数字金融对企业供应链韧性的影响研究——来自中国上市公司的经验证据

A Study of the Impact of Digital Finance on Corporate Supply Chain Resilience——Empirical Evidence from Listed Companies in China

金融业是社会经济发展的先行者,数字金融的蓬勃发展为企业供应链韧性优化提升提供新支撑。以2011-2022年我国上市公司为研究样本,使用双向固定效应、中介效应以及调节效应模型实证考察数字金融对企业供应链韧性的影响。研究发现:数字金融显著提升企业供应链韧性,该结论在一系列稳健性检验后依然成立。机制检验发现,数字金融通过削弱企业金融化程度进而提升企业供应链韧性。同时,数字化转型有助于强化数字金融对企业供应链韧性的提升作用。异质性分析发现,数字金融对企业供应链韧性的影响作用存在不同行业、不同企业性质以及不同企业规模的异质性特征。基于实证检验结果,提出建立数字金融服务平台、加快企业数字化转型以及注重企业差异化特征的对策建议,以期为提升我国企业供应链韧性提供借鉴与参考。

The financial industry is the forerunner of social and economic development,and the booming development of digital finance provides new support for the optimisation and improvement of corporate supply chain resilience.Taking listed companies in China from 2011 to 2022 as the research sample,we empirically examine the impact of digital finance on corporate supply chain resilience using two-way fixed effect,mediation effect and moderating effect models.The study finds that digital finance significantly enhances corporate supply chain resilience,and this conclusion still holds after a series of robustness tests.The mechanism test finds that digital finance enhances supply chain resilience by weakening the degree of financialisation of firms.Meanwhile,digital transformation helps to strengthen the effect of digital finance on supply chain resilience.Heterogeneity analysis finds that the impact of digital finance on enterprise supply chain resilience is characterised by heterogeneity across different industries,enterprise natures and enterprise sizes.Based on the empirical results,this paper proposes countermeasure suggestions to establish a digital financial service platform,accelerate the digital transformation of enterprises,and focus on the differentiated characteristics of enterprises,with a view to providing reference for enhancing the supply chain resilience of enterprises in China.