How does digital-real integration reshape the effective market power of enterprises? From the perspective of dynamic capabilities

In today's highly uncertain market environment, the deep integration of the digital economy and the real economy (DRI) is reshaping competitive landscapes and may offer new avenues for enterprises to enhance their market power. However, existing research has yet to focus on this aspect. Drawing on data from Chinese listed companies and patent data spanning 2003 to 2022, this study empirically examines the impact of DRI on effective market power (EMP) and its mechanisms. The findings reveal that DRI significantly enhances enterprises' EMP, and this effect is primarily achieved by shaping three dynamic capabilities: learning and absorption capabilities, innovation and transformation capabilities, and organizational and coordination capabilities. Heterogeneity analysis indicates that DRI focused on digital applications and efficiency improvements yields stronger effects on EMP. Enterprises with real-oriented technological foundations and larger enterprises are more likely to benefit from DRI. Regarding external environment heterogeneity, DRI exerts a greater EMP enhancement in highly competitive industries with low entry barriers and regions with high levels of technology diffusion. Finally, this study explores the impact of DRI on market entry barriers, thereby enriching the theoretical framework of EMP. This study provides theoretical foundations for enterprises to strengthen EMP and optimize DRI strategies in the digital economy era.