数字经济政策对企业供应链韧性的影响研究——基于国家数字经济创新发展试验区的准自然实验

Study on the Impact of Digital Economy Policies on Corporate Supply Chain Resilience—A Quasi-Natural Experiment Based on National Digital Economy Innovation and Development Pilot Zones

摘要: 国家数字经济创新发展试验区作为中国深化数字经济发展与实体经济融合的关键政策举措，其微观经济效应日益受到学术界与政策界的关注。本文基于2014~2023年中国沪深A股上市公司的面板数据，以国家数字经济创新发展试验区设立为准自然实验，采用双重差分法实证检验了数字经济试验区政策对企业供应链韧性的影响及其机制。研究发现，数字经济试验区政策显著提升了企业供应链韧性。试验区的设立通过提升数字普惠金融水平、提高地区要素创新质量和提升市场集中度促进企业供应链韧性水平的提升。异质性分析表明，政策效果在沿海地区企业、非国有企业及低数字化水平企业中更为显著。本研究为理解数字经济政策对企业供应链韧性的促进作用提供了新证据，也为各地区借助数字经济试验区激发数据要素和培育数字经济动能提供了参考。

Abstract: As a key policy initiative for deepening the integration of China’s digital economy with the real economy, the National Digital Economy Innovation and Development Pilot Zones have drawn increasing attention from academia and policymakers for their microeconomic impacts. This study employs panel data from Chinese A-share listed companies on the Shanghai and Shenzhen stock exchanges between 2014 and 2023. Using the establishment of these pilot zones as a natural experiment, it applies a difference-in-differences approach to empirically examine the effects of the pilot zone policy on corporate supply chain resilience and its underlying mechanisms. The findings reveal that the policy significantly enhances corporate supply chain resilience. The establishment of these zones promotes supply chain resilience by elevating digital inclusive finance, improving the quality of regional factor innovation, and increasing market concentration. Heterogeneity analysis indicates that the policy effect is more pronounced among coastal enterprises, non-state-owned enterprises, and firms with low digitalization levels. This study provides new evidence for understanding how digital economy policies promote corporate supply chain resilience. It also offers insights for regions seeking to leverage digital economy pilot zones to activate data resources and cultivate momentum for the digital economy.