Financing the Chain in China: Industry–Finance Collaboration and the Resilience of Corporate Supply Networks

Recent disruptions have made supply chain resilience a central concern for firms and policymakers, yet the financial-policy foundations of resilience remain insufficiently understood. This study examines whether policy-driven industry–finance cooperation strengthens corporate supply chain resilience and through which financial channels this effect operates. Using the China Industry–Finance Cooperation (IFC) Pilot Policy as an exogenous policy shock, we analyze Chinese A-share listed manufacturing firms from 2014 to 2023. The SDID estimates show that the IFC Pilot Policy increases firms’ supply chain resilience by 0.061 standard deviations, and this result remains stable across multiple robustness checks. Mechanism tests indicate that the policy improves resilience by reducing debt financing costs, promoting supply chain finance, and enhancing real investment efficiency. Further heterogeneity analysis shows that the effect is stronger among technology-intensive firms and firms located in less favorable business environments. Theoretically, this study links industry–finance cooperation to supply chain resilience through a “funding cost–chain cash flow–capital use” framework. Practically, it shows that better coordination between financial services and industrial needs can help firms strengthen their capacity to withstand supply chain risks.