Enterprises’ short-term debt for long-term application is not only an amplifier of their own business risks, but also a possible gas pedal of systemic financial risks, which seriously threatens financial stability and security as well as high-quality economic development. Based on the social network analysis framework, this paper constructs the supply chain networks of China’s A-share listed enterprises in Shanghai and Shenzhen from 2010 to 2023. It measures the digital transformation degree of the supply chain networks of focal enterprises through the inverse network distance weighting, and empirically examines the inhibitory effect of digital supply chain networks on focal enterprises’ short-term debt for long-term application. It is found that digital supply chain networks can inhibit focal enterprises’ short-term debt for long-term application through the channels of alleviating the information asymmetry between banks and enterprises and promoting the effective investment of enterprises. Heterogeneity analysis shows that this effect is more significant among non-state-owned enterprises, enterprises with high financing constraints, and enterprises with high-risk preferences. Extended analysis shows that after considering the continuity of supply chain relationships, the inhibitory effect still exists; compared to upstream supply chain networks, this effect of downstream digital supply chain networks is more significant; and digital supply chain networks have positive economic consequences after inhibiting focal enterprises’ short-term debt for long-term application, further promoting the stability of focal enterprises’ production and operation and improving their economic performance.

From the perspective of accelerating the construction of a collaborative paradigm for digital supply chain networks, this paper provides new ideas for inhibiting enterprises’ short-term debt for long-term application, and alleviating the dilemma of enterprises’ investment and financing maturity mismatch. The policy implications are as follows: Improve the collaborative layout of digital infrastructure and assist in building a digital supply chain network platform; establish a precise financial support system and strengthen the resource guarantee mechanism for the construction of digital supply chain networks; and deepen the structural reform of the supply side of the financial sector and build a diversified financing support system.