“链主”数字化能提升链上企业韧性吗？——基于上市公司供应链的经验证据
基金项目(Foundation): 安徽省高等学校哲学社会科学研究重点项目“‘双循环’新发展格局下数字化转型对长三角制造业高质量发展的作用机制与影响效应研究”（2023AH052352）; 2025年度池州学院校级科研重点项目“新质生产力视角下‘链主’企业数字化引领链上企业协同升级的机制与路径研究”（CZ2025RWZ17）
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DOI: 10.19473/j.cnki.1008-4940.2026.01.008
发布时间： 2026-02-20
出版时间： 2026-02-20
摘要：
在全球产业链供应链加速重构与不确定性因素持续增多的背景下，提升企业韧性成为关键议题。基于2010—2022年沪深A股上市公司供应链数据，实证检验链主数字化对链上企业韧性的影响、机制及其异质性。结果表明：链主数字化显著提升链上企业韧性；供应链金融与“头雁效应”是两条重要的中介路径，且供应链金融同时存在负向调节作用，表明其可能引发“能力替代”风险；链主处于供应链上游、链上企业位于东部地区或面临较高环境不确定性时，该提升效应更为显著。应强化链主数字化引领，根据区域与行业特点实施差异化策略，完善供应链金融支持并防范替代风险，夯实技术溢出人才及研发基础，提升产业链韧性与数字化发展水平。
Abstract：
Against the backdrop of accelerated restructuring of global industrial and supply chains and a persistent rise in uncertainties, enhancing corporate resilience has emerged as a critical research agenda. Drawing on supply chain data of A-share listed companies in Shanghai and Shenzhen from 2010 to 2022, this study empirically investigates the impact of chain leader digitalization on the resilience of supply chain member firms, along with its underlying mechanisms and heterogeneous effects. The findings reveal that chain leader digitalization significantly enhances the resilience of member firms in the supply chain. Supply chain finance and the “head goose effect” act as two pivotal mediating channels. Notably, supply chain finance also exerts a negative moderating effect, suggesting it may induce the risk of “capability substitution”. Heterogeneity analysis indicates that the positive impact is more pronounced under the following conditions: the chain leader is positioned in the upstream segment of the supply chain; the member firm is located in the eastern region of China; or the member firm faces high environmental uncertainty.This study proposes the following policy implications: First, strengthen the leading role of chain leader digitalization to drive the digital transformation of the entire supply chain. Second, implement differentiated strategies tailored to regional and industrial characteristics to maximize the spillover effects of digitalization. Third, optimize supply chain financial support mechanisms while guarding against the risk of capability substitution. Fourth, consolidate the foundations of technology spillover, talent development, and R&D investment to comprehensively enhance the resilience and digital maturity of industrial chains.
