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Digital financial innovation, productivity and modernization of industry chain and supply chain

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  • Zhang, Yuchen
  • Chen, Ying
  • Ye, Fan

Abstract

Based on the panel data of 30 provincial-level regions in China from 2013 to 2022, this paper empirically examines the impact of digital financial innovation on the modernization of agricultural industrial chains and supply chains, as well as the mechanism of new quality productivity in the relationship between the two. The research results show that digital financial innovation can significantly promote the modernization of agricultural industrial chains and supply chains. The heterogeneity test results indicate that compared with regions with high density of agricultural industrial agglomeration and low levels of informatization, digital financial innovation is more conducive to promoting the modernization of agricultural industrial chains and supply chains in regions with low density of agricultural industrial agglomeration and high levels of informatization. The mechanism test results show that digital financial innovation can positively affect the modernization of agricultural industrial chains and supply chains by promoting new quality productivity. The threshold effect test results show that the impact of digital financial innovation on the modernization of agricultural industrial chains and supply chains has a nonlinear characteristic of increasing marginal effect. Firstly, we should make efforts to build highlands for the modernization of agricultural industrial chains and supply chains; secondly,implement digital financial innovation strategies based on local conditions; finally, fully activate the development efficiency of new quality productivity. In order to accelerate the realization of the modernization of agricultural industrial chains and supply chains.

Suggested Citation

  • Zhang, Yuchen & Chen, Ying & Ye, Fan, 2025. "Digital financial innovation, productivity and modernization of industry chain and supply chain," Economic Analysis and Policy, Elsevier, vol. 87(C), pages 1198-1211.
    • Handle: RePEc:eee:ecanpo:v:87:y:2025:i:c:p:1198-1211
    DOI: 10.1016/j.eap.2025.07.005
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    References listed on IDEAS

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    1. Xie, Liufang & Peng, Zhengbo & Tong, Xiaoge & Zhou, Wenjun, 2026. "ESG disclosure and financing constraints: Evidence from Chinese listed firms," Economic Analysis and Policy, Elsevier, vol. 89(C), pages 742-756.
    2. Shen, Jiaxi & Zhang, Shoufu, 2026. "FinTech, financial constraints and corporate new-quality productive forces," Finance Research Letters, Elsevier, vol. 87(C).

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