How Does Supply Chain Resilience Affect Corporate Financialization?

Empirical Study on China Manufacturing Listed Companies

Abstract

This paper takes China A-share listed manufacturing companies from 2010 to 2023 as samples to empirically examine the impact of supply chain resilience on corporate financialization and its underlying mechanisms. The study finds that the improvement of supply chain resilience significantly promotes the degree of corporate financialization, and this relationship remains robust even after adopting multidimensional resilience indicators. Mechanism tests indicate that supply chain resilience mainly creates conditions for financial asset allocation through two channels: alleviating financing constraints and reducing cash reinvestment rates. Heterogeneity analysis further reveals that in companies with executive shareholding, the aforementioned promoting effect is more pronounced, suggesting that while equity incentives strengthen the alignment of management and shareholder interests, they may also incentivize the allocation of financial resources released by resilience construction to the financial sector for short-term gains. The conclusions of this paper reveal the complex transmission relationship between corporate operational capacity building and financial investment behavior, providing a new explanatory perspective for understanding the "de-realization to virtualization" phenomenon in manufacturing, and offering policy implications for coordinating supply chain security with the development of the real economy.