【摘要】 本文以天润乳业为例，针对当前企业业财融合多停留于内部流程衔接、难以向供应链层级跃迁的现实问题，系统剖析了其数字化供应链业财融合的演进路径与内在机制。研究发现，数字化供应链业财融合经历了四个演化路径：职能融合核算成本、流程融合管控资金、环节融合配置资源及产业融合共创价值。每一阶段均对应不同的网络结构、行动逻辑与协同方式，形成情景化的行动者网络机制，而非单一固定的转译模式。在融合过程中，人类行动者更多扮演了方向把控及最终决策的角色，以技术为代表的非人类行动者则具有了更强的能动性。对比传统业财融合，供应链业财融合涵盖了更丰富的数字基础设施体系、更广阔的组织边界、更细化的管理层级以及更分布的价值网络协同。本文系统构建了数字化供应链业财融合的动态框架，增强了行动者网络理论在数字化与管理会计交叉情境下的解释力，也为数字经济时代企业如何利用数字技术推动业务财务转型提供了实践指导。更多还原

【Abstract】 This study takes Tianrun Dairy as a case to address the prevalent issue where corporate business-finance integration often remains confined to internal process connectivity, struggling to advance to the supply chain level. It systematically analyzes the evolution path and internal mechanisms of financial-business integration in digital supply chain. The findings reveal that this integration undergoes four evolutionary phases: functional integration for cost accounting, process integration for capital control, linkage integration for resource allocation, and industrial integration for value co-creation. Each phase corresponds to a distinct network structure, actor logic, and coordination mode, collectively forming a contextualized actor-network mechanism rather than a single, fixed translation model. During this process, human actors primarily assume roles in directional guidance and decision-making, while non-human actors, represented by technologies, exhibit enhanced agency. Compared to traditional theory, business-finance integration in supply chain model encompasses a more robust digital infrastructure system, broader organizational boundaries, more granular management layers, and more distributed value network coordination. Thereby, this research systematically constructs a dynamic framework for business-finance integration in digital supply chain, thereby enhancing the explanatory power of Actor-Network Theory in digitalization and management accounting studies. Practically, it offers a roadmap for business and finance transformation in the digital economy era.更多还原