供应链金融如何影响传统企业跨界数字创新?OACHSSCD

Following the vigorous development trend of the digital economy,traditional enterprises engaging in cross-boundary digital innovation serves as the micro-foundation and core focal point for accelerating the integration of digital and real economies,consolidating the foundation of the real econo-my,and leading the construction of a modern industrial system through technological innovation.Rooted in and serving industries,supply chain finance(SCF),which is based on real transaction scenarios,significantly improves enterprises'financing constraints and capital allocation capabilities,gradu-ally becoming an important driving force for promoting traditional enterprises'cross-boundary digital innovation.Based on data from China's A-share listed companies,this paper utilizes web crawler technology and patent IPC information to identify and characterize the development level of supply chain finance and digital innovation capabilities of enterprises,and analyzes the impact of supply chain finance on traditional enterprises'cross-bounda-ry digital innovation.The study finds that supply chain finance promotes cross-boundary digital innovation in traditional enterprises,with particularly noticeable effects on digital fusion innovation.This incentive effect is primarily achieved through reducing corporate financing constraints,enhancing supply chain resilience,and accelerating digital transformation.Heterogeneity analysis indicates that the supportive role of supply chain finance in tra-ditional enterprises'cross-boundary digital innovation varies across different industries,scales,and ownership structures,with hidden risks of strategic motivation and innovation arbitrage.Further research reveals that factors such as supply chain digitalization,patient capital,and supply chain concen-tration significantly influence the impact of supply chain finance on traditional enterprises'cross-boundary innovation.This paper extends the research boundaries of supply chain finance and corporate innovation,providing empirical evidence and policy implications for guiding the high-quality develop-ment of supply chain finance and promoting the deep integration of the real economy and digital economy.