Abstract: As the deep integration of the digital economy and the real economy has become a critical direction of the new round of industrial transformation, the role of capital structure in shaping enterprises’ capability to integrate digital and real economy industrial technologies is increasingly prominent. Whether patient capital, as a stable and long-term funding source, can help enterprises break free from short-term incentive constraints and achieve the integration of digital and real economy industrial technologies is a focus of societal attention. Based on data from Chinese A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2010 to 2024, this study empirically analyzes the impact of patient capital on the integration of digital and real economy industrial technologies and its underlying mechanisms. The results show that patient capital significantly enhances the level of this integration, primarily by strengthening capital stability, innovation investment capability, and supply chain collaboration efficiency. Heterogeneity tests indicate that the effect of patient capital is more pronounced in enterprises with a higher proportion of male executives, larger scale, stronger market competitiveness, and higher supply chain resilience. Further analysis reveals that stable equity plays a stronger role in enterprises with state-owned shareholders, while relational debt is more effective in regions with higher levels of financial development. The integration of digital and real economy industrial technologies effectively reduces stock price synchronicity and stock price crash risk, demonstrating dual optimization effects in enhancing information efficiency and suppressing risks. Economic management departments should improve the mechanism for cultivating patient capital, optimize the investment structure of capital markets, and promote supply chain collaboration and informatization development; enterprise heterogeneity and implement differentiated support strategies should be fully considered in policy-making process; enterprises should strengthen internal innovation investment capabilities to foster deeper technological integration

Key words: patient capital, industrial technology integration, digital economy, digital transformation, patents