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Digital economy policy, supply chain finance, and enterprise innovation resilience: a quasi-natural experiment based on pilot innovative industry clusters

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  • Wu, Tong
  • Du, Jianguo

Abstract

Based on data from Chinese A-share listed firms between 2011 and 2023, this paper examines the effects of pilot policies for innovative industrial clusters on corporate innovation resilience, with a particular focus on the role of digital economy initiatives. The research further investigates how supply chain finance mediates the relationship between digital economy policies and innovation resilience at the firm level. Empirical results reveal that the implementation of digital economy policies significantly enhances corporate innovation resilience. Moreover, the positive influence of such policies on innovation resilience varies depending on whether companies have received standard audit opinions. The analysis also demonstrates that supply chain finance serves as a mediating mechanism linking digital economy policies to innovation resilience, and the strength of this mediating effect differs between firms with high and low asset-liability ratios.

Suggested Citation

  • Wu, Tong & Du, Jianguo, 2025. "Digital economy policy, supply chain finance, and enterprise innovation resilience: a quasi-natural experiment based on pilot innovative industry clusters," Finance Research Letters, Elsevier, vol. 85(PD).
    • Handle: RePEc:eee:finlet:v:85:y:2025:i:pd:s1544612325014163
    DOI: 10.1016/j.frl.2025.108161
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    References listed on IDEAS

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    Cited by:

    1. Feng, Langang & Hu, Jin & Wu, Kaiya & Irfan, Muhammad & Wei, Xiaorui, 2026. "Digitizing supply chains to boost renewable energy technological innovation," Renewable Energy, Elsevier, vol. 260(C).

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