摘要：后疫情时代如何保链稳链备受关注，而供应链共同股东作为供应链上的“信息桥”,能否在提升供应链韧性方面发挥积极影响急需探讨。以2007—2022年A股上市公司为研究对象，探究供应链共同股东对于供应链韧性的影响机理和具体机制。研究发现，存在供应链共同股东的企业，供应链韧性表现出更高的水平，并且供应链共同股东数量越多，供应链韧性越强；机制检验表明，供应链共同股东提高了企业的信息处理能力和资源动态调整能力，从而促进了供应链韧性的提高；异质性分析发现，当企业面临经济环境不确定性较高、较为激烈的市场竞争、内部出现财务困境时，供应链共同股东对于供应链韧性的提升作用更为明显；此外，当企业与供应链上的合作者之间的距离更近时，供应链共同股东更能助力供应链韧性的提高。研究结论进一步明晰了供应链共同股东的治理优势，也为如何提高供应链韧性提供来自股东这一重要而相关的新视角。

Abstract: How to keep the chain stable in the post-epidemic era has attracted much attention.Whether the common shareholders of the supply chain, as the “information bridge” in the supply chain, can play a positive role in improving the resilience of the supply chain needs to be discussed urgently. Taking A-share listed companies from 2007 to 2022 as the objects, the paper explores the influence mechanism and specific mechanism of supply chain common shareholders on supply chain resilience. It is found that enterprises with common shareholders in supply chain show a higher level of supply chain toughness, and the more common shareholders in supply chain, the stronger the supply chain toughness.The mechanism test shows that the common shareholders of supply chain improve the information processing ability and resource dynamic adjustment ability of enterprises, thus promoting the improvement of supply chain toughness; Heterogeneity analysis shows that when enterprises are faced with uncertain economic environment, fierce market competition and internal financial difficulties, the common shareholders of supply chain play a more obvious role in improving the resilience of supply chain; In addition, when the distance between the enterprise and the partners in the supply chain is closer, the common shareholders in the supply chain can help to improve the resilience of the supply chain. The research conclusion not only further clarifies the governance advantages of common shareholders in supply chain, but also provides an important and relevant new perspective from shareholders on how to improve the resilience of supply chain.