Digital Finance and Supply Chain Resilience of Chinese Manufacturing Enterprises: Evidence from A-Share Listed Companies

Against the backdrop of global industrial and supply chain restructuring and rising external uncertainty, enhancing the supply chain resilience of manufacturing firms through digital finance has become a key concern in both academia and policy. Guided by an information – resource - capability framework, this paper matches the city-level Peking University Digital Financial Inclusion Index of China with data on A-share listed manufacturing firms from 2011 to 2023, and constructs a composite index of firm-level supply chain resilience from four dimensions: supply-demand resistance, relationship stability, recovery capability, and operational robustness. The results show that digital finance significantly improves the supply chain resilience of manufacturing firms, and this finding remains robust after addressing endogeneity and conducting multiple robustness tests. Mechanism analysis indicates that digital finance enhances resilience by reducing information search costs, easing financing constraints, and strengthening innovation capability. The effect is more pronounced in ordinary prefecture-level cities, non-state-owned enterprises, and highly concentrated industries. This study provides empirical evidence and policy insights for promoting the integration of digital finance with the real economy and for strengthening the security and resilience of manufacturing supply chains. JEL classification numbers: G21, L14.