Sustainable Trade Credit Access: The Role of Digital Transformation Under the Resource Dependence Theory

This paper constructs a two-way fixed effects model using data from 4623 Chinese A-share listed enterprises from 2011 to 2022, confirming that firm digital transformation can enhance access to sustainable trade credit. Specifically, for every 1% increase in the standard deviation of digital transformation, the trade credit obtained by enterprises increases by 2.14% in relation to their average value. We employed instrumental variable (IV) and propensity score matching (PSM) methods, utilizing the Broadband China pilot policy as a quasi-natural experiment to conduct a multi-period propensity score matching-difference in differences (PSM-DID) analysis to address potential issues of reverse causality and sample selection bias. Mechanism analysis indicates that the diversification of supplier structures, R&D innovation, and market share facilitated by digitalization are three main channels. This effect is particularly significant in state-owned enterprises, mature enterprises, and those with higher social trust. Finally, the study also found that the spillover effects of digital transformation encourage client enterprises to allocate credit resources to downstream firms, thereby promoting the sustainable development of supply chain finance. Furthermore, the digital transformation primarily alleviates short-term credit challenges for enterprises and reduces their reliance on bank credit.