数字普惠金融赋能企业供应链韧性的路径研究  

Research on the Path of Digital Inclusive Finance Enabling Enterprise Supply Chain Resilience

作　　者：左喜梅 满正伟 Zuo Ximei;Man Zhengwei(School of Finance,Xinjiang University of Finance and Economics,Urumqi 830012,China)

机构地区：[1]新疆财经大学金融学院,乌鲁木齐830012

出　　处：《金融理论探索》2025年第1期57-67,共11页Exploration of Financial Theory

基　　金：新疆维吾尔自治区2023年度天池英才计划青年博士项目“数字普惠金融助推新疆乡村振兴的机制与对策研究”。

摘　　要：在逆全球化背景下,提升企业产业链和供应链的韧性,确保其独立可控,是中国整体发展与安全的基础,而数字普惠金融在这一过程中发挥关键作用。基于2013—2022年中国A股上市公司的数据,构建双向固定效应模型,探究数字普惠金融对企业供应链的影响与作用路径。研究表明,数字普惠金融能够有效增强企业的供应链韧性,其作用机制通过三条路径实现:企业数字化、企业商业信用配置以及客户稳定性。进一步分析表明,数字普惠金融的使用深度、覆盖广度和数字化程度均能改善企业的供应链韧性。异质性分析显示,在成长期企业、营商环境劣势地区和劳动密集型企业的样本中,数字普惠金融对企业供应链韧性的提升效果更为显著。为提升企业供应链韧性与安全水平,应完善数字普惠金融基础设施,深化数字普惠金融使用深度,加大对供应链企业支持力度,推动客户稳定度机制创新与企业数字化转型和应用,进行精准干预与提供定制化服务,提升数字普惠金融对供应链的作用效果。In the context of deglobalization,enhancing the resilience of industrial and supply chains and ensuring their independence and control is the foundation for China’s overall development and security.Digital inclusive finance plays a key role in this process.Based on data from China’s A-share listed companies from 2013 to 2022,this paper constructs a two-way fixed effects model to explore the impact and mechanism of digital inclusive finance on enterprise supply chains.The research shows that digital inclusive finance can effectively enhance the resilience of enterprise supply chains through three pathways:enterprise digitization,enterprise commercial credit allocation,and customer stability.Further analysis indicates that the depth of use,coverage,and degree of digitalization of digital inclusive finance all improve the resilience of enterprise supply chains.Heterogeneity analysis reveals that the effect of digital inclusive finance on supply chain resilience is more significant in growth-oriented enterprises,regions with unfavorable business environments,and labor-intensive enterprises.To enhance the resilience and security of enterprise supply chains,it is essential to improve the infrastructure of digital inclusive finance,deepen its usage,increase support for supply chain enterprises,promote innovation in customer stability mechanisms,accelerate digital transformation and application,and provide precise interventions and customized services to improve the effectiveness of digital inclusive finance in supply chain development.

关 键 词：数字普惠金融 供应链韧性 企业数字化 客户稳定度 供应链金融 

分 类 号：F832[经济管理—金融学]