Abstract: The widespread application of digital technology has made the real-digital integration a key strategy for enterprises to enhance their innovation capabilities. The core challenge currently faced by Chinese enterprises in innovation lies in the fragmented application scenarios of digital technology and the dispersed distribution of data elements, which result in low efficiency in the allocation of innovation resources and hinder the improvement of enterprise innovation levels. Although existing research has explored the relationship between real-digital integration and innovation, most studies have focused on the linear transmission logic of traditional production factors. Research that comprehensively reveals how real-digital integration empowers enterprise innovation from a digital enterprise perspective remains relatively scarce. Based on this, the data of Chinese A-share listed companies from 2008 to 2023 are selected to examine the impact of real-digital integration on corporate innovation and its underlying mechanism. The study shows that for every 1-unit increase in the level of real-digital integration, the level of corporate innovation will increase by 2.4%, indicating that real-digital integration has a significant positive promotion effect on corporate innovation. Mechanism analysis shows that real-digital integration enhances enterprise innovation level through two paths: expanding the application scenarios of digital technology and improving the utilization efficiency of data elements. Heterogeneity analysis shows that real-digital integration has a significant positive effect on larger enterprises, enterprises with higher knowledge stock, enterprises with larger market demand, enterprises with higher human capital structure, and enterprises located in regions with higher level of intellectual property protection. In addition, the absorptive capacity of enterprises can strengthen the promotion effect of real-digital integration on innovation.

Key words: real-digital integration, data elements, digital technology, level of innovation