Abstract: Abstract: Based on the supply chain research data of listed companies and the perspective of supply and demand network construction, this paper discusses the employment effect of supply chain digitization. The difference-in-differences results show that the enterprise's digitization has a substitution effect on labor employment, while the supply chain digitization within industrial chain can effectively improves the enterprises’ employment scale by smoothing production and reducing the downstream enterprises’ occupation of commercial credit funds, which helps to ease the liquidity constraints of enterprises. In addition, industrial supply chain digitization can effectively cushion the impact of supply chain risks on the labor market, which helps to achieve "the employment-stabilizing". Heterogeneity analysis shows that the employment-stabilizing effect of industrial supply chain digitization is limited by the financing constraints, state-owned enterprises and the enterprises with concentrated purchasing and marketing business show greater spillover effect on employment.