation of enterprise digital transformation via questionnaires and measurement scales. Research on the effects of digital-real integration mainly covers three aspects: promoting economic growth, driving industrial transformation and upgrading, and empowering enterprises. Finally, this paper proposes future research directions from four perspectives: deepening micro-level mechanism analysis, innovating measurement methods, clarifying complex effects and building integrated governance systems. It aims to provide references for advancing theoretical research and informimg policy and practice of digital-real integration.
Article Details

อนุญาตภายใต้เงื่อนไข Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
“ข้าพเจ้าและผู้เขียนร่วม (ถ้ามี) ขอรับรองว่า บทความที่เสนอมานี้ยังไม่เคยได้รับการตีพิมพ์และไม่ได้อยู่ระหว่างกระบวนการพิจารณาลงตีพิมพ์ในวารสารหรือแหล่งเผยแพร่อื่นใด ข้าพเจ้าและผู้เขียนร่วมยอมรับหลักเกณฑ์การพิจารณาต้นฉบับ ทั้งยินยอมให้กองบรรณาธิการมีสิทธิ์พิจารณาและตรวจแก้ต้นฉบับได้ตามที่เห็นสมควร พร้อมนี้ขอมอบลิขสิทธิ์บทความที่ได้รับการตีพิมพ์ให้แก่สถาบันการจัดการปัญญาภิวัฒน์หากมีการฟ้องร้องเรื่องการละเมิดลิขสิทธิ์เกี่ยวกับภาพ กราฟ ข้อความส่วนใดส่วนหนึ่งและ/หรือข้อคิดเห็นที่ปรากฏในบทความข้าพเจ้าและผู้เขียนร่วมยินยอมรับผิดชอบแต่เพียงฝ่ายเดียว”
เอกสารอ้างอิง
Cao, Z. D., & Yue, Z. G. (2024). Digital-real integration and enterprise green transformation. Commercial Research, (6), 20-29. https://doi.org/10.13902/j.cnki.syyj.2024.06.007 [in Chinese]
Chao, X. J. (2022). Empowering high-quality economic development under the new situation through deep integration of the digital economy and the real economy. Finance and Trade Research, 33(12), 1-8. https://doi.org/10.19337/j.cnki.34-1093/f.2022.12.001 [in Chinese]
Chao, X. J., Wang, Y. X., & Wang, C. W. (2025). Re-measurement of the integration of digital economy and real economy in China: New findings from the depth of integration. Journal of Guizhou University of Finance and Economics, (2), 12-21. [in Chinese]
Chen, X. (2022). Promoting the deep integration of digital economy and real economy: Theoretical analysis and practical innovation. People’s Forum Academic Frontiers, (24), 64-76. https://doi.org/10.16619/j.cnki.rmltxsqy.2022.24.007 [in Chinese]
Chen, X. H., Li, Y. Y., Song, L. J., & Wang, Y. J. (2022). Theoretical system and research prospects of the digital economy. Journal of Management World, 38(2), 208-224. https://doi.org/10.19744/j.cnki.11-1235/f.2022.0020 [in Chinese]
Ding, Z. F. (2020). Research on the mechanism of digital economy driving high-quality economic development: A theoretical analysis framework. Modern Economic Research, (1), 85-92. https://doi.org/10.13891/j.cnki.mer.2020.01.011 [in Chinese]
Du, J. Z., & Hu, W. X. (2023). The impact of digital economy development on the sustainability of enterprise innovation. Statistics & Decision, (3), 21-26. https://doi.org/10.13546/j.cnki.tjyjc.2023.03.004 [in Chinese]
Farooq, M. O. (2017). The real economy: Conceptualization and dynamics. SSRN. http://dx.doi.org/10.2139/ssrn.3036035
Ghasemaghaei, M., & Calic, G. (2019). Does big data enhance firm innovation competency? The mediating role of data-driven insights. Journal of Business Research, 104, 69-84. https://doi.org/10.1016/j.jbusres.2019.07.006
Goldfarb, A., & Tucker, C. (2019). Digital economics. Journal of Economic Literature, 57, 3-43. https://doi.org/10.1257/jel.20171452
Gregory, R. W., Henfridsson, O., Kaganer, E., & Kyriakou, H. (2021). The role of Artificial Intelligence and data network effects for creating user value. Academy of Management Review, 46(3), 534-551. https://doi.org/10.5465/AMR.2019.0178
Guo, D., Li, L., & Pang, G. G. (2025). Research on the spatiotemporal evolution and influencing factors of digital-real integration in Chinese cities. Science Research Management, 46(7), 24-35. https://doi.org/10.19571/j.cnki.1000-2995.2025.07.003 [in Chinese]
Guo, H., & Quan, Q. H. (2022). The integrated development of digital economy and real economy: Measurement evaluation and realization paths. Economic Review Journal, (11), 72-82. https://doi.org/10.16528/j.cnki.22-1054/f.202211072 [in Chinese]
Guo, N., Chen, D. H., & Hu, L. N. (2025). Enterprise digital-real technology integration and the development of new quality productive forces: Empirical evidence from enterprise patent information. East China Economic Management, (1), 1-9. https://doi.org/10.19629/j.cnki.34-1014/f.240729027 [in Chinese]
Hess, T., Matt, C., Benlian, A., & Wiesböck, F. (2016). Options for formulating a digital transformation strategy. MIS Quarterly Executive, 15(2), 123-139. https://doi.org/10.7892/BORIS.105447
Hong, Y. X., & Ren, B. P. (2023). The connotation and pathways of deep integration between digital economy and real economy. China Industrial Economics, (2), 5-16. https://doi.org/10.19581/j.cnki.ciejournal.2023.02.001 [in Chinese]
Huang, L. H., Zhu, H. L., Liu, W. H., Dou, Y. F., Wang, J. Z., Cai, L., & Chen, W. B. (2021). Enterprise digital transformation and management: Research framework and prospects. Journal of Management Sciences in China, 24(8), 26-35. https://doi.org/10.19920/j.cnki.jmsc.2021.08.004 [in Chinese]
Huang, X. H., & Gao, Y. X. (2023). Digital-real industrial technology integration and firm total factor productivity: Research based on patent information of Chinese enterprises. China Industrial Economics, (11), 118-136. https://doi.org/10.19581/j.cnki.ciejournal.2023.11.019 [in Chinese]
Jing, W. J., & Chi, J. L. (2023). “Digital-real integration” and high-quality economic development: Retrospect, progress, and prospects. Journal of Guizhou University of Finance and Economics, (5), 74-81. [in Chinese]
Kuang, J. S., & Peng, W. B. (2020). Logical interpretation and practical approach of digital economy driving high-quality economic development. Exploration and Free Views, (12), 132-136. [in Chinese]
Li, X. H. (2022). Digital-real integration in manufacturing: Performance, mechanism, and countermeasures. Reformation & Strategy, 38(5), 42-54. https://doi.org/10.16331/j.cnki.issn1002-736x.2022.05.003 [in Chinese]
Li, Y. H., Xiang, Z. W., & Liao, C. J. (2022). Research on the configuration paths of digital transformation in advanced manufacturing: Based on the “technology-organization-environment” theoretical framework. Science and Technology Management Research, 42(3), 119-126. [in Chinese]
Liu, X., Zhou, S., & Yan, C. (2025). Research on the mechanism of the impact of enterprises’ digital-real industry technology integration on new quality productivity. Journal of Management, 38(4), 1-15. https://doi.org/10.19808/j.cnki.41-1408/F.2025.0033 [in Chinese]
Luo, Y., Shang, Y., Zheng, J., & Li, H. (2025). A study of the impact of the digital economy on wellbeing eco-efficiency–Empirical evidence from G20 countries. Sustainable Futures, 10, 101457. https://doi.org/10.1016/j.sftr.2025.101457
Nambisan, S., Lyytinen, K., Majchrzak, A., & Song, M. (2017). Digital innovation management: Reinventing innovation management research in a digital world. MIS Quarterly, 41(1), 223-238. https://doi.org/10.25300/MISQ/2017/41:1.03
National Data Bureau (NDB). (2025, May 17). Action plan for building digital China by 2025. Guangming Online. https://m.gmw.cn/2025-05/17/content_1304038645.htm
Ouyang, R. H. (2022). The theoretical mechanisms, stylized facts, and policy recommendations for the integration of digital and real economies. Reformation & Strategy, 38(5), 1-23. https://doi.org/10.16331/j.cnki.issn1002-736x.2022.05.001 [in Chinese]
Qi, X., Yang, P. Y., & Qi, Y. (2024). Digital-real integration and regional coordinated development: Based on the perspective of factor spatial flow. Statistics & Decision, (23), 91-96. https://doi.org/10.13546/j.cnki.tjyjc.2024.23.016 [in Chinese]
Shi, D., & Sun, G. L. (2023). The impact of digital economy and real economy integration on green innovation. Reform, (2), 1-13. [in Chinese]
Shi, Y. T., Wang, X. D., & Zhou, S. T. (2025). Research on the employment effects of the integrated development of digital economy and real economy. Journal of Beijing University of Technology (Social Sciences Edition), (1), 36-55. [in Chinese]
Vial, G. (2019). Understanding digital transformation: A review and a research agenda. The Journal of Strategic Information Systems, 28(2), 118-144. https://doi.org/10.1016/j.jsis.2019.01.003
Wang, D. X., Wu, W. H., & Li, L. L. (2023). Analysis of the models and mechanisms for integrated development of digital economy and real economy. Reform, (7), 90-104. [in Chinese]
Wang, X. D., Shi, Y. T., & Liu, D. (2024). Research on the impact of market-oriented allocation of data factors on digital-real integration: A quasi-natural experiment based on the establishment of data trading platforms. Journal of Guangdong University of Finance & Economics, 39(2), 44-58. https://doi.org/10.20209/j.gcxb.441711.2024.02.004 [in Chinese]
Wu, J. Y., & Li, Q. (2023). Spatio-temporal evolution and influencing factors of the integration of advanced manufacturing and modern service industries in the Yangtze River Delta region. Science and Technology Management Research, (10), 98-107. [in Chinese]
Wu, X. T., & Zhang, K. Y. (2022). Research on the measurement of integration between China’s digital economy industry and manufacturing industry. Statistics & Information Forum, (12), 10-19. [in Chinese]
Xia, J. C. (2023). Empowering high-quality development of China’s real economy through data factors: Theoretical mechanism and path selection. Jiangxi Social Sciences, (7), 84-96. [in Chinese]
Xie, K., Li, X. D., Xia, Z. H., & Zou, B. (2024). The impact of users’ latent creativity on digital product innovation: Based on the motivation-opportunity-ability theory perspective. China Industrial Economics, (6), 136-154. https://doi.org/10.19581/j.cnki.ciejournal.2024.06.007 [in Chinese]
Xie, K., & Xiao, J. H. (2022). New issues, new characteristics, and new patterns of the digital economy oriented to national needs. Reform, (1), 85-100. [in Chinese]
Yang, H. (2023). Construction of the new development dynamic and development of digital economy: Internal logic and policy focus. China Political Economy, 6(2), 92-113. https://doi.org/10.1108/CPE-12-2023-034
Yang, H. T. (2024). Improving the institutional system for promoting deep integration of real economy and digital economy. Study and Practice, (10), 3-13. https://doi.org/10.19624/j.cnki.cn42-1005/c.2024.10.001 [in Chinese]
Yang, H. T. (2025). Deep integration of digital and real economies: The multiple institutional dimensions that cannot be ignored. Tsinghua Business Review, (3), 63-69. [in Chinese]
Yang, Z. N., Hou, Y. F., Li, D. H., & Wu, C. (2021). The balancing effect of open innovation networks in the “dual circulation” of Chinese enterprises: An investigation based on digital empowerment and organizational flexibility. Management World, 37(11), 184-205. https://doi.org/10.19744/j.cnki.11-1235/f.2021.0178 [in Chinese]
Zhang, B., Dong, J., Xiong, M., & Zheng, Y. (2026). Research on the integration of the digital and real economy. Global Finance Journal, 70(5), 101257. https://doi.org/10.1016/j.gfj.2026.101257
Zhang, B., Zhang, L. W., & Zhou, H. W. (2025). Research on the impact of digital-real industrial technology integration on the stability of Chinese enterprises’ global value chains. International Economics and Trade Research, 41(2), 36-53. https://doi.org/10.13687/j.cnki.gjjmts.20250120.004 [in Chinese]
Zhang, Q., Zhai, J. Y., & Xing, Z. H. (2024). Digital-real integration driving the reconstruction of manufacturing enterprise value chains: A longitudinal single-case study based on CATL. Modern Management Science, (6), 155-163. [in Chinese]
Zhang, W., & Zhang, S. Q. (2025). Research on the impact of digital-real integration on enterprise innovation quality: Empirical evidence from listed manufacturing companies. Research on Economics and Management, 46(7), 128-144. https://doi.org/10.13502/j.cnki.issn1000-7636.2025.07.008 [in Chinese]
Zhou, W., & Shi, X. L. (2023). Chinese-style modernization and the development of digital economy. Research on Financial and Economic Issues, (6), 3-15. https://doi.org/10.19654/j.cnki.cjwtyj.2023.06.001 [in Chinese]