The Impact of Digital‐Green Synergistic Transformation on Firm's Supply Chain Resilience: A Study Based on the Optimal Distinctiveness Theory
基于最优区分理论，利用中国2022年数字绿色协同转型综合试点政策作为准自然实验，发现数字绿色协同转型显著提升企业供应链韧性，且关系债务和战略股权起正向调节作用，对国企、高污染和高技术行业效果更明显。
ABSTRACT The digital‐green synergistic transformation is of great significance for enhancing the supply chain resilience of firms. This study, based on the optimal distinctiveness theory, explores the impact of digital‐green synergistic transformation on a firm's supply chain resilience and its boundary conditions. Using China's 2022 Digital‐Green Synergistic Transformation Comprehensive Pilot Policy (Dual Synergy Pilot) as a quasinatural experiment, we employ a difference‐in‐differences estimation model and reach the following conclusions: (1) digital‐green synergistic transformation significantly enhances a firm's supply chain resilience; (2) both relational debt and strategic equity positively moderate this relationship, with the empowering effect of strategic equity being stronger; and (3) further heterogeneity analysis reveals that the effects are particularly pronounced in state‐owned firms, high‐pollution industries, and high‐tech industries. From the perspective of digital‐green synergistic transformation, this study enriches the theoretical framework for enhancing a firm's supply chain resilience and provides valuable practical insights for managers, policymakers, and investors.