The Impact of Digital-Green Synergistic Transformation on Firm's Supply Chain Resilience: A Study Based on the Optimal Distinctiveness Theory

The digital-green synergistic transformation is of great significance for enhancing the supply chain resilience of firms. This study, based on the optimal distinctiveness theory, explores the impact of digital-green synergistic transformation on a firm's supply chain resilience and its boundary conditions. Using China's 2022 Digital-Green Synergistic Transformation Comprehensive Pilot Policy (Dual Synergy Pilot) as a quasinatural experiment, we employ a difference-in-differences estimation model and reach the following conclusions: (1) digital-green synergistic transformation significantly enhances a firm's supply chain resilience; (2) both relational debt and strategic equity positively moderate this relationship, with the empowering effect of strategic equity being stronger; and (3) further heterogeneity analysis reveals that the effects are particularly pronounced in state-owned firms, high-pollution industries, and high-tech industries. From the perspective of digital-green synergistic transformation, this study enriches the theoretical framework for enhancing a firm's supply chain resilience and provides valuable practical insights for managers, policymakers, and investors.