Abstract: The digital economy is of profound significance in advancing the integration of innovation chain, industry chain, capital chain and talent chain (abbreviated as“four chains”) in manufacturing industry, and thus expediting the construction of the modern industrial system. Through theoretical analysis and an empirical test based on the provincial data of China's manufacturing industry from 2011 to 2021, this paper explores the specific impact of digital economy on the“four chain”integration of manufacturing industry. The results of the benchmark regression test indicate that the digital economy can significantly promote the integration of the“four chains”in the manufacturing industry, and the conclusion still holds true after a series of robustness tests. The mechanism test indicates that alleviating capital mismatch and labor mismatch is an important mechanism for the digital economy to promote the integration of the“four chains”in the manufacturing industry. The results of the spatial econometric test indicate that the digital economy has a positive spatial spillover effect on promoting the integration of the“four chains”in the manufacturing industry. The results of the group estimation test show that in coastal areas and areas along the“the Belt and Road”route, the digital economy has more impetus to promote the“four chains”integration in the manufacturing industry. Each region should follow the inherent logic of the integration of the“four chains”and consolidate the foundation of the“four chains” integration of the manufacturing industry; they should promote high-quality development of the digital economy and smooth the channels for empowering the digital economy; they should be guided by policies and draw on the experience of advanced regions, so as to promote the integration of the“four chains”empowered by digital economy in the manufacturing industry.

Key words: digital economy, manufacturing industry, integration of the“four chains”, spatial spillover