以2012—2023年中国A股430家上市公司面板数据作为样本，通过文本分析法量化企业数字化转型水平。从抵抗力、恢复力与转变力3个方面选择相应指标衡量产业链供应链韧性水平，进一步研究二者之间的影响及内在机制。研究结果显示：企业数字化转型显著增强了产业链供应链韧性。机制检验发现，优化供应链匹配、降低产业链单点依赖、融通价值链创新等是企业数字化转型提升产业链供应链韧性的主要作用机制。异质性分析表明，相较于非国有企业和大型企业，国有企业和中小型企业数字化转型对产业链供应链韧性的影响更显著；相较于高科技行业及中西部地区企业，非高科技行业和东部地区企业数字化转型对产业链供应链韧性的影响更显著。

With the increasing uncertainty of the global economy,international trade frictions and geopolitical conflicts continue to escalate,and the global industrial and supply chains have been severely impacted.The resilience of industrial and supply chains has gradually become a key issue for enterprise development and national economic security.As the world's largest manufacturing center and an important link in the global industrial chain,China is undergoing rapid digital transformation,which is gradually becoming a new engine driving the transformation and upgrading of industrial and supply chains.However,there is currently no unified conclusion on the specific impact of digital transformation of Chinese enterprises on the resilience of industrial and supply chains,especially based on empirical research of listed companies.As a representative group of Chinese enterprises,listed companies possess strong market competitiveness and relatively robust governance structures.Their digital transformation has a particularly significant impact on the entire industrial and supply chain.
Thus,this study selects data from Chinese A-share listed companies from 2012 to 2023 as the initial research sample.It uses the open-source "Jieba" library in Python to extract keywords from annual reports,calculates the total frequency of words to measure the level of digital transformation of enterprises,and uses the level as an explanatory variable.A resilience index system for industrial chain and supply chain is constructed from three dimensions: resistance,resilience,and transformation of industrial chain and supply chain,and measured using entropy weight method as the dependent variable.In terms of theoretical contributions,this study examines the impact of digital technology on the resilience of industrial and supply chains from both macroeconomic and microeconomic perspectives.Specifically,it enriches the understanding of how digital transformation at the enterprise level affects overall supply chain resilience.The study broadens the scope of research on enterprise digital transformation by analyzing its impact mechanisms through three pathways: optimizing supply chain matching,reducing dependence on traditional industrial chains,and integrating value chain innovations.This approach provides a more comprehensive understanding of the factors influencing industrial and supply chain resilience.In terms of empirical research,the study employs multiple instrumental variables to address the endogeneity bias arising from reverse causality.Additionally,various methods,including replacing variables,altering regression models,and excluding the influence of certain factors,are utilized to test the robustness of the measurement results.The study also conducts mechanism tests to explore how enterprise digital transformation affects the resilience of industrial and supply chains through optimizing supply chain matching,breaking away from industrial chain dependence,and integrating value chain innovation.Furthermore,the study examines the heterogeneity of this impact mechanism across different enterprise ownership structures,scales,industry types,and market environments.
The research results indicate that firstly,digital transformation of enterprises has a significant positive effect on improving the resilience of industrial and supply chains,and this conclusion still holds true after a series of tests.Secondly,digital transformation of enterprises enhances the resilience of industrial and supply chains by optimizing supply chain matching,breaking away from industrial chain dependence,and integrating value chain innovation.Thirdly,there is an asymmetric effect of enterprise digital transformation on the resilience of industrial and supply chains.From the perspective of micro enterprises,the digital transformation of both small and medium-sized enterprises and state-owned enterprises has a significant effect on improving the resilience of industrial and supply chains; from a macro environmental perspective, the digital transformation of non-high tech industries and enterprises in the eastern region has a significant impact on enhancing the resilience of industrial and supply chains.To further advance the digital transformation of industries,it is essential to deepen the application of digital technology,thereby enhancing the matching and management capabilities of the supply chain,while providing differentiated support that accounts for the heterogeneity characteristics of different enterprises.Additionally,efforts should be made to continue tapping into the enormous digital potential of traditional industries and to promote industrial collaboration and technology sharing,which will help narrow regional disparities.