Can 'digital-real integration' enable the innovation output of agricultural enterprises? an analysis based on the moderating role of financial flexibility

The acceleration of digital-real integration in agricultural enterprises is paramount for the rural revitalisation strategy, serving as the pathway for the agricultural industry's modernisation. This paper investigates the impact of digital-real integration on the innovation output of agribusiness, using data from Chinese Shanghai and Shenzhen A-share agricultural firms from 2013 to 2021. The study shows that a higher degree of digital-real integration corresponds to an increase in innovation output, especially in non-state-owned and large-scale agribusinesses. Financial flexibility positively moderates the relationship between digital-real integration and agribusiness innovation output. Research offers insights and pathways for the digital convergence of agricultural enterprises, sparking innovative dynamism.