The Impact of Digital Transformation Level on the Resilience of Enterprise Supply Chains—Based on Text Analysis Method

当前全球经济环境不确定性增加，企业如何借助数字化转型落实“着力提升产业链供应链韧性和安全水平”，对中国经济高质量发展而言意义重大。文章选取中国A股上市公司作为研究样本，通过对2013~2023年公司年报开展文本分析以构建数字化转型指标，同时从供应链集中度与供应链效率两个维度建立指标体系，运用熵值法计算供应链韧性指标，进而采用双向固定效应模型探究数字化转型与企业供应链韧性的关联。研究表明：数字化转型水平与企业供应链韧性显著正相关，且这一结论在更换变量测度方式、模型及标准误后仍保持稳健。异质性分析显示，该正向关联在非国有企业和东部地区企业中更为突出，但在企业规模方面未表现出明显差异。文章为企业及政府制定相关策略与支持政策提供了重要参考。In the global economic environment with increased uncertainty, how enterprises can leverage digital transformation to implement the policy of “focusing on enhancing the resilience and security of industrial and supply chains” is of great significance for China’s high-quality economic development. This article selects Chinese A-share listed companies as research samples. By conducting text analysis on the annual reports of companies from 2013 to 2023, it constructs digital transformation indicators. Meanwhile, it builds an indicator system from two dimensions: supply chain concentration and supply chain efficiency, and uses the entropy method to calculate the supply chain resilience indicators. Furthermore, a bidirectional fixed effects model is adopted to explore the correlation between digital transformation and the resilience of enterprise supply chains. Research shows that the level of digital transformation is significantly positively correlated with the resilience of an enterprise’s supply chain, and this conclusion remains robust even after changing the variable measurement methods, models, and standard errors. Heterogeneity analysis shows that this positive correlation is more prominent in non-state-owned enterprises and enterprises in the eastern region, but no significant difference is shown in terms of enterprise scale. The article provides an important reference for enterprises and the government to formulate relevant strategies and support policies.