Jiachang Li, Hanqi Song, Yufei Ma
Against the backdrop of global industrial chain restructuring and heightened uncertainty risks, enhancing supply chain resilience is central to ensuring high-quality development in manufacturing. Drawing on microdata from Chinese A-share manufacturing listed companies from 2011 to 2024, this study empirically examines the impact of corporate digital transformation on manufacturing supply chain resilience and its underlying mechanisms. Findings reveal: First, corporate digital transformation exerts a significant and robust direct positive effect on manufacturing supply chain resilience, a conclusion that holds after multiple endogeneity tests including time window shortening and instrumental variables methods. Second, mechanism tests indicate that digital transformation indirectly enhances supply chain resilience through two mediating pathways: alleviating financing constraints and reducing market competition intensity. Specifically, digital transformation enhances corporate information transparency and operational efficiency, thereby reducing external financing costs and alleviating excessive market competition pressures. This creates a more favorable financial and market environment for strengthening supply chain resilience. Third, heterogeneity analysis reveals significant industry differences in the enabling effects of digital transformation, with its promotional impact being particularly pronounced in high-tech, low-pollution, and highly competitive industries. This study provides micro-level evidence for understanding the dual "financial-market" pathways through which digital transformation empowers manufacturing resilience. It offers important implications for formulating targeted digital transformation policies, optimizing corporate financing environments, and guiding healthy market competition to systematically strengthen supply chain resilience.