Building Sustainable Financial Capacity: How Supply Chain Digitalization Facilitates Credit Access by Adjustment Capability

Fan Wu () and Kaifeng Duan
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Fan Wu: School of Management, Huazhong University of Science and Technology, Wuhan 430074, China
Kaifeng Duan: School of Economics and Management, Fuzhou University, Fuzhou 350108, China

Sustainability, 2025, vol. 17, issue 20, 1-27

Abstract: In the context of the deep restructuring of the global industrial chain and the concurrent pursuit of green and sustainable development, enterprises need to secure long-term, reliable supply chain competitiveness. The burgeoning wave of digitalization is simultaneously reshaping industry landscapes. Based on a sample of the Chinese manufacturing sector, this study explores how supply chain digital transformation enhances commercial credit financing performance by improving corporate adjustment capability. The research finds that supply chain digital transformation strengthens a firm’s commercial credit financing capacity through a dual-core mediating mechanism of corporate adjustment capability: (1) enhancing the adjustment capability of operational management, which mitigates the negative impact of cost stickiness on financing; (2) enhancing the adjustment capability of organizational management, which amplifies the positive effect of organizational resilience on financing. The study further reveals key moderating effects: (1) External Governance: Strong ESG performance strengthens the financing effect of digitalization by building reputational capital. High industry competition strengthens the financing effect by prompting firms to optimize operational efficiency. (2) Internal Endowments: Environmental risk aversion stemming from a firm’s polluting nature significantly weakens the credit supply effect of digitalization. The market-oriented foundation underpinning private ownership effectively activates the credit supply effect of digitalization. This study constructs an integrated pathway model of “Digital Transformation–Corporate Adjustment Capability–Supply Chain Credit Access.” It provides a research perspective for understanding how digitalization reshapes the logic of supply chain finance and offers empirical evidence for pathways empowering enterprises through digital transformation.

Keywords: digital transformation; supply chain financing; commercial credit; corporate adjustment capability; corporate governance; ESG; polluting enterprises (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2025
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