IDEAS home Printed from https://ideas.repec.org/a/eee/finlet/v57y2023ics1544612323006426.html
   My bibliography  Save this article

Digital inclusive finance and digital transformation of enterprises

Author

Listed:
  • Guo, Bingnan
  • Feng, Yu
  • Lin, Ji

Abstract

This paper evaluates the impact of digital inclusive finance (DIF) on enterprise digital transformation (EDT) using a two-way fixed effects model. The results show that DIF can significantly promote EDT, and the breadth of coverage and the depth of usage will enhance the digitalization of enterprises. The mechanism analysis shows that in this process, technological innovation plays a positive moderating effect, and executives' financial background plays a negative moderating effect. In addition, this promotion is significant for non-state-owned enterprises, but not for state-owned enterprises. Overall, this study provides reliable empirical evidence and policy insights to optimize the development of DIF and promote the digital transformation of enterprises.

Suggested Citation

  • Guo, Bingnan & Feng, Yu & Lin, Ji, 2023. "Digital inclusive finance and digital transformation of enterprises," Finance Research Letters, Elsevier, vol. 57(C).
    • Handle: RePEc:eee:finlet:v:57:y:2023:i:c:s1544612323006426
    DOI: 10.1016/j.frl.2023.104270
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1544612323006426
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.frl.2023.104270?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Lee, Chien-Chiang & Tang, Manting & Lee, Chi-Chuan, 2023. "Reaping digital dividends: Digital inclusive finance and high-quality development of enterprises in China," Telecommunications Policy, Elsevier, vol. 47(2).
    2. Olena Ivus & Matthew Boland, 2015. "The employment and wage impact of broadband deployment in Canada," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 48(5), pages 1803-1830, December.
    3. Madhu Khanna, 2021. "Digital Transformation of the Agricultural Sector: Pathways, Drivers and Policy Implications," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 43(4), pages 1221-1242, December.
    4. Chuanjiang Yu & Nan Jia & Wenqi Li & Rui Wu, 2021. "Digital inclusive finance and rural consumption structure – evidence from Peking University digital inclusive financial index and China household finance survey," China Agricultural Economic Review, Emerald Group Publishing Limited, vol. 14(1), pages 165-183, September.
    5. Hsu, Po-Hsuan & Tian, Xuan & Xu, Yan, 2014. "Financial development and innovation: Cross-country evidence," Journal of Financial Economics, Elsevier, vol. 112(1), pages 116-135.
    6. Chuanjiang Yu & Nan Jia & Wenqi Li & Rui Wu, 2021. "Digital inclusive finance and rural consumption structure – evidence from Peking University digital inclusive financial index and China household finance survey," China Agricultural Economic Review, Emerald Group Publishing Limited, vol. 14(1), pages 165-183, September.
    7. Guo, Bingnan & Wang, Yu & Zhang, Hao & Liang, Chunyan & Feng, Yu & Hu, Feng, 2023. "Impact of the digital economy on high-quality urban economic development: Evidence from Chinese cities," Economic Modelling, Elsevier, vol. 120(C).
    8. Yafei Wang & Jing Liu & Huanhuan Huang & Zhixiong Tan & Lichen Zhang, 2023. "Does Digital Inclusive Finance Development Affect the Agricultural Multifunctionality Extension? Evidence from China," Agriculture, MDPI, vol. 13(4), pages 1-20, March.
    9. Arocena, Pablo & Oliveros, Diana, 2012. "The efficiency of state-owned and privatized firms: Does ownership make a difference?," International Journal of Production Economics, Elsevier, vol. 140(1), pages 457-465.
    10. Wei Xu & Daning Hu & Karl Reiner Lang & J. Leon Zhao, 2022. "Blockchain and digital finance," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-4, December.
    11. Battistoni, Elisa & Gitto, Simone & Murgia, Gianluca & Campisi, Domenico, 2023. "Adoption paths of digital transformation in manufacturing SME," International Journal of Production Economics, Elsevier, vol. 255(C).
    12. ElMassah, Suzanna & Mohieldin, Mahmoud, 2020. "Digital transformation and localizing the Sustainable Development Goals (SDGs)," Ecological Economics, Elsevier, vol. 169(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Lingjuan Xu & Yijiang Liu & Beibei Xiang & Qunwei Wang, 0000. "The Impact of Digital Finance on the High-quality development of Manufacturing Industry: Evidence from China," Proceedings of Economics and Finance Conferences 14716391, International Institute of Social and Economic Sciences.
    2. Zhang, Ping & Wang, Yiru & Gao, Jieying, 2023. "Going public and innovation: Evidence from the ChiNext stock market," Economic Analysis and Policy, Elsevier, vol. 80(C), pages 586-613.
    3. Zhu, Xiaoke & Wu, Hanqi & Deng, Qiyun, 2024. "Quantity or quality: Novel insights into the impact of digital finance on innovation," Finance Research Letters, Elsevier, vol. 65(C).
    4. Gao, Jiwen & Li, Hao & Zhang, Didi, 2025. "Exploring the mechanisms and regional variations in how digital financial inclusion drives high-quality real economic development across China," Finance Research Letters, Elsevier, vol. 73(C).
    5. Chen, Pengyu & Dagestani, Abd Alwahed, 2023. "Urban planning policy and clean energy development Harmony- evidence from smart city pilot policy in China," Renewable Energy, Elsevier, vol. 210(C), pages 251-257.
    6. Hanjin Li & Yang Shi & Jianxin Zhang & Zhenkun Zhang & Zhaosen Zhang & Maogang Gong, 2023. "Digital inclusive finance & the high-quality agricultural development: Prevalence of regional heterogeneity in rural China," PLOS ONE, Public Library of Science, vol. 18(3), pages 1-24, March.
    7. Liu, Baoliu & Huang, Yujie & Chen, Mengmei & Lan, Zirui, 2024. "Towards sustainability: How does the digital-real integration affect regional green development efficiency?," Economic Analysis and Policy, Elsevier, vol. 83(C), pages 42-59.
    8. Zhang, Qian & Webster, Natasha A. & Han, Shengnan & Ayele, Workneh Yilma, 2023. "Contextualizing the rural in digital studies: A computational literature review of rural-digital relations," Technology in Society, Elsevier, vol. 75(C).
    9. Zheng, Xiaodong & Wang, Yinglin & Wu, Qi & Zhou, Yanran, 2024. "Digital inclusive finance and migrant wages: Evidence from over 700,000 internal migrants in China," Finance Research Letters, Elsevier, vol. 62(PA).
    10. Shen, Hongshan & Qin, Mengyao & Li, Tianyi & Zhang, Xuan & Zhao, Yang, 2024. "Digital finance and industrial structure upgrading: Evidence from Chinese counties," International Review of Financial Analysis, Elsevier, vol. 95(PB).
    11. Wang, Yunsong & Jiang, Aiqing & Zhang, Songlin & Chen, Weihong, 2024. "Traditional finance, digital finance, and financial efficiency: An empirical analysis based on 19 urban agglomerations in China," International Review of Financial Analysis, Elsevier, vol. 96(PA).
    12. Zhu, Qing & Ma, Dan & He, Xin, 2023. "Digital transformation and firms' pollution emissions," Technological Forecasting and Social Change, Elsevier, vol. 197(C).
    13. Wang, Shucui & Peng, Ting & Du, Anna Min & Lin, Xiaohui, 2025. "The impact of the digital economy on rural industrial revitalization," Research in International Business and Finance, Elsevier, vol. 76(C).
    14. Tianchu Feng & Andrea Appolloni & Jiayu Chen, 2024. "How does corporate digital transformation affect carbon productivity? Evidence from Chinese listed companies," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(12), pages 31425-31445, December.
    15. Yajun Ma & Zhengyong Yu & Wei Liu & Qiang Ren, 2025. "Exploring the coupling coordination relationship and obstacle factors of rural revitalization, new-type urbanization, and digital economy in China," PLOS ONE, Public Library of Science, vol. 20(1), pages 1-30, January.
    16. Yuan, Li & Rao, Siqi & Yang, Shenggang & Dai, Pengyi, 2023. "Does equity market openness increase productivity? the dual effects of Shanghai-Hong Kong stock Connect program in China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 88(C).
    17. Chen, Shiu-Sheng, 2017. "Exchange rate undervaluation and R&D activity," Journal of International Money and Finance, Elsevier, vol. 72(C), pages 148-160.
    18. Jin, Laiqun & Dai, Jiaying & Jiang, Weijie & Cao, Kairui, 2023. "Digital finance and misallocation of resources among firms: Evidence from China," The North American Journal of Economics and Finance, Elsevier, vol. 66(C).
    19. Qureshi, Irfan & Park, Donghyun & Crespi, Gustavo Atilio & Benavente, Jose Miguel, 2021. "Trends and determinants of innovation in Asia and the Pacific vs. Latin America and the Caribbean," Journal of Policy Modeling, Elsevier, vol. 43(6), pages 1287-1309.
    20. Shuhao Zhang & Xuetong Li & Daqian Shi, 2025. "How does digital finance affect energy consumption in China? Empirical evidence from China," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 27(5), pages 10719-10735, May.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:finlet:v:57:y:2023:i:c:s1544612323006426. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/frl .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.