ORIGINAL RESEARCH article
Front. Phys.
Sec. Social Physics
Volume 13 - 2025 | doi: 10.3389/fphy.2025.1664273
The Synergistic Effect of Digital Transformation Technology and Supply Chain Finance: Empirical Evidence from 500 Listed Companies
Provisionally accepted
- 1College of International Economics and Trade, Ningbo University of Finance and Economics, Zhejiang, China
- 2Shanghai Maritime University, Shanghai, China
- 3Shanghai University, Shanghai, China
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This paper aims to deeply explore the synergistic effect of digital transformation technology innovation and supply chain finance (SCF) to promote enterprise innovation and enhance competitiveness. Based on the coevolution theory and economic effect theory, a theoretical framework is constructed to analyze the synergistic effects of SCF and technological innovation. The paper employs the entropy weight-TOPSIS model and the Coupling Coordination Degree model to conduct an in-depth analysis of the synergistic effects from both quantitative and qualitative dimensions. A sample of 500 listed companies from various industries and sizes, covering the period from 2014 to 2021, is selected. By analyzing the financial data and technological innovation indicators of these companies, the relationship and synergistic effects between SCF and technological innovation are investigated. The data analysis results show that starting from 2015, the coupling coordination degree between SCF and technological innovation began to rise rapidly due to fluctuations in the global financial market and the domestic industrial chain transfer. During this period, the coupling coordination degree of the composite system increased significantly from 0.5432 in 2015 to 0.8185 in 2021. This indicates a significant synergistic effect between SCF and technological innovation, with technological innovation playing a leading role in the co-evolution process. This paper reveals the dominant role of technological innovation in the co-evolution process, providing important insights for enterprise development and innovation.
Keywords: digital transformation, technological innovation, Supply chain finance, synergistic effect, listed companies
Received: 11 Jul 2025; Accepted: 11 Aug 2025.
Copyright: © 2025 Liu, Zhang and Cao. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.
* Correspondence: Zongtuan Liu, College of International Economics and Trade, Ningbo University of Finance and Economics, Zhejiang, China
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