Supply Chain Resilience Impact on Enterprise Digital Technology Innovation: Dual Perspectives of Absorptive Capacity and Adaptability

Under the impact of multiple uncertainties such as geopolitical conflicts and financial risks, the construction of supply chain resilience has become a primary strategic goal​ for the survival of enterprises, but an acute paradox is increasingly prominent: when enterprises strive to build a risk-resistant "resilient armor", this protection system may become a hidden shackle that stifles digital technology innovation. Utilizing panel data from Chinese listed firms (2013-2023), this research examines how supply chain resilience (SCR) shapes enterprise digital innovation through the integrated lens of dynamic capability theory, dissecting transmission mechanisms at the capability-microstructure nexus. The study finds that supply chain resilience enhances the enterprise's digital technology innovation level by improving its absorption capacity and adaptive capacity, thereby strengthening the enterprise's ability to respond quickly to environmental changes and coordinate the configuration of resources. Behaviorally, patient capital holders exhibit a neglect of innovation risk premium and demand excessive returns for digital innovation exposures, leading to an equilibrium of underfunding. When enterprises obtain more patient capital, they tend to invest in projects with stable returns, thereby reducing the enterprise's firm digital innovation capability. In addition, this study breaks through the limitations of traditional single-dimensional indicators and constructs a comprehensive index through resistance, recovery, operations, supply and demand matching, and renewal capabilities to more accurately capture supply chain resilience, while also revealing the influencing factors of innovation and development in the manufacturing industry.