Digitalization and Industrial Chain Resilience: Evidence from Chinese Manufacturing Enterprises

(1) Background. The rapid development of the digital economy provides a new perspective for enhancing industrial chain resilience. This study examines how manufacturing firms’ digitalization affects their industrial chain resilience, drawing on resource dependence and dynamic capability theories, and explores spillover effects on upstream and downstream enterprises. (2) Data and Methods. Using panel data from Chinese listed manufacturing firms (2011–2023), we employ ordinary least squares (OLS) models to analyze the relationship, its mechanisms, and heterogeneity. We further match firms with their suppliers and customers to identify spillover effects. (3) Results. Digitalization significantly improves resilience, particularly by enhancing supply–demand matching and competitive capabilities. Effects are stronger for small, labor-intensive, and high-environment, social and governance (ESG) firms. Bargaining power and governance capability are key channels. Spillover effects are heterogeneous, with a stronger impact on downstream customers. (4) Discussion. The positive impact of digitalization varies by firm characteristics, and spillovers differ across the chain. These findings offer precise insights and policy implications for leveraging digitalization to strengthen industrial chain resilience.