关键词: 数字化转型, 供应链商业信用融资, 信息透明度, 供应网络多元化, 市场预期

Abstract: This study adopts the A-share listed companies in Shanghai and Shenzhen from 2007 to 2021 as the research sample. The impact and internal mechanism of enterprise digital transformation (DT) on supply chain commercial credit financing is investigated. The higher the degree of DT of enterprises, the higher the increase of commercial credit financing obtained from upstream suppliers, and a series of robustness tests confirm the existence of this relationship. The mechanism test finds that DT increased supply chain commercial credit financing through three channels: improving enterprise information transparency, promoting enterprise supply network diversification, and improving market expectations. Heterogeneity analysis reveals that when the degree of financing constraints of enterprises is high and the level of marketisation in the region is low, the promotion of enterprise DT on supply chain commercial credit financing is more significant. This study provides direct empirical evidence for the impact of enterprise DT on supply chain commercial credit. Additionally, it enriches the relevant research on the economic consequences of enterprise DT and the factors affecting commercial credit financing.

Key words: digital transformation (DT), supply chain business credit ?nancing, infor-mation transparency, diversi?ed supply network, market expectations