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The impact of digital transformation on corporate supply chain management: Evidence from listed companies

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  • Li, Pingrui
  • Zhao, Xu

Abstract

In the current economic environment, the digital transformation of businesses plays a pivotal role in supply chain management. This study, based on data from Chinese listed companies between 2012 and 2021, empirically tests the significant enhancement of total factor productivity in enterprises due to digital transformation by matching data at the enterprise level of upstream suppliers and downstream customers. This conclusion remains valid even after endogeneity and robustness tests. Further analysis reveals that digital transformation exerts its influence by optimizing supply-demand matching and reducing transaction costs. The impact of digital transformation exhibits heterogeneity in the characteristics of vertical relationship structures, including differences in enterprise scale, ownership nature, and innovation level. Such changes drive the overall efficiency improvement of the corporate supply chain, leading to higher productivity for businesses. The research results provide compelling evidence for understanding the central role of digital transformation in supply chain management and offer significant insights for advancing the digital process and construction of supply chains.

Suggested Citation

  • Li, Pingrui & Zhao, Xu, 2024. "The impact of digital transformation on corporate supply chain management: Evidence from listed companies," Finance Research Letters, Elsevier, vol. 60(C).
    • Handle: RePEc:eee:finlet:v:60:y:2024:i:c:s154461232301262x
    DOI: 10.1016/j.frl.2023.104890
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    1. Li, Qinyang & Li, Mingrui & Li, Mengru & Li, Tao, 2025. "Digital ripples: The impact of customers' digital transformation on the financing constraints of suppliers," International Review of Financial Analysis, Elsevier, vol. 105(C).
    2. Yuqiong Zheng & Yue Peng & Wei Wang & Yunqiang Liu & Raymond Chiong, 2025. "Promotion or hindrance? Digital transformation of the supply chain and total factor productivity of midstream enterprises," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-18, December.
    3. Liu, Yanfang & Hu, Ruijun, 2025. "Artificial intelligence, supply chain finance, and corporate investment efficiency," Finance Research Letters, Elsevier, vol. 85(PA).
    4. Yu, Ying & Wu, Haoyang & Tan, Yijiang, 2025. "Does digitalizing supply chains enhance corporate financial stability?," International Review of Financial Analysis, Elsevier, vol. 107(C).
    5. Song, Yanni & Xie, Zijun & Song, Yingchun, 2025. "The impact of Digital transformation on carbon emission intensity," International Review of Economics & Finance, Elsevier, vol. 102(C).
    6. Aliakbar Hasani & Gholamreza Haseli & Muhammet Deveci, 2025. "Analyzing operational risks of digital supply chain transformation using hybrid ISM-MICMAC method," OPSEARCH, Springer;Operational Research Society of India, vol. 62(2), pages 583-607, June.
    7. Teng, Yuqiang & Du, Anna Min & Lin, Boqiang, 2024. "The mechanism of supply chain efficiency in enterprise digital transformation and total factor productivity," International Review of Financial Analysis, Elsevier, vol. 96(PA).
    8. Liu, Dongxia & Chen, Liming, 2025. "Supply chain innovation support policies, financing constraints, and corporate digital transformation," International Review of Financial Analysis, Elsevier, vol. 108(PA).
    9. Zhang, Yuan & Li, Ying, 2025. "Enhancing innovation capabilities, digital management, and corporate competitiveness," Finance Research Letters, Elsevier, vol. 73(C).
    10. Lu, Yao, 2025. "Does supply chain digitalization enhance urban economic resilience?," Finance Research Letters, Elsevier, vol. 86(PB).
    11. Li, Shuquan & Kong, Xiangcai & Ianenko, Marina & Wang, Wentao, 2025. "The impact of digital transformation on enterprise supply chain finance," Finance Research Letters, Elsevier, vol. 85(PA).
    12. Fan, Liyan & He, Jiarun & Su, Boyi & Wang, Chen, 2025. "Digital technology penetration and supply chain resilience improvement: Enterprise innovation strategies in the digital age," International Review of Financial Analysis, Elsevier, vol. 108(PB).
    13. Li, Tao, 2024. "Does smart transformation in manufacturing promote enterprise value chain upgrades?," Finance Research Letters, Elsevier, vol. 69(PA).
    14. Jing Xiao & Ping Zeng & Huafei Yan & Lanlan Niu, 2026. "Can digital transformation promote enterprise green innovation? Evidence from China," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 28(4), pages 9065-9092, April.
    15. Mao, Qilin & Shi, Buchao, 2026. "Intelligent manufacturing and green innovation along the supply chain," Economic Modelling, Elsevier, vol. 154(C).
    16. Ma, Lijuan & Wang, Huiyu & He, Congna & Sui, Xiang, 2025. "Can intelligent development improve manufacturing firms' supply chain resilience?," International Review of Economics & Finance, Elsevier, vol. 97(C).
    17. Fan, Xueyuan & Zhao, Shukuan & Shao, Dong & Wang, Shuang & Zhang, Bochen, 2024. "Talking and walking: Corporate digital transformation and government subsidies," Finance Research Letters, Elsevier, vol. 64(C).
    18. Hong Chen & Sujinda Popaitoon & Atthaphon Mumi, 2025. "Investigating corporate entrepreneurship strategy through digital transformation: a dynamic capabilities perspective," Journal of Innovation and Entrepreneurship, Springer, vol. 14(1), pages 1-27, December.
    19. Zohreh Ali Esmaeili & Yaser Sobhanifard, 2025. "Leadership Style Model for Commercial Supply Chain Transformation Based on Capabilities 5.0: Sustainability and Circular Economy," Circular Economy and Sustainability, Springer, vol. 5(7), pages 6305-6345, December.
    20. Yan, Muci & Ren, Xiaohang & Pan, Zhaoyi, 2025. "Government procurement and corporate vertical specialization," Finance Research Letters, Elsevier, vol. 77(C).

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