Does the integration of digital and real economies enhance corporate supply chain resilience? Evidence from China’s listed firms

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-09 DOI:10.1016/j.frl.2025.107953

Qiguang An , Yongkai Wang , Feini Liu , Ruoyu Wang

引用次数: 0

Abstract

Enhancing corporate supply chain resilience (CSCR) through digital technologies is vital for building a modern industrial system. This study examines whether the integration of digital and real economies (IDRE) strengthens CSCR, drawing on panel data from Chinese listed firms from 2011 to 2022. The empirical results indicate that IDRE significantly improves CSCR, with robust effects across multiple dimensions—resistance, recovery, and creativity. Mechanism analysis suggests that digital transformation, technological innovation, and improved internal control are key channels through which IDRE promotes CSCR. Heterogeneity analysis further reveals that the positive impact of IDRE is more pronounced among non-state-owned enterprises, smaller firms, and those located in regions with more developed financial systems. These findings provide timely empirical evidence to inform strategies for fostering supply chain resilience in the digital era.

查看原文本刊更多论文

数字经济和实体经济的融合是否增强了企业供应链的弹性？来自中国上市公司的证据

通过数字技术增强企业供应链弹性对于构建现代工业体系至关重要。本文利用2011年至2022年中国上市公司的面板数据，研究了数字与实体经济的融合是否会增强CSCR。实证结果表明，IDRE显著提高了CSCR，在抗性、恢复力和创造力等多个维度上都有显著的效果。机制分析表明，数字化转型、技术创新和内部控制的完善是IDRE促进CSCR的关键渠道。异质性分析进一步表明，在非国有企业、小型企业和金融体系较发达地区的企业中，IDRE的积极影响更为明显。这些发现为数字时代培养供应链弹性的战略提供了及时的经验证据。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance