He Shanshan, Liu Zhengyang
School of Law and Economics, Wuhan University of Science and Technology, Wuhan, Hubei, China.
School of International Finance and Trade, Shanghai International Studies University, Shanghai, China.
Sci Prog. 2025 Jul-Sep;108(3):368504251375169. doi: 10.1177/00368504251375169. Epub 2025 Sep 8.
To explore the alleviating effect of digital supply chain finance (DSCF) on financing constraints experienced by small- and medium-sized enterprises (SMEs), with a view to promoting the digital transformation of enterprises. This observational study utilizes data from Chinese listed enterprises. The study's primary focus is on a selection of SRDI (abbreviation for "specialized, refined, distinctive, and innovative") enterprises in the electronics and machinery industries from 2013 to 2020. The study measures the level of DSCF in the regions where they are located, aims to empirically examine the role of DSCF in alleviating financing constraints for enterprises. (1) SRDI enterprises in China continue to face persistent financing constraints, characterized by limited access to working capital and restricted credit availability. (2) Empirical analysis demonstrates that DSCF can alleviate these financing constraints. (3) Notably, the mitigation effect exhibits industry-specific heterogeneity between the electronics and manufacturing industries, likely attributable to differences in supply chain complexity and asset tangibility between these sectors. Findings underscore DSCF's critical role in alleviating the financing constraints of SMEs while informing targeted financial ecosystem reforms. We propose enhanced policy interventions: (1) tax incentives and blockchain-enabled data-sharing mechanisms to dismantle information asymmetries and boost DSCF efficiency; and (2) sector-specific solutions addressing electronics' R&D liquidity challenges and machinery's capital-intensive production cycles through optimized DSCF frameworks.
为探究数字供应链金融（DSCF）对中小企业（SMEs）融资约束的缓解作用，以推动企业数字化转型。本观察性研究使用了中国上市公司的数据。研究主要聚焦于2013年至2020年电子和机械行业的一批专精特新（“专业化、精细化、特色化、新颖化”的缩写）企业。研究衡量了这些企业所在地区的数字供应链金融水平，旨在实证检验数字供应链金融在缓解企业融资约束方面的作用。（1）中国的专精特新企业持续面临融资约束，表现为营运资金获取有限和信贷可得性受限。（2）实证分析表明，数字供应链金融可以缓解这些融资约束。（3）值得注意的是，缓解效果在电子和制造业之间呈现出行业特定的异质性，这可能归因于这些行业在供应链复杂性和资产有形性方面的差异。研究结果强调了数字供应链金融在缓解中小企业融资约束方面的关键作用，同时为有针对性的金融生态系统改革提供了参考。我们提出加强政策干预措施：（1）税收激励和基于区块链的数据共享机制，以消除信息不对称并提高数字供应链金融效率；（2）针对特定行业的解决方案，通过优化数字供应链金融框架，应对电子行业的研发流动性挑战和机械行业的资本密集型生产周期。
