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The impact of digital financial inclusion on the high-quality development of small- and medium-sized enterprises—Evidence from China

Author

Listed:
  • Zhang, Yingying
  • Jin, Xin
  • Li, Hongtao

Abstract

The high-quality development of small- and medium-sized enterprises (SMEs) is a crucial component of a country's high-quality economic development. In China, digital inclusive finance is used as a scientific strategy for promoting SMEs' high-quality development.This study utilized panel data from SMEs listed on the Small and Medium Enterprise Board in Shenzhen, China, from 2011 to 2022, to analyze and test the mechanism of DFI and its impact on the high-quality development of SMEs. The results of the study reveal that DFI can empower SMEs' high-quality development. Internally, corporate social responsibility (CSR) and green technological innovation play positive intermediary roles in the process of DFI to enable SMEs' high-quality development. Externally, the efficiency of financial resource allocation (EFR) and upgrading of the industrial structure (IS) mediate the process. However, these internal and external mechanisms exhibit heterogeneity across different industries and regions. Therefore, strengthening the empowering role of DFI to promote high-quality development of SMEs, encouraging SMEs to actively fulfill their social responsibilities, increasing investment in green technological innovation, enhancing the EFR, and facilitating IS upgrading remain vital. Simultaneously, to optimize the market environment for DFI and facilitate its development, regionally differentiated policies should be formulated.

Suggested Citation

  • Zhang, Yingying & Jin, Xin & Li, Hongtao, 2025. "The impact of digital financial inclusion on the high-quality development of small- and medium-sized enterprises—Evidence from China," International Review of Financial Analysis, Elsevier, vol. 102(C).
    • Handle: RePEc:eee:finana:v:102:y:2025:i:c:s1057521925001619
    DOI: 10.1016/j.irfa.2025.104074
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