# Enterprise Digital Transformation and Supply Chain Stability
# 企业数字化转型与供应链稳定性
**原文与译文对照**
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## ABSTRACT / 摘要
We select manufacturing enterprises in China's A-share market from 2012 to 2022 as a research sample to examine the impact of enterprise digital transformation on supply chain stability. Enterprise digital transformation is found to sufficiently improve and promote supply chain stability through high-quality information disclosure and internal governance capabilities. Compared with non-state-owned enterprises, the digital transformation of state-owned enterprises focuses more on stability results and brings greater supply chain stability benefits.
> 我们选取2012—2022年中国A股市场的制造业企业作为研究样本，考察企业数字化转型对供应链稳定性的影响。研究发现，企业数字化转型能够通过高质量的信息披露和内部治理能力，充分改善并促进供应链稳定性。与非国有企业相比，国有企业的数字化转型更注重稳定性结果，并带来更大的供应链稳定性收益。
**Keywords:** Digital transformation; Supply chain; Stability
**关键词：** 数字化转型；供应链；稳定性
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## 1. Introduction / 1. 引言
Against the background of trade protectionism, supply chain risk and instability are important factors restricting recovery and sustained growth in the world economy, with localized political conflicts and their widening impacts worldwide further aggravating global supply chain instability (Centobelli et al., 2020). Supply chain stability (SCS) refers to maintaining balanced supply and demand and a stable market for producing, exchanging, distributing, and circulating products or services, as well as an able network that connects upstream and downstream firms that provide products or services and maintains regular operations (Jones et al., 2021). Production development in the manufacturing industry depends mainly on the supply chain to stabilize expected output and sales, making firms more sensitive to supply chain risks (Kang et al., 2019).
> 在贸易保护主义背景下，供应链风险与不稳定是制约世界经济复苏和持续增长的重要因素，局部政治冲突及其在全球范围内不断扩大的影响进一步加剧了全球供应链的不稳定性（Centobelli et al., 2020）。供应链稳定性（SCS）是指在产品或服务的生产、交换、分配和流通过程中保持供需平衡和市场稳定，以及连接提供产品或服务的上下游企业并维持其正常运营的有效网络（Jones et al., 2021）。制造业的生产发展主要依赖供应链来稳定预期产出和销售，这使得企业对供应链风险更为敏感（Kang et al., 2019）。
External shocks and uncertain events pose risks to SCS, which prompts firms to find alternative production technology solutions that can overcome supply chain volatility crises and maintain stable supply and demand (Mubarik et al., 2021). Companies are increasingly investigating digital technology inputs as an essential solution, driving increases in data factor inputs and expanded digital technology applications, and stimulating the development of the CT industry and the digital economy (Saarikko et al., 2020). The emergence and iterative development of digital technologies such as big data, cloud computing, artificial intelligence (AI), quantum communication, and blockchain represent the fourth global technological and industrial revolution, i.e., the "smart revolution" and the formation of the digital economy (Bai et al., 2021).
> 外部冲击和不确定性事件对供应链稳定性构成风险，促使企业寻找能够克服供应链波动危机并维持供需稳定的替代性生产技术方案（Mubarik et al., 2021）。企业日益将数字技术投入视为关键解决方案，推动数据要素投入的增加和数字技术应用的扩展，并促进通信技术（CT）产业和数字经济的发展（Saarikko et al., 2020）。大数据、云计算、人工智能（AI）、量子通信和区块链等数字技术的涌现与迭代发展，标志着第四次全球科技和产业革命，即"智能革命"的到来，以及数字经济的形成（Bai et al., 2021）。
With the rapid development of digital technology, digital transformation (DT) has become an essential way for enterprises to cope with supply chain fluctuations and improve stability. The emergence and iteration of technologies such as big data, cloud computing, AI, quantum communication, and blockchain have not only driven the CT industry and the entire digital economy to flourish but also provided enterprises with a powerful tool to cope with supply chain risks and achieve refined management. Applying these digital technologies can effectively enhance transparency and synergy in the enterprise supply chain, optimize resource allocation, reduce operating costs, and improve operational efficiency.
> 随着数字技术的快速发展，数字化转型（DT）已成为企业应对供应链波动、提升稳定性的重要途径。大数据、云计算、人工智能、量子通信和区块链等技术的涌现与迭代，不仅推动了通信技术产业和整个数字经济的蓬勃发展，也为企业应对供应链风险、实现精细化管理提供了有力工具。应用这些数字技术能够有效提升企业供应链的透明度与协同性，优化资源配置，降低运营成本，提高运营效率。
Currently, the enterprise supply chain is characterized by high uncertainty in the environment, the bullwhip effect caused by fluctuations in supply and demand, which amplifies upstream and downstream business conflicts, the high risk of fragmented and tandem businesses, and the lack of supply chain networks for small and medium-sized enterprises (Nordhagen et al., 2021). These uncertainties constrain manufacturing company development to a certain extent. With the deep development of digital technologies and the well-documented ability of digital capabilities to improve enterprise performance, DT has become a critical solution for addressing volatility in enterprise supply chains.
> 当前，企业供应链呈现出环境高度不确定性、供需波动引发的牛鞭效应（该效应放大上下游企业间的矛盾）、碎片化与串联式业务的高风险，以及中小企业缺乏供应链网络等特征（Nordhagen et al., 2021）。这些不确定性在一定程度上制约了制造企业的发展。随着数字技术的深入发展以及数字能力提升企业绩效的能力已得到充分证实，数字化转型（DT）已成为应对企业供应链波动的重要解决方案。
Based on this, this paper selects manufacturing enterprises in China's Shanghai and Shenzhen A-shares from 2012 to 2022 as a research sample to examine the impact of enterprise DT on SCS. Enterprise DT sufficiently improves and promotes SCS through high-quality information disclosure and internal governance capabilities. Compared with non-state-owned enterprises (non-SOEs), DT in SOEs is more focused on stability and provides greater SCS.
> 基于此，本文选取2012—2022年中国沪深A股制造业企业作为研究样本，以考察企业数字化转型（DT）对供应链稳定性（SCS）的影响。企业数字化转型通过高质量的信息披露和内部治理能力，能够充分改善并促进供应链稳定性。相较于非国有企业（non-SOEs），国有企业的数字化转型更加注重稳定性，并能提供更高的供应链稳定性。
This paper introduces supply chain relationships to study enterprise digitalization in-depth and enriches and provides a new perspective on research related to the DT of enterprises. Most previous supply chain research focuses on the degree of concentration of the supply chain, and few articles focus on how to measure SCS. This paper measures supply chain performance in terms of stability, with specific theoretical contributions.
> 本文引入供应链关系对企业数字化进行深入研究，丰富并为企业数字化转型相关研究提供了新的视角。以往大多数供应链研究侧重于供应链的集中程度，鲜有文献关注如何衡量供应链稳定性（SCS）。本文从稳定性角度衡量供应链绩效，具有明确的理论贡献。
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## 2. Theoretical Analysis and Research Hypotheses / 2. 理论分析与研究假设
DT can be applied to all business areas, including supply chain management. SCS refers to the reliability of the supply chain network in terms of design, management, and operation (Chen et al., 2019). DT can optimize the design and operation of the supply chain and improve its reliability and stability. Enterprises can optimize supply chain design and operation through DT to improve supply chain reliability and robustness and thus enhance its stability (Soni et al., 2022). At the same time, improved SCS can reduce operational risks, improve customer satisfaction, and reduce costs to further enhance enterprises' competitive advantage and profitability (Troise et al., 2022). Digital technology can help enterprises monitor supply chain operations in real time and obtain more accurate and timely information to better predict and manage supply chain risks and improve SCS (Nandi et al., 2021).
Supply chain digitalization penetrates the whole chain. Procurement and supply chain links rely on industrial e-commerce platforms and data technologies to carry out activities such as inquiry, bargaining, trading, and promotion that are suitable for early digitization as they involve less investment in fixed assets (Mergel et al., 2019). According to the report, the average return on capital in the procurement and supply chain segment is significantly higher than in other segments. With the deepening of enterprise business research and development, the digitization of other supply chain segments, such as production, logistics, and marketing, is accelerating. Collaboration between segments is closer, and digitization is gradually penetrating the whole supply chain.
> 数字化转型（DT）可应用于包括供应链管理在内的所有业务领域。供应链稳定性（SCS）是指供应链网络在设计、管理和运营方面的可靠性（Chen et al., 2019）。数字化转型能够优化供应链的设计与运营，提升其可靠性和稳定性。企业可通过数字化转型优化供应链设计与运营，提高供应链的可靠性与稳健性，从而增强其稳定性（Soni et al., 2022）。同时，供应链稳定性的提升能够降低运营风险、提高客户满意度并降低成本，从而进一步增强企业的竞争优势和盈利能力（Troise et al., 2022）。数字技术能够帮助企业实时监控供应链运营，获取更加准确和及时的信息，以更好地预测和管理供应链风险，进而提升供应链稳定性（Nandi et al., 2021）。
>
> 供应链数字化贯穿全链条。采购与供应链环节依托产业电子商务平台和数据技术开展询价、议价、交易和推广等活动，这些活动适合早期数字化，因为其固定资产投资较少（Mergel et al., 2019）。报告显示，采购与供应链环节的平均资本回报率显著高于其他环节。随着企业业务研发和创新的深化，生产、物流、营销等其他供应链环节的数字化正在加速推进。各环节之间的协作更加紧密，数字化正逐步渗透整个供应链。
**H1:** Enterprise digital transformation can fully improve the level of supply chain stability.
> **H1：** 企业数字化转型能够全面提升供应链稳定性水平。
Before using digital technology, some critical data could be reflected in running records, original vouchers, and accounting books. However, these human-recorded data are only the beginning compared to the vast amount of data generated by actual enterprise operations (AlNuaimi et al., 2022). With the help of digital technology, this missing data can be fully recorded and transformed into valuable information through data cleansing and data mining to provide powerful support for enterprise production decisions (Lezoche et al., 2020). For example, manufacturing companies are increasingly adopting devices such as infrared and ultrasonic sensors in their DT processes to capture real-time signals and data from production processes. These data are then transmitted to intelligent systems and complemented by data mining techniques to improve the quality of information and enable these data to serve production decisions directly.
> 在运用数字技术之前，部分关键数据可以反映在运行记录、原始凭证和会计账簿中。然而，与企业实际运营产生的海量数据相比，这些人工记录的数据仅仅是开端（AlNuaimi et al., 2022）。借助数字技术，这些缺失的数据能够被完整记录，并通过数据清洗与数据挖掘转化为有价值的信息，从而为企业生产决策提供有力支撑（Lezoche et al., 2020）。例如，制造企业在数字化转型过程中越来越多地采用红外和超声波传感器等设备，以捕获生产过程中的实时信号和数据。随后，这些数据被传输至智能系统，并结合数据挖掘技术以提高信息质量，使这些数据能够直接服务于生产决策。
Moreover, DT plays a profound role in improving information quality. Internally, it helps alleviate the principal-agent problem, enables more accurate decision-making, and reduces enterprise operational uncertainty. With the development of a standard caliber of business data, improved data accuracy, and accumulated data volume, all aspects of management decision-making, quality control, internal governance, and power checks and balances of the enterprise can be data-enabled, thereby significantly enhancing information quality (Lee et al., 2021). This improved information quality helps reduce the likelihood of management making poor decisions influenced by irrational factors, further enhancing firm stability and sustainability (Verma et al., 2020). Through the above analysis, we can see the critical role DT plays in improving information quality, optimizing the decision-making process, and enhancing enterprise stability. Therefore, enterprises should actively promote DT and use digital technology to enhance competitiveness and adaptability.
> 此外，数字化转型在提升信息质量方面发挥着深远作用。在企业内部，它有助于缓解委托代理问题，使决策更加精准，并降低企业的运营不确定性。随着业务数据标准化程度的提升、数据准确性的改善以及数据量的积累，企业在管理决策、质量控制、内部治理以及权力制衡等各个方面均可实现数据赋能，从而显著提升信息质量（Lee et al., 2021）。信息质量的提升有助于减少管理层受非理性因素影响而做出劣质决策的可能性，进一步增强企业的稳定性和可持续性（Verma et al., 2020）。通过以上分析可以看出，数字化转型在提升信息质量、优化决策流程以及增强企业稳定性方面发挥着关键作用。因此，企业应积极推动数字化转型，利用数字技术提升竞争力和适应能力。
**H2:** Enterprise digitalization can empower high-quality information disclosure, enhancing supply chain stability.
> **H2：** 企业数字化能够赋能高质量的信息披露，从而提升供应链稳定性。
Enterprise digitization is a strategic means of using digital technology to improve firms' operations and governance structures. DT can permeate all firm levels, including internal governance (Dutta et al., 2020). Digital technologies can help organizations automate, smarten, and refine their governance and improve communication and collaboration efficiency at all levels within the organization, thereby enhancing internal governance (Kumar et al., 2021). Through DT, enterprises can optimize their internal governance structures, improve internal communication and collaboration efficiency, and enhance the allocation and coordination of internal resources, thereby improving SCS. At the same time, improving SCS can reduce enterprise operational risk, improve customer satisfaction, and reduce costs, further enhancing the enterprise's competitive advantage and profitability (Belaud et al., 2019). Therefore, for modern enterprises, promoting DT and improving internal governance are important ways to achieve sustainable development and success.
> 企业数字化是利用数字技术改善企业运营与治理结构的战略性手段。数字化转型能够渗透到企业的各个层级，包括内部治理（Dutta et al., 2020）。数字技术可以帮助组织实现治理的自动化、智能化和精细化，提升组织内部各层级的沟通与协作效率，从而增强内部治理能力（Kumar et al., 2021）。通过数字化转型，企业能够优化内部治理结构，提升内部沟通与协作效率，加强内部资源的配置与协调，进而改善供应链稳定性（SCS）。同时，供应链稳定性的提升能够降低企业的运营风险、提高客户满意度并降低成本，从而进一步增强企业的竞争优势和盈利能力（Belaud et al., 2019）。因此，对于现代企业而言，推动数字化转型并完善内部治理是实现可持续发展与成功的重要途径。
**H3:** Enterprise digitization can improve internal governance capabilities and thus enhance supply chain stability.
> **H3：** 企业数字化能够改善内部治理能力，从而提升供应链稳定性。
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## 3. Study Design / 3. 研究设计
### 3.1 Sample Selection / 3.1 样本选择
This paper selects China's A-share listed manufacturing companies from 2012 to 2022 as the research sample. The research sample is treated as follows: (1) exclude special treatment (ST) sample enterprises; (2) exclude sample enterprises with abnormal operation and financial data; and (3) truncate all numerical variables at a 1% level. Finally, 10,976 observations are obtained. The data are mainly from the Wind and China Stock Market & Accounting Research databases.
> 本文选取2012—2022年中国A股上市制造业企业作为研究样本。研究样本处理如下：（1）剔除被特别处理（ST）的样本企业；（2）剔除经营和财务数据异常的样本企业；（3）对所有数值变量在1%水平上进行缩尾处理。最终获得10,976个观测值。数据主要来源于Wind数据库和CSMAR（中国股票市场与会计研究）数据库。
### 3.2 Definitions of Variables / 3.2 变量定义
#### 3.2.1 Dependent Variable / 3.2.1 因变量
**Supply chain stability (Chain):** This paper measures the SCS of an enterprise from the definition and divides the SCS into the upstream supply chain (raw material suppliers) stability (**Schain**) and the downstream supply chain (customers) stability (**Hchain**). Upstream and downstream supply chain volatility of the top five suppliers (customers) of the annual percentage change in the absolute value of the sum and the previous year's top five suppliers (customers) proportion of the sum of the ratio expressed.
> **供应链稳定性（Chain）：** 本文根据定义衡量企业的供应链稳定性（SCS），并将其划分为上游供应链（原材料供应商）稳定性（**Schain**）和下游供应链（客户）稳定性（**Hchain**）。上游与下游供应链波动性以前五大供应商（客户）的年度占比变动绝对值之和与前一年度前五大供应商（客户）占比之和的比值表示。
#### 3.2.2 Independent Variables / 3.2.2 自变量
**Digital transformation (Digital):** The text analysis method is used to measure the DT, and based on the previous practice, a word bank related to the DT of enterprises is established, and the standard terms include big data, cloud computing, Internet of things, e-commerce, and AI. The DT index is constructed to measure enterprises' degree of DT. The annual reports of the sample companies were downloaded from the Wind database. The numbers of word frequencies in the reports were summed based on mapping to construct a DT indicator to measure the degree of DT of the enterprises, measured as the proportion of the total number of word frequencies to all sentences in the "Management Discussion and Analysis Section."
> **数字化转型（Digital）：** 采用文本分析方法衡量数字化转型（DT），并参考已有研究做法，建立与企业数字化转型相关的词库，标准术语包括大数据、云计算、物联网、电子商务和人工智能等。构建数字化转型指数以衡量企业的数字化转型程度。从Wind数据库下载样本公司的年度报告，根据词库映射汇总报告中的词频数量，构建衡量企业数字化转型程度的指标，以"管理层讨论与分析"章节中词频总数占该章节全部句子数的比例来度量。
#### 3.2.3 Intermediary Variables / 3.2.3 中介变量
**Information disclosure quality (Degree):** This paper adopts the Shenzhen Stock Exchange's appraisal grades of information disclosure quality for its listed companies, which are publicly disclosed to measure the information quality disclosed by companies. The Shenzhen Stock Exchange has promulgated the revised *Measures for the Examination of Information Disclosure of Listed Companies*, and the assessment results are categorized into "A," "B," "C," and "D" in order of their quality.
> **信息披露质量（Degree）：** 本文采用深圳证券交易所对上市公司信息披露质量的考评等级，该等级已公开披露，用于衡量企业的信息披露质量。深圳证券交易所已发布修订后的《上市公司信息披露工作考核办法》，考评结果按质量从高到低依次分为"A""B""C""D"四个等级。
**Internal governance (DID):** The article uses the Dibble Internal Control Index to measure the company's internal governance capability.
> **内部治理（DID）：** 本文采用迪博内部控制指数来衡量公司的内部治理能力。
#### 3.2.4 Control Variables / 3.2.4 控制变量
To control the effect of other factors, this article controls for the following variables: revenue growth rate (**Growth**), profitability (**Roa**), gearing ratio (**Lev**), operating cash flow (**OCF**), firm size (**Size**), percentage of independent directors (**Pid**), nature of property rights (**Soe**), and concentration of shareholding (**CR**), as well as year effect (**Year**) and industry effect (**Ind**).
> 为控制其他因素的影响，本文控制了以下变量：营业收入增长率（**Growth**）、盈利能力（**Roa**）、资产负债率（**Lev**）、经营活动现金流（**OCF**）、企业规模（**Size**）、独立董事比例（**Pid**）、产权性质（**Soe**）以及股权集中度（**CR**），同时控制年度效应（**Year**）和行业效应（**Ind**）。
#### Table 1. Variable Definitions / 表1. 变量定义表
| Variable Type / 变量类型 | Variable Name / 变量名称 | Symbol / 符号 | Definition / 定义 |
|---|---|---|---|
| Dependent variable
因变量 | Supply Chain Stability
供应链稳定性 | **Schain** | The ratio of the sum of the absolute value of the annual percentage changes of the top five upstream suppliers to the sum of the proportions of the top five suppliers in the previous year.
以前五大上游供应商的年度占比变动绝对值之和与前一年度前五大供应商占比之和的比值表示。 |
| Dependent variable
因变量 | Supply Chain Stability
供应链稳定性 | **Hchain** | The ratio of the sum of the absolute values of the annual percentage changes of the top five downstream customers to the sum of the ratios of the top five customers in the previous year.
以前五大下游客户的年度占比变动绝对值之和与前一年度前五大客户占比之和的比值表示。 |
| Independent variable
自变量 | Digital Transformation
数字化转型 | **Digital** | Based on text analysis and word frequency statistics constructing indicators.
基于文本分析和词频统计构建指标获得。 |
| Intermediary variable
中介变量 | Quality of disclosure
信息披露质量 | **Degree** | Measured by using the ratings of the quality of information disclosure of listed companies in the Shenzhen Stock Exchange's integrity files.
采用深圳证券交易所诚信档案中上市公司信息披露质量评级来衡量。 |
| Intermediary variable
中介变量 | Internal governance
内部治理 | **DID** | The Dibble internal control index was used to obtain a measure.
采用迪博内部控制指数来衡量。 |
| Control variable
控制变量 | Income growth rate
营业收入增长率 | **Growth** | (Sales revenue for the period − sales revenue for the previous period) / Total assets of the enterprise
（本期营业收入 − 上期营业收入）/ 企业总资产 |
| Control variable
控制变量 | Profitability
盈利能力 | **Roa** | Total Assets Net Margin = Net Profit / Average Total Assets
总资产净利率 = 净利润 / 平均总资产 |
| Control variable
控制变量 | Gearing
资产负债率 | **Lev** | Total liabilities / Total assets
总负债 / 总资产 |
| Control variable
控制变量 | Operating cash flow
经营活动现金流 | **OCF** | Net operating cash flow / Total operating income
经营活动产生的现金流量净额 / 营业总收入 |
| Control variable
控制变量 | Enterprise size
企业规模 | **Size** | Natural logarithm of total assets of listed companies at the end of the year
上市公司年末总资产的自然对数 |
| Control variable
控制变量 | Percentage of independent directors
独立董事比例 | **Pid** | Percentage of independent directors out of the total number of board members
独立董事人数占董事会总人数的比例 |
| Control variable
控制变量 | Nature of property rights
产权性质 | **Soe** | State-owned enterprises take the value of 1, otherwise 0
国有企业取值为1，否则为0 |
| Control variable
控制变量 | Shareholding concentration
股权集中度 | **CR** | Aggregate shareholding of the company's top five shareholders
公司前五大股东的持股比例合计 |
### 3.3 Model Construction / 3.3 模型构建
To study the impact of enterprise DT on SCS, this paper constructs the following model:
> 为研究企业数字化转型（DT）对供应链稳定性（SCS）的影响，本文构建如下模型：
**Chain**i,t = α₀ + α₁**Digital**i,t−1 + β**Control**i,t + Σ**Ind** + Σ**Year** + εi,t (1)
To verify the impact of the mediating effect of disclosure quality, this paper constructs the following model based on Model (1):
> 为检验信息披露质量的中介效应，本文基于模型（1）构建如下模型：
**Degree**i,t = α₀ + α₁**Digital**i,t−1 + β**Control**i,t + Σ**Ind** + Σ**Year** + εi,t (2)
**Chain**i,t = α₀ + α₁**Digital**i,t−1 + α₂**Degree**i,t + β**Control**i,t + Σ**Ind** + Σ**Year** + εi,t (3)
To verify the impact of internal governance mediation effect, this paper constructs the following model based on Model (1):
> 为检验内部治理的中介效应，本文基于模型（1）构建如下模型：
**DID**i,t = α₀ + α₁**Digital**i,t−1 + β**Control**i,t + Σ**Ind** + Σ**Year** + εi,t (4)
**Chain**i,t = α₀ + α₁**Digital**i,t−1 + α₂**DID**i,t + β**Control**i,t + Σ**Ind** + Σ**Year** + εi,t (5)
---
## 4. Empirical Analysis / 4. 实证分析
### 4.1 Descriptive Statistical Analysis / 4.1 描述性统计分析
The descriptive statistical analysis is presented in **Table 2**. The results show that firms' DT levels vary considerably with their performance in the sample, which facilitates the analysis of the impact of DT. Significant differences can be seen among enterprises — the mean value of upstream SCS of enterprises is 0.702, and the mean value of downstream supply chain volatility is 0.695, indicating that the stability of upstream and downstream supply chains is close.
> 描述性统计分析结果列示于**表2**。结果显示，样本中企业数字化转型（DT）水平随其绩效表现差异较大，这有利于分析数字化转型的影响。企业之间存在显著差异——企业上游供应链稳定性（SCS）的均值为0.702，下游供应链波动性的均值为0.695，表明上下游供应链的稳定性较为接近。
#### Table 2. Descriptive Statistical Analysis / 表2. 描述性统计分析
| Variable | N | Mean | Std | Min | Max |
|---|---|---|---|---|---|
| Schain | 10,976 | 0.675 | 0.237 | −0.503 | 0.959 |
| Hchain | 10,976 | 0.702 | 0.229 | −0.428 | 0.063 |
| Digital | 10,976 | 0.685 | 0.327 | 0 | 3.957 |
| Growth | 10,976 | 0.169 | 0.323 | −0.278 | 0.676 |
| Roa | 10,976 | 0.047 | 0.064 | −0.151 | 0.204 |
| Lev | 10,976 | 0.529 | 0.273 | 0.084 | 1.657 |
| OCF | 10,976 | 0.083 | 0.112 | −0.273 | 0.315 |
| Size | 10,976 | 21.376 | 2.074 | 15.336 | 27.915 |
| Pid | 10,976 | 0.425 | 0.089 | 0.476 | 0.773 |
| Soe | 10,976 | 0.525 | 0.486 | 0 | 1 |
| CR | 10,976 | 0.687 | 0.496 | 0.256 | 0.963 |
### 4.2 Main Test Regression Results / 4.2 主检验回归结果
**Table 3** verifies the relationship between enterprise DT and SCS. The results show that the relationship between enterprise DT and enterprise SCS are positively correlated, which thoroughly verifies that enterprise DT can result in SCS; thus, Hypothesis **H1** is confirmed. As enterprises continue to deepen the application of digital technology and transaction matching-based application scenarios continue in demand forecasting, transparent procurement, intelligent logistics, capital financing, supply chain collaboration, and management and control of the whole process to extend and effectively improve the efficiency of supply chain operations. The DT of enterprises has achieved real-time data collection, analysis, and optimization of links in the supply chain through the introduction of advanced digital technologies, thereby improving supply chain responsiveness and collaborative efficiency. DT enables enterprises to forecast market demand, optimize inventory management, reduce operating costs, and enhance supply chain reliability and resilience more accurately.
> **表3**验证了企业数字化转型（DT）与供应链稳定性（SCS）之间的关系。结果表明，企业数字化转型与供应链稳定性呈正相关，这充分证实了企业数字化转型能够提升供应链稳定性，因此假设**H1**得到验证。随着企业不断深化数字技术应用，基于交易匹配的应用场景在需求预测、透明采购、智慧物流、资金融通、供应链协同以及全流程管控等方面持续延伸，有效提升了供应链运营效率。企业通过引入先进数字技术，实现了供应链各环节实时数据采集、分析与优化，从而提高了供应链响应速度和协同效率。数字化转型使企业能够更精准地预测市场需求、优化库存管理、降低运营成本，并增强供应链的可靠性和韧性。
#### Table 3. Results of Main Regression Test / 表3. 主检验回归结果
| | (1) Schain | (2) Hchain |
|---|---|---|
| **Digital** | 7.237*** (12.95) | 6.304*** (8.73) |
| **Growth** | −0.173*** (−8.59) | −0.223*** (−7.33) |
| **Roa** | −0.415*** (−3.27) | 0.557*** (−5.89) |
| **Lev** | 0.036 (0.74) | −0.021* (−1.90) |
| **OCF** | −0.394 (−1.53) | −0.407 (−1.28) |
| **Size** | 0.059*** (3.93) | 0.074*** (4.26) |
| **Pid** | 0.375** (2.21) | 0.486 (1.29) |
| **Soe** | −0.174** (−2.05) | −0.153*** (−3.37) |
| **CR** | −0.169* (−1.71) | 0.123*** (3.31) |
| **Ind** (行业固定效应) | Yes | Yes |
| **Year** (年度固定效应) | Yes | Yes |
| **_cons** (常数项) | −11.235*** (−4.97) | −9.796*** (−3.76) |
| **N** (样本量) | 10,976 | 10,976 |
| **Adj. R²** (调整R²) | 0.097 | 0.103 |
> *Note: t-values in parentheses; *** p<0.01, ** p<0.05, * p<0.10.*
> *注：括号内为t值；***、**、* 分别表示在1%、5%、10%水平上显著。*
### 4.3 Analysis of Channels / 4.3 渠道分析
According to the mediation effect theory, **Table 4** verifies the mediation effect of information disclosure quality. The results show that enterprises facilitate the production of high-quality information through DT, which enhances the accuracy of information and mitigates the volatility of the supply chain. Hypothesis **H2** confirms that the digitalization of enterprises can empower high-quality information disclosure, thereby enhancing the stability of supply chains.
> 根据中介效应理论，**表4**验证了信息披露质量的中介效应。结果表明，企业通过数字化转型促进高质量信息的生成，从而提升信息准确性并缓解供应链波动。假设**H2**得到证实，即企业数字化转型能够赋能高质量信息披露，进而增强供应链稳定性。
#### Table 4. Intermediary Effect (1) — Information Disclosure Quality / 表4. 中介效应（1）— 信息披露质量
| | (1) Degree | (2) Schain | (3) Hchain |
|---|---|---|---|
| **Digital** | −3.239*** (8.76) | 2.196*** (2.97) | −1.932*** (3.07) |
| **Degree** | — | −0.645*** (9.97) | −0.735*** (8.65) |
| **Controls** (控制变量) | Yes | Yes | Yes |
| **_cons** (常数项) | 11.271*** (15.95) | −7.485** (−2.37) | 0.926*** (6.97) |
| **Ind** (行业固定效应) | Yes | Yes | Yes |
| **Year** (年度固定效应) | Yes | Yes | Yes |
| **N** (样本量) | 10,976 | 10,976 | 10,976 |
| **Adj. R²** (调整R²) | 0.352 | 0.186 | 0.149 |
> *Note: t-values in parentheses; *** p<0.01, ** p<0.05, * p<0.10.*
> *注：括号内为t值；***、**、* 分别表示在1%、5%、10%水平上显著。*
**Table 5** validates the mediating effect of internal governance capabilities. The results show that firms improve their internal governance capabilities through DT, thereby mitigating the volatility of the supply chain. Hypothesis **H3** confirms that the digitization of firms can enhance internal governance capabilities and thus SCS.
> **表5**验证了内部治理能力的中介效应。结果表明，企业通过数字化转型提升内部治理能力，从而缓解供应链波动。假设**H3**得到证实，即企业数字化转型能够增强内部治理能力，进而提升供应链稳定性（SCS）。
#### Table 5. Intermediary Effect (2) — Internal Governance / 表5. 中介效应（2）— 内部治理
| | (1) DID | (2) Schain | (3) Hchain |
|---|---|---|---|
| **Digital** | 0.927*** (5.53) | 1.953*** (3.25) | 1.802*** (2.97) |
| **DID** | — | 0.397*** (6.91) | 0.854*** (7.74) |
| **Controls** (控制变量) | Yes | Yes | Yes |
| **_cons** (常数项) | 7.063*** (7.04) | −15.238*** (−3.69) | 1.297*** (5.05) |
| **Ind** (行业固定效应) | Yes | Yes | Yes |
| **Year** (年度固定效应) | Yes | Yes | Yes |
| **N** (样本量) | 10,976 | 10,976 | 10,976 |
| **Adj. R²** (调整R²) | 0.259 | 0.157 | 0.134 |
> *Note: t-values in parentheses; *** p<0.01, ** p<0.05, * p<0.10.*
> *注：括号内为t值；***、**、* 分别表示在1%、5%、10%水平上显著。*
### 4.4 Heterogeneity / 4.4 异质性分析
As an essential part of China's economy, SOEs have good practices in controlling and managing SCS. SOEs have closer political connections and competitive advantages in accessing information, replacing some of the advantages of DT. Second, SOEs are the lifeblood of the national economy and focus on stability in management, so they also pay more attention to stability results in DT. The results in **Table 6** show that the improved level of DT of SOEs can significantly empower SCS, and compared with non-SOEs, the DT of SOEs pays more attention to the stability of the results of DT, and the benefits of DT are higher.
> 国有企业（SOEs）作为中国经济的重要组成部分，在供应链稳定性（SCS）的控制与管理方面具有良好的实践。国有企业拥有更紧密的政治关联和在获取信息方面的竞争优势，这在一定程度上替代了数字化转型的部分优势。其次，国有企业是国民经济的命脉，在经营中注重稳定性，因此在数字化转型中也更加关注稳定性的结果。**表6**的结果显示，国有企业数字化转型水平的提升能够显著赋能供应链稳定性，且与非国有企业相比，国有企业的数字化转型更加注重稳定性结果，数字化转型的收益更高。
#### Table 6. Heterogeneity Analysis / 表6. 异质性分析
| | SOE = 1 (国有企业) | | SOE = 0 (非国有企业) | |
|---|---|---|---|---|
| | (1) Schain | (2) Hchain | (3) Schain | (4) Hchain |
| **Digital** | 9.182*** (4.47) | 7.075*** (3.96) | 3.238 (1.25) | 5.076 (0.97) |
| **Controls** (控制变量) | Yes | Yes | Yes | Yes |
| **_cons** (常数项) | −6.384* (−1.73) | −11.475*** (−3.39) | 7.496** (2.51) | −17.807*** (−7.97) |
| **Ind** (行业固定效应) | Yes | Yes | Yes | Yes |
| **Year** (年度固定效应) | Yes | Yes | Yes | Yes |
| **N** (样本量) | 5,762 | 5,762 | 5,214 | 5,214 |
| **Adj. R²** (调整R²) | 0.107 | 0.118 | 0.063 | 0.059 |
> *Note: t-values in parentheses; *** p<0.01, ** p<0.05, * p<0.10.*
> *注：括号内为t值；***、**、* 分别表示在1%、5%、10%水平上显著。*
### 4.5 Endogeneity / 4.5 内生性分析
There is a possibility of reverse causality between DT and SCS, and firms with weaker SCS may be more motivated to carry out digital reforms. The article addresses the possible endogeneity issue by introducing instrumental variables. This paper uses the lagged first-order degree of DT (**L.Digital**) and the proxy variable (**Digital_IV**) as the two instrumental variables for the degree of firms' DT in a two-stage least squares approach. **Digital_IV** is measured using the mean value of the degree of DT of companies other than the target company in each industry in each year. The regression results of the two-stage least squares method are shown in **Table 7**, where the corporate digitalization level can fully empower SCS characteristics.
> 数字化转型（DT）与供应链稳定性（SCS）之间可能存在反向因果关系，即供应链稳定性较弱的企业可能更有动力进行数字化改革。本文通过引入工具变量来解决潜在的内生性问题。本文采用数字化转型程度的一阶滞后项（**L.Digital**）和代理变量（**Digital_IV**）作为企业数字化转型程度的两个工具变量，采用两阶段最小二乘法（2SLS）进行估计。**Digital_IV**通过计算每年各行业中除目标公司以外其他公司数字化转型程度的均值来测度。两阶段最小二乘法的回归结果列示于**表7**，结果表明企业数字化水平能够充分赋能供应链稳定性特征。
#### Table 7. Endogeneity Test / 表7. 内生性检验
| | Phase I (第一阶段) | Phase II (第二阶段) | |
|---|---|---|---|
| | **Digital** | **Schain** | **Hchain** |
| **Digital** | — | 9.335*** (11.79) | 7.418*** (9.65) |
| **L.Digital** (滞后一期DT) | 0.557*** (4.07) | — | — |
| **Digital_IV** (工具变量) | 0.326*** (3.76) | — | — |
| **Controls** (控制变量) | Yes | Yes | Yes |
| **N** (样本量) | 9,786 | 9,786 | 9,786 |
| **Adj. R²** (调整R²) | 0.435 | 0.175 | 0.163 |
| **F-test** (F检验) | 176.152 | — | — |
| **LM statistic** (LM统计量) | — | 179.373*** | 161.095*** |
| **Wald F statistic** (Wald F统计量) | — | 199.263*** | 214.977*** |
> *Note: t-values in parentheses; *** p<0.01, ** p<0.05, * p<0.10.*
> *注：括号内为t值；***、**、* 分别表示在1%、5%、10%水平上显著。*
---
## 5. Conclusion / 5. 结论
This study explores the impact of enterprise DT on SCS by conducting an in-depth analysis of manufacturing enterprise A-shares on the Shanghai and Shenzhen exchanges from 2012 to 2022. After a systematic study, we draw the following conclusions.
**First,** enterprise DT significantly improves SCS. With the wide application of digital technology, the ability of enterprises to manage their supply chains has dramatically improved. Through the introduction of big data, cloud computing, AI, and other advanced technologies, enterprises have achieved real-time monitoring, early warning, and optimization of the supply chain, effectively reducing supply chain risks and improving the reliability and stability of the supply chain.
**Second,** enterprises' DT has further promoted SCS through high-quality information disclosure and internal governance capacity improvements. DT helps enterprises comprehensively collect and analyze supply chain data and promotes the transparency and standardization of corporate information disclosure. At the same time, DT optimizes enterprises' internal management processes. It improves the efficiency and accuracy of decision-making, thus helps enterprises cope with supply chain risks.
**Third,** we find that DT in SOEs focuses more on stability outcomes than in non-SOEs, and DT brings greater SCS benefits. This may be related to the special status and mission of SOEs, which pay more attention to social responsibility and long-term stable development and improve SCS in DT.
> 本研究通过对2012年至2022年沪深A股制造业上市企业的深入分析，探讨了企业数字化转型（DT）对供应链稳定性（SCS）的影响。经过系统研究，我们得出以下结论。
>
> **第一，** 企业数字化转型显著提升了供应链稳定性。随着数字技术的广泛应用，企业供应链管理的能力大幅提升。通过引入大数据、云计算、人工智能（AI）等先进技术，企业实现了供应链的实时监控、预警和优化，有效降低了供应链风险，提高了供应链的可靠性和稳定性。
>
> **第二，** 企业数字化转型通过高质量信息披露和内部治理能力提升，进一步促进了供应链稳定。数字化转型有助于企业全面采集和分析供应链数据，推动企业信息披露的透明化和规范化。同时，数字化转型优化了企业内部管理流程，提高了决策效率和准确性，从而帮助企业应对供应链风险。
>
> **第三，** 我们发现国有企业的数字化转型比非国有企业更加注重稳定性的结果，且数字化转型带来的供应链稳定性收益更高。这可能与国有企业的特殊地位和使命有关，国有企业更加注重社会责任和长期稳定发展，并在数字化转型中提升供应链稳定性。
---
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> **原文出处：** Shi, H., Liu, Y., & Yang, Y. (2024). Enterprise digital transformation and supply chain stability. *Finance Research Letters*, 63, 105299. https://doi.org/10.1016/j.frl.2024.105299