【摘要】 数字经济时代下，企业如何通过数字化转型提升供应链韧性以及自身盈利能力已成为学术界关注的重点之一。本文将数字化转型引入企业异质性模型中，以分析其对企业加成率影响的理论机制。在此基础上，使用2010—2021年中国上市公司数据进行实证检验，研究发现：企业数字化转型显著提高了企业加成率，且对中小规模企业、年轻企业以及非国有企业的加成率提升效果更加明显。机制检验表明，优化企业供应链配置以提升供应链韧性是数字化转型提高加成率的重要路径，主要通过降低供应链上游供应商的集中度，以及提高供应链的产品流匹配效率和资金流使用效率实现。本文研究对企业合理制定数字化转型策略，以及政府完善相关支持政策具有重要启示。更多还原

【Abstract】 In recent years, digital technologies such as artificial intelligence(AI), big data, and cloud computing have developed rapidly, and the scale of China’s digital economy has continued to expand. The new generation of digital technologies is accelerating the transformation of social production modes and becoming an important driver for the highquality development of enterprises. At the same time, the rise of global trade protectionism has intensified the instability and vulnerability of the industrial chain and supply chain. Improving the resilience and security level of the supply chain to maintain competitiveness has become an important issue for enterprises to address. The application of digital technologies will enhance the collaborative management capabilities between upstream and downstream enterprises in the supply chain, which can help build agile and efficient supply chain networks and provide strong support conditions for strengthening supply chain resilience. However, although existing literature has discussed the economic effects of digitization, there is relatively little discussion on the impact of enterprise digital transformation on its profitability at the micro level, and there are even fewer studies that combine digital transformation with supply chain resilience for analysis. Therefore, this paper incorporates digital transformation, supply chain resilience, and firms’ markups into a unified analysis framework, which helps clarify the actual impact of digital transformation on the improvement of enterprises’ competitiveness and reveals the key role of supply chain resilience.Based on the firm heterogeneity model proposed by Melitz & Ottaviano(2008), this paper theoretically examines the influence of digital transformation on firms’ markups, and incorporates supply chain configuration into the model to analyze underlying mechanisms. Then, this paper uses the data of Chinese listed companies from 2010 to 2021 for empirical analysis and conducts endogeneity and robustness tests to ensure the validity of the results. This paper finds that digital transformation significantly improves firms’ markups, and improvement effects are more obvious for small and medium-sized enterprises, young enterprises and non-state-owned enterprises. Mechanism analysis shows that optimizing supply chain configuration to enhance supply chain resilience is an important path for digital transformation to improve firms’ markups, which is mainly achieved by reducing the concentration of upstream suppliers in the supply chain and im-proving the efficiency of product flow matching and capital flow utilization in the supply chain.This paper has the following implications for business managers and policymakers. Firstly, enterprises should choose appropriate digital transformation strategies based on their actual situation, effectively leveraging the empowering effects of digital technologies. Secondly, enterprises should strengthen the management ability of the supply chain through digital transformation. Using digital technologies, enterprises can strengthen the close contact with the upstream and downstream partners in the supply chain, improve the overall efficiency of the supply chain, and enhance the resilience of the supply chain. Thirdly, the government should consider the heterogeneity of enterprises when providing policy guarantees, and formulate targeted planning to guide the transformation. At the same time, the government should appropriately advance the layout of information infrastructure construction to expand the inclusive technology supply of the region. The government should vigorously develop digital system platforms to help enterprises build a stable and efficient supply chain system.The marginal contributions of this paper are as follows. Firstly, the paper effectively complements the research field of the economic effects of digital transformation, analyzes the impact of digital transformation on firms’ markups at both theoretical and empirical levels, and discusses the differences in the transformation effects of different types of enterprises in detail. Secondly, from the perspective of the supply chain, this paper analyzes the important role of supply chain resilience in digital empowerment, and examinies the mechanism from two perspectives of supply chain configuration diversification and supply chain configuration efficiency. Thirdly, new ideas for enterprises to make decisions and for the government to formulate policies are provided. The research conclusions not only explain the necessity of enterprises to use digital technology to improve internal operation efficiency but also emphasize the importance of enterprises focusing on external supply chain construction. Meanwhile, this paper provides a reference for the government to formulate digital transformation policies at the level of industrial chain and supply chain, thereby fully leveraging the synergistic development effects between upstream and downstream enterprises in the supply chain.更多还原