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<p>In a globalized economy, supply chain resilience is crucial for manufacturing enterprises, especially in China, the world’s largest manufacturing hub. However, supply chain concentration (SCC) – where firms rely on a fewer suppliers or customers – exposes firms to systemic shocks. The COVID-19 pandemic highlighted these vulnerabilities, causing widespread disruptions, price volatility, and financial distress (FD). To explain this issue, this study uses data from 932 A-share Manufacturing firms Listed on Shenzhen and Shanghai Stock Exchanges for the period of 2012 to 2021, to analyze the role digital transformation (DT) plays in moderating the relationship between supply chain concentration and financial distress through a moderated-mediation approach. The findings of this study suggest that digital transformation substantially reduces financial distress caused by concentrated supply chains, primarily by easing firms’ financing constraints (FC). These results remain robust across a series of robustness checks. Additionally, the firm level heterogeneity analysis reveals that digital transformation’s effect is more pronounced in smaller firms and those with non-state ownership. These results underscore that digital technologies are pivotal in building stronger, more flexible supply chains. Policymakers should thus actively encourage manufacturing firms—particularly small and non-state-owned enterprises—to adopt digital technologies by providing incentives and infrastructure investments. Firms are advised to embrace tools such as artificial intelligence, big data analytics, and cloud computing to diversify their supply chains, mitigate systemic risk, and ensure financial stability during future crises.</p>

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Leveraging digital transformation to mitigate the adverse impact of supply chain concentration on financial distress in Chinese manufacturing enterprises: a Moderated-Mediation model approach

  • 期刊论文

  • 发表日期：

    2025年9月19日

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  • Lu Yao,
  • Rabia Rafique,
  • Waqas Haider,
  • Asad Nisar

摘要

In a globalized economy, supply chain resilience is crucial for manufacturing enterprises, especially in China, the world’s largest manufacturing hub. However, supply chain concentration (SCC) – where firms rely on a fewer suppliers or customers – exposes firms to systemic shocks. The COVID-19 pandemic highlighted these vulnerabilities, causing widespread disruptions, price volatility, and financial distress (FD). To explain this issue, this study uses data from 932 A-share Manufacturing firms Listed on Shenzhen and Shanghai Stock Exchanges for the period of 2012 to 2021, to analyze the role digital transformation (DT) plays in moderating the relationship between supply chain concentration and financial distress through a moderated-mediation approach. The findings of this study suggest that digital transformation substantially reduces financial distress caused by concentrated supply chains, primarily by easing firms’ financing constraints (FC). These results remain robust across a series of robustness checks. Additionally, the firm level heterogeneity analysis reveals that digital transformation’s effect is more pronounced in smaller firms and those with non-state ownership. These results underscore that digital technologies are pivotal in building stronger, more flexible supply chains. Policymakers should thus actively encourage manufacturing firms—particularly small and non-state-owned enterprises—to adopt digital technologies by providing incentives and infrastructure investments. Firms are advised to embrace tools such as artificial intelligence, big data analytics, and cloud computing to diversify their supply chains, mitigate systemic risk, and ensure financial stability during future crises.