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How does digital finance affect industrial transformation?

Author

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  • Rinat Zhanbayev

    (Faculty of Economics and Administrative Sciences, Cyprus International University, Nicosia, Cyprus)

  • Wenchao Bu

    (School of Social and Political Sciences, University of Glasgow, Glasgow, UK)

Abstract

With the continuous advancement of technological revolution and industrial transformation, digital finance supported by big data and artificial intelligence has become an important engine for promoting carbon neutrality. We measured the industrial structure transformation index (ISU) of 30 provinces in China, and discussed the spatial spillover effect and transmission mechanism between digital finance and ISU using the spatial Durbin model. The research results demonstrate that the digital finance development can significantly improve the local ISU. Interestingly, the impact of digital finance on the ISU of adjacent areas has a significantly negative spatial spillover effect, which still exists under the different spatial weight matrix. Digital finance can improve ISU by improving green technology innovation, upgrading industrial structure, and alleviating capital allocation. We also found that the higher degree of marketization and environmental regulation can increase the positive influences of digital finance on ISU. This research proves the effectiveness of the digital finance in improving energy efficiency, and it encourages policymakers around the world to rely on digital finance to promote ecological governance and achieve high-quality economic development.

Suggested Citation

  • Rinat Zhanbayev & Wenchao Bu, 2023. "How does digital finance affect industrial transformation?," Journal of Information Economics, Anser Press, vol. 1(1), pages 18-30, January.
    • Handle: RePEc:bba:j00008:v:1:y:2023:i:1:p:18-30:d:82
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    References listed on IDEAS

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    1. Yang Liu & Yanlin Yang & Huihui Li & Kaiyang Zhong, 2022. "Digital Economy Development, Industrial Structure Upgrading and Green Total Factor Productivity: Empirical Evidence from China’s Cities," IJERPH, MDPI, vol. 19(4), pages 1-23, February.
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    Cited by:

    1. Xiao Wu & Haohan Luo & Ying Wu, 2023. "Does high-speed rail stimulate university technology transfer? evidence from China," PLOS ONE, Public Library of Science, vol. 18(5), pages 1-16, May.
    2. Wenchao Bu & Siyu Ren, 2023. "Government's green grip: Does industrial policy improve firm environmental performance?," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(6), pages 3026-3042, September.

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