Corporate financialization, digital transformation, and industrial supply chain resilience: Mechanisms based on R&D investment and financial regulation
基于2013-2022年3329家上市制造企业数据，发现企业金融化通过增加研发投入提升产业链韧性，数字化转型也起关键作用，且金融监管强度调节这一关系，国企受益最大。
This study examines the intricate relationship among corporate financialization , digital transformation, and industrial supply chain resilience, leveraging data from 3329 publicly traded manufacturing firms from 2013 to 2022. The primary findings from the analysis are as follows. An elevated level of corporate financialization correlates with a more resilient industrial supply chain. Digital transformation plays a critical role in improving supply chain resilience. Research and development (R&D) investment acts as a bridging factor between corporate financialization and supply chain resilience, with financialization stimulating technological advancements and enhancing supply chain management efficiency through increased R&D investments, thus strengthening supply chain resilience. The stringency of financial regulations modulates the interplay between corporate financialization and supply chain resilience. Moreover, the impact of corporate financialization on supply chain resilience varies by enterprise type, with state-owned enterprises receiving the greatest benefits.