IDEAS home Printed from https://ideas.repec.org/a/eee/finlet/v92y2026ics1544612326001200.html

Digital finance and supply chain resilience of manufacturing firms

Author

Listed:
  • Liu, Haohua
  • Pan, Qiang

Abstract

This study investigated the impact of digital finance on the supply chain resilience of manufacturing firms. The results indicate that digital finance significantly improves the supply chain resilience of manufacturing firms. Mechanistically, digital finance enhances the supply chain resilience of manufacturing firms through three channels: alleviating financing constraints, promoting digital transformation of firms, and boosting innovation capacity. Heterogeneity analysis suggests that this resilience-enhancing effect is more pronounced for large firms, firms with high financial risk, and firms in regions with improved digital infrastructure. The findings of this paper offer valuable insights into the relationship between digital finance and supply chain resilience, holding critical implications for both policymakers and corporate managers to formulate resilience strategies.

Suggested Citation

  • Liu, Haohua & Pan, Qiang, 2026. "Digital finance and supply chain resilience of manufacturing firms," Finance Research Letters, Elsevier, vol. 92(C).
    • Handle: RePEc:eee:finlet:v:92:y:2026:i:c:s1544612326001200
    DOI: 10.1016/j.frl.2026.109589
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1544612326001200
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.frl.2026.109589?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Liu, Xinran & Si, Deng-Kui, 2025. "Does digital inclusive finance promote innovation? Evidence from China," Economic Modelling, Elsevier, vol. 152(C).
    2. He, Jinfu & Liu, Yu, 2024. "Digital inclusion finance, social governance and household investment decisions," Finance Research Letters, Elsevier, vol. 62(PB).
    3. Jin, Yu & Ma, Yuan-Yuan & Yuan, Li-Bin, 2024. "How does digital finance affect the total factor productivity of listed manufacturing companies?," Structural Change and Economic Dynamics, Elsevier, vol. 71(C), pages 84-94.
    4. Anyu Xin & Xing Chen & Chongfeng Wu, 2025. "Digital transformation and supply chain concentration: evidence from China," Applied Economics, Taylor & Francis Journals, vol. 57(57), pages 9661-9678, December.
    5. Dankyira, Felix Kissi & Essuman, Dominic & Boso, Nathaniel & Ataburo, Henry & Quansah, Emmanuel, 2024. "Clarifying supply chain disruption and operational resilience relationship from a threat-rigidity perspective: Evidence from small and medium-sized enterprises," International Journal of Production Economics, Elsevier, vol. 274(C).
    6. Wang, Haijun & Zhou, Lili & Liu, Xin & Li, Huiyang & Liu, Ying, 2025. "Digital finance and new quality productive force of enterprise: Based on the analysis of enterprise industrial and commercial big data," International Review of Financial Analysis, Elsevier, vol. 104(PA).
    7. Zhan, Minghua & Li, Shuai & Wu, Zhouheng, 2023. "Can digital finance development improve balanced regional investment allocations in developing countries? — The evidence from China," Emerging Markets Review, Elsevier, vol. 56(C).
    8. Qi, Ruijuan & Ma, Guowei & Liu, Chang & Zhang, Qiwen & Wang, Qianyi, 2024. "Enterprise digital transformation and supply chain resilience," Finance Research Letters, Elsevier, vol. 66(C).
    9. Chen, Guangren & Yu, Zuwei, 2024. "Digital finance, value cocreation, and supply chain resilience: Evidence from listed manufacturing firms in China," Finance Research Letters, Elsevier, vol. 70(C).
    10. Lin, Yuya & Li, Shoubo, 2025. "Supply chain resilience, ESG performance, and corporate growth," International Review of Economics & Finance, Elsevier, vol. 97(C).
    11. Chen, Wenpeng & Wang, Jiaqi & Wang, Shan, 2025. "Economic uncertainty, digital transformation, and firm supply chain disruption risk," Economics Letters, Elsevier, vol. 255(C).
    12. Berk Kucukaltan & Rifat Kamasak & Baris Yalcinkaya & Zahir Irani, 2024. "Investigating the themes in supply chain finance: the emergence of blockchain as a disruptive technology," International Journal of Production Research, Taylor & Francis Journals, vol. 62(22), pages 8173-8192, November.
    13. Li, Mou & Wei, Lei, 2024. "The path of digital transformation driving enterprise growth: The moderating role of financing constraints," International Review of Financial Analysis, Elsevier, vol. 96(PA).
    14. Zhu, Wenpeng, 2024. "Digital finance, capital misallocation and corporate innovation," International Review of Economics & Finance, Elsevier, vol. 96(PC).
    15. Gao, Cuiyun & Wang, Qian, 2023. "Does digital finance aggravate bank competition? Evidence from China," Research in International Business and Finance, Elsevier, vol. 66(C).
    16. Li, Xiaolong & Shi, Xue, 2024. "The role of large shareholder holdings in customer concentration and stock price volatility," Finance Research Letters, Elsevier, vol. 65(C).
    17. Murillo Campello & Mauricio Larrain, 2016. "Enlarging the Contracting Space: Collateral Menus, Access to Credit, and Economic Activity," The Review of Financial Studies, Society for Financial Studies, vol. 29(2), pages 349-383.
    18. Afshan, Sahar & Leong, Ken Yien & Najmi, Arsalan & Razi, Ummara & Lelchumanan, Bawani & Cheong, Calvin Wing Hoh, 2024. "Fintech advancements for financial resilience: Analysing exchange rates and digital currencies during oil and financial risk," Resources Policy, Elsevier, vol. 88(C).
    19. Zhao, Nanyang & Hong, Jiangtao & Lau, Kwok Hung, 2023. "Impact of supply chain digitalization on supply chain resilience and performance: A multi-mediation model," International Journal of Production Economics, Elsevier, vol. 259(C).
    20. Shi, Hongyu & Liu, Yu & Yang, Yaru, 2024. "Enterprise digital transformation and supply chain stability," Finance Research Letters, Elsevier, vol. 63(C).
    21. Zhang, Peng, 2025. "Cross-border e-commerce, foreign shareholding, and supply chain resilience," International Review of Financial Analysis, Elsevier, vol. 101(C).
    22. Li, Zongru & Zhang, Xiaohan & Tao, Zhe & Wang, Binbin, 2024. "Enterprise digital transformation and supply chain management," Finance Research Letters, Elsevier, vol. 60(C).
    23. 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).
    24. Liu, Fang & Xie, Linling & Liu, Wei, 2025. "Impact of Fintech on supply chain resilience," International Review of Financial Analysis, Elsevier, vol. 103(C).
    25. Li, Pengcheng & Chen, Yanbing & Guo, Xiaochuan, 2025. "Digital transformation and supply chain resilience," International Review of Economics & Finance, Elsevier, vol. 99(C).
    26. Zhao, Boyu & Yu, Conglei & Zhao, Feng & Wang, Lingli, 2025. "Mechanisms of digital finance on collaborative innovation of small and medium-sized enterprise clusters," Finance Research Letters, Elsevier, vol. 86(PB).
    27. Mahdi Ghaemi Asl & David Roubaud, 2024. "Asymmetric interactions among cutting-edge technologies and pioneering conventional and Islamic cryptocurrencies: fresh evidence from intra-day-based good and bad volatilities," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-49, December.
    28. Ma, Leyin & Luo, Xuchen & Xi, Meinong, 2025. "The impact of regional artificial intelligence development on the resilience of enterprise supply chains," International Review of Economics & Finance, Elsevier, vol. 102(C).
    29. Hongying Sun & Yipei Luo & Jia Liu & Zheng Lin & Miraj Ahmed Bhuiyan, 2025. "Does the Digital Finance Promote Technological Innovation? Evidence From Chinese Cities," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(2), pages 8037-8059, June.
    30. Ge, Rui & Bao, Hongmei, 2024. "Digital transformation and resilience of supply chain in manufacture listed firms: A backward spillover effects in the vertical supply chain relationship," Finance Research Letters, Elsevier, vol. 65(C).
    31. Jiang, Wenjuan & Wang, Xin, 2024. "Enterprise digital transformation empowers supply Chain stability," Finance Research Letters, Elsevier, vol. 66(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. An, Qiguang & Wang, Yongkai & Liu, Feini & Wang, Ruoyu, 2025. "Does the integration of digital and real economies enhance corporate supply chain resilience? Evidence from China’s listed firms," Finance Research Letters, Elsevier, vol. 85(PA).
    2. Zheng, Mengze & Wang, Rui & Ye, Jing & Li, Te, 2025. "How does supply chain finance enhance firms' supply chain resilience?," International Review of Economics & Finance, Elsevier, vol. 102(C).
    3. Liu, Fang & Xie, Linling & Liu, Wei, 2025. "Impact of Fintech on supply chain resilience," International Review of Financial Analysis, Elsevier, vol. 103(C).
    4. Zeng, Heqi & Wen, Li, 2025. "How does intelligent transformation enhance the security of industrial and supply chains?," Finance Research Letters, Elsevier, vol. 84(C).
    5. Huo, Peiyun & Wang, Shihuan & Qin, Dongqian, 2025. "Equity as armor: Building unbreakable supply chains through strategic ownership," Finance Research Letters, Elsevier, vol. 86(PE).
    6. Gao, Yue & Zhu, Yun, 2025. "Government debt settlement and corporate supply chain resilience–an empirical study based on china's special supervision campaign," Finance Research Letters, Elsevier, vol. 86(PG).
    7. Yang, Lian-Xing & Zhang, Yin-Ting & Chen, Mo-Lei, 2025. "Impact of temperature variability on supply chain resilience in China: Mechanisms and insights," Finance Research Letters, Elsevier, vol. 85(PA).
    8. Xu, Xinkuo & Liu, Qianyu, 2025. "Transformation of innovation in heavily polluting enterprises under resource constraints: The role of green finance policy," International Review of Economics & Finance, Elsevier, vol. 103(C).
    9. Zhang, Juan & Miao, Xiaoming & Shang, Tiantian, 2025. "Impact mechanism of digital transformation on supply chain resilience," Finance Research Letters, Elsevier, vol. 76(C).
    10. Guo, Xiao & Li, Rongxin, 2025. "Climate physical risks and corporate supply chain resilience: How do investor sentiment and risk-taking behaviors influence supply chain operations?," Finance Research Letters, Elsevier, vol. 85(PA).
    11. Xu, Xinkuo & Liu, Qianyu, 2025. "Green credit policy and the innovation dilemma: Evidence from China," Finance Research Letters, Elsevier, vol. 83(C).
    12. Peng, Zhang, 2025. "Transforming energy resilience through supply chain digitization: risk management as a mediator," International Review of Economics & Finance, Elsevier, vol. 102(C).
    13. Zhang, Hengfeng & Wu, Jing, 2025. "How ESG performance aspiration gap affect the supply chain stability?," Finance Research Letters, Elsevier, vol. 86(PA).
    14. Chen, Xiaofei & Li, Qing, 2025. "Digital finance penetration, new media-driven development, and enhancement of industrial chain resilience," Finance Research Letters, Elsevier, vol. 85(PD).
    15. Zhang, Juying, 2025. "Mitigating climate risk in supply chains: Empirical insights from the bullwhip effect in Chinese enterprises," Economic Analysis and Policy, Elsevier, vol. 88(C), pages 888-902.
    16. Cheng, Dongshu & Wei, Ying & Zhang, Mengchen & Wang, Chang, 2025. "The smart city pilot policy and corporate supply chain resilience," International Review of Economics & Finance, Elsevier, vol. 102(C).
    17. Chen, Guangren & Yu, Zuwei, 2024. "Digital finance, value cocreation, and supply chain resilience: Evidence from listed manufacturing firms in China," Finance Research Letters, Elsevier, vol. 70(C).
    18. Liu, Yingying & Shang, Juan, 2026. "Supply chain finance, environmental uncertainty and corporate supply chain resilience," Finance Research Letters, Elsevier, vol. 89(C).
    19. Li, Jian & Yi, Mei & Sun, Qing, 2025. "Artificial intelligence and supply chain risk: Mediating effects of supply chain efficiency and resilience," International Review of Financial Analysis, Elsevier, vol. 108(PA).
    20. Qin, Dongfang & Xue, Weixian, 2026. "Digital supply chain finance, manufacturing resilience, and corporate digital maturity," Finance Research Letters, Elsevier, vol. 87(C).

    More about this item

    Keywords

    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:finlet:v:92:y:2026:i:c:s1544612326001200. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/frl .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.