Does digitalizing supply chains enhance corporate financial stability?

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-09-03 DOI:10.1016/j.irfa.2025.104603

Ying Yu , Haoyang Wu , Yijiang Tan

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引用次数: 0

Abstract

Using difference-in-differences (DID) methodology on data from Chinese A-share companies spanning 2010 to 2022, the study leverages the China's Supply Chain Innovation and Application Pilot Program as a quasi-natural experiment to examine how supply chain digital transformation (SCDT) affects corporate financial stability, particularly expected default frequency (EDF). The results show that SCDT significantly reduces EDF by enhancing operational efficiency, improving resource coordination, and mitigating financial risks. The study identifies mechanisms driving this effect—including improved transparency in information sharing, reinforced internal governance, and reduced dependency on external financing—validated by robustness checks, such as propensity score matching and instrumental variable analysis. The impact of SCDT varies across firms, with larger companies and those in regions that have less exposure to markets, experiencing greater financial benefits of SCDT due to firm-specific characteristics and local conditions.

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数字化供应链是否增强了企业的财务稳定性？

本研究采用差分法（DID）对2010年至2022年中国a股公司的数据进行分析，利用中国供应链创新与应用试点项目作为准自然实验，研究供应链数字化转型（SCDT）如何影响企业财务稳定性，特别是预期违约频率（EDF）。结果表明，SCDT通过提高作业效率、改善资源协调和降低财务风险，显著降低了EDF。该研究确定了推动这一效应的机制，包括提高信息共享的透明度，加强内部治理，减少对外部融资的依赖，并通过倾向得分匹配和工具变量分析等稳健性检查进行了验证。SCDT的影响因公司而异，由于公司的特定特征和当地条件，较大的公司和市场接触较少的地区的公司从SCDT中获得了更大的经济效益。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.