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Digital inclusive finance and corporate debt financing: Empirical evidence from China

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  • Cai, Yongbin
  • Tan, Xinyu
  • Fang, Wenbin
  • Nahar, Shamsun
  • Wang, Feiyang

Abstract

Against rapid digital transformation in the financial sector, this study investigates whether digital inclusive finance (DIF) development can enhance corporate debt financing. Employing a multiple linear regression model, we find that regional DIF development significantly increases the scale of corporate debt financing, primarily by reducing financing costs. These results highlight the foundational role of DIF in improving enterprises' financial accessibility. The study contributes by providing new insights into corporate debt financing and offering empirical evidence for policymakers to prioritize DIF development to promote financial inclusion and support economic growth.

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  • Cai, Yongbin & Tan, Xinyu & Fang, Wenbin & Nahar, Shamsun & Wang, Feiyang, 2025. "Digital inclusive finance and corporate debt financing: Empirical evidence from China," Economic Analysis and Policy, Elsevier, vol. 86(C), pages 494-509.
    • Handle: RePEc:eee:ecanpo:v:86:y:2025:i:c:p:494-509
    DOI: 10.1016/j.eap.2025.03.055
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