Research on the Dynamic Adaptation Path and Performance of Digital and Real Economy Integration Empowering "Specialized, Refined, Distinctive and Innovative" Enterprises-Heterogeneity analysis based on the incubation period and the growth period

Abstract

With the development of the digital economy, the integration of digital and real economies has become a key driving force for the high-quality development of enterprises, especially "specialized, refined, distinctive and innovative" ones. However, enterprises at different life cycle stages have significant differences in resource endowment, capability structure and strategic focus, and the path selection and performance impact of their integration of digital and real economies also show heterogeneity. This study focuses on "specialized, refined, distinctive and innovative" enterprises and constructs a theoretical framework covering the heterogeneity analysis of the incubation period and the growth period. Through the method of multi-case comparative study, the dynamic adaptation paths of digital and physical integration in enterprises at different stages and their mechanism of effect on enterprise performance were explored. Research findings show that during the incubation period, enterprises tend to adopt an integrated path of "demand-driven and agile iteration", focusing on optimizing core business processes and reducing trial-and-error costs through digital technologies. Their performance improvement is mainly reflected in operational efficiency and the speed of product market validation. During the growth stage, enterprises tend to adopt a more integrated path of "strategy-driven and system reconstruction", dedicated to achieving large-scale growth and enhancing innovation capabilities through data-driven decision-making, industrial chain collaboration, and value network expansion. The performance impact is more significantly reflected in market share, profitability, and innovation output. This study reveals the phased characteristics and path dependence of the empowerment effect of the integration of digital and real economies, providing theoretical basis and practical guidance for "specialized, refined, distinctive and innovative" enterprises to precisely formulate digital transformation strategies, and enriching the application of enterprise life cycle theory and dynamic capability theory in the context of the integration of digital and real economies.