Supply chain digitalization and disruption risk: The roles of resilience and financing constraints

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-02-07 DOI:10.1016/j.frl.2026.109623

Jinfei Zhang

引用次数: 0

Abstract

This study investigates whether and how strategic supply chain digitalization (SCDigital) mitigates manufacturing enterprises’ disruption risk. Using firm-level panel data from 23,005 firm–year observations from Chinese A-share manufacturing firms spanning 2013–2023, this study constructs a moderated mediation model incorporating supply chain resilience and financing constraints. Results show that SCDigital significantly reduces disruption risk, with resilience acting as a key mediating mechanism and financing constraints weakening this effect. Heterogeneity analysis reveals that the risk-mitigating impact of digitalization is strongest for capital-intensive firms, indicating that industry characteristics can influence the value of digital transformation. The findings highlight the importance of digital transformation in enhancing firms’ operational stability and provide policy insights for improving financial flexibility to support digital resilience.

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供应链数字化与中断风险：弹性和融资约束的作用

本研究探讨策略性供应链数位化（SCDigital）是否以及如何减轻制造企业的中断风险。本文利用2013-2023年23005家中国a股制造业企业年度观察数据，构建了一个包含供应链弹性和融资约束的有调节中介模型。结果表明，SCDigital显著降低了中断风险，恢复力是关键的中介机制，而融资约束削弱了这一效应。异质性分析表明，数字化对资本密集型企业的风险缓解作用最强，表明行业特征会影响数字化转型的价值。研究结果强调了数字化转型在提高企业运营稳定性方面的重要性，并为提高财务灵活性以支持数字化复原力提供了政策见解。

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

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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