Mechanism analysis and heterogeneity research on the impact of supply chain digitization on corporate financing efficiency

CHEN Yunqiao; ZHAO Min

Abstract：With the continuous development and application of digital technology,supply chain digitalization plays a significant role in corporate financing.This article selects listed companies from 2010 to 2022 as samples and,based on the exogenous shock derived from the quasi-natural experiment of the pilot program for supply chain innovation and application,uses the DID model to empirically explore the impact of data elements on corporate financing efficiency.The mechanism test shows that supply chain digitalization can promote the digital transformation and technological innovation of listed companies,thereby improving their financing efficiency.After robustness tests such as placebo tests and propensity score matching,the research conclusion still holds.Further research indicates that the implementation of supply chain digitalization policies has regional,industry,and property rights heterogeneity characteristics in terms of its impact on the financing efficiency of listed companies.Specifically,from a regional perspective,it has a significant promoting effect in the eastern and western regions but no obvious effect in the central region.From an industry attribute perspective,it has a significant promoting effect on non-heavy-polluting industries but no obvious effect on heavy-polluting industries.From a property rights nature perspective,it has a significant promoting effect on non-state-owned listed companies but no obvious effect on state-owned listed companies.The research conclusion provides a decision-making basis for promoting the digitalization of the industrial chain and improving corporate financing efficiency.