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论文编号：	15996
作者编号：	2120243804
上传时间：	2026/6/2 12:56:11
中文题目：	供应链数字化对企业风险承担能力的影响研究 ——基于“供应链创新与应用试点”的准自然实验
英文题目：	The Impact of Supply Chain Digitalization on Corporate Risk-Taking: Evidence from a Quasi-Natural Experiment of the "Supply Chain Innovation and Application Pilot" Program
指导老师：	李姝
中文关键字：	供应链数字化；供应链创新与应用试点；风险承担能力；融资约束；客户稳定性
英文关键字：	Supply Chain Digitalization; Supply Chain Innovation and Application Pilot; Risk-Taking Capacity; Financing Constraints; Customer Stability
中文摘要：	当前，数字技术的普及促使实体企业加速推进供应链数字化。企业风险承担能力是影响其开展战略投资与前瞻性创新的重要基础，但在传统经营模式下，受制于外部融资约束与上下游业务的不确定性，我国微观企业的整体风险承担意愿往往受到制约。因此，探讨供应链数字化能否以及如何优化企业资源配置进而提升其风险承担能力，具有重要的理论与现实意义。 基于此，本文以国家多部委联合推行的“供应链创新与应用试点”政策作为准自然实验，选取2011—2024年沪深A股上市企业为研究样本，构建双重差分模型（DID），实证检验了供应链数字化对微观企业风险承担能力的影响及其传导机制。研究发现：第一，供应链数字化显著提升了企业的风险承担能力。第二，机制检验表明，供应链数字化主要通过缓解外部融资约束与提升客户稳定性两条路径，为企业风险承担能力的提升提供资源支撑。第三，异质性分析发现，该提升作用在成熟期企业、非国有企业以及信息透明度较低的企业中更为显著；此外，在外部运营环境相对薄弱的地区，供应链数字化的提振作用更强，表现出一定的替代治理效能。第四，经济后果检验表明，由供应链数字化驱动的风险承担能力提升，进一步促进了企业资本市场价值的增长与实质性创新产出的增加。 本文的研究不仅丰富了供应链数字化微观经济后果的经验文献，也为实体企业如何利用数字技术优化内外部资源环境、合理制定高风险投资决策提供了相应的实证依据与政策启示。
英文摘要：	The widespread adoption of digital technologies has accelerated supply chain digitalization among real-sector enterprises. While corporate risk-taking capacity is crucial for strategic innovation, Chinese enterprises are often constrained by external financing limits and operational uncertainties. Exploring how supply chain digitalization enhances risk-taking capacity therefore holds significant theoretical and practical value. Using the "Supply Chain Innovation and Application Pilot" policy as a quasi-natural experiment, this study applies a difference-in-differences (DID) model to a sample of Chinese A-share listed firms (2011–2024) to empirically examine the impact of supply chain digitalization on corporate risk-taking capacity. The findings reveal that: (1) supply chain digitalization significantly enhances corporate risk-taking capacity; (2) this effect is primarily mediated by alleviating external financing constraints and improving customer stability; (3) the enhancement is more pronounced in mature firms, non-SOEs, firms with lower information transparency, and those in regions with weaker external environments, exhibiting an alternative governance effect; and (4) this digitalization-driven risk-taking further promotes corporate capital market value and substantive innovation output. This study enriches the literature on the microeconomic consequences of digitalization and provides empirical guidance for utilizing digital technologies to optimize resource allocation and high-risk investment decisions.
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