Digital finance, financing constraints and supply chain resilience

Abstract

This paper selects the data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2022 as samples, explores the relationship between digital finance, financing constraints, and supply chain toughness, and finds that digital finance strengthens the supply chain toughness of enterprises; financing constraints will weaken the supply chain toughness of enterprises; enterprise technological innovation plays an intermediary role in the relationship between digital finance and supply chain toughness of enterprises; there is a significant difference in the impact of digital finance on supply chain toughness of state-owned and non-state-owned enterprises; and there is a significant difference in the impact of financing constraints on supply chain toughness of state-owned enterprises and non-state-owned enterprises.