IDEAS home Printed from https://ideas.repec.org/a/eee/finlet/v62y2024ipas1544612324001715.html
   My bibliography  Save this article

Digital inclusive finance, factor flow and industrial structure upgrading: Evidence from the yellow river basin

Author

Listed:
  • Jiao, Yong
  • Wang, Gaofei
  • Li, Chengyou
  • Pan, Jia

Abstract

This paper empirically investigates the impact and pathways of digital inclusive finance on the upgrading of industrial structure, drawing upon data collected from 114 cities in the Yellow River Basin of China spanning the period from 2011 to 2020. The study unveils that the advancement of digital inclusive finance in the Yellow River Basin notably accelerates the upgrading of industrial structure, with discernible regional heterogeneity. Furthermore, factor flow emerges as a positive influencer in modulating the effect of digital inclusive finance on the enhancement of industrial structure upgrading.

Suggested Citation

  • Jiao, Yong & Wang, Gaofei & Li, Chengyou & Pan, Jia, 2024. "Digital inclusive finance, factor flow and industrial structure upgrading: Evidence from the yellow river basin," Finance Research Letters, Elsevier, vol. 62(PA).
    • Handle: RePEc:eee:finlet:v:62:y:2024:i:pa:s1544612324001715
    DOI: 10.1016/j.frl.2024.105141
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1544612324001715
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.frl.2024.105141?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. Xiong, Mengzhi & Zhang, Fan & Zhang, Huanjiao & Wang, Hanzhan, 2023. "Digital economy, credit expansion, and modernization of industrial structure in China," Finance Research Letters, Elsevier, vol. 58(PC).
    3. Wachsen, Eva & Blind, Knut, 2016. "More labour market flexibility for more innovation? Evidence from employer–employee linked micro data," Research Policy, Elsevier, vol. 45(5), pages 941-950.
    4. Dutta, Pankaj & Choi, Tsan-Ming & Somani, Surabhi & Butala, Richa, 2020. "Blockchain technology in supply chain operations: Applications, challenges and research opportunities," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 142(C).
    5. Hanchen Wang & Tianfan Fu & Yuanqi Du & Wenhao Gao & Kexin Huang & Ziming Liu & Payal Chandak & Shengchao Liu & Peter Katwyk & Andreea Deac & Anima Anandkumar & Karianne Bergen & Carla P. Gomes & Shir, 2023. "Scientific discovery in the age of artificial intelligence," Nature, Nature, vol. 620(7972), pages 47-60, August.
    6. Zhu, Bangzhu & Zhang, Mengfan & Zhou, Yanhua & Wang, Ping & Sheng, Jichuan & He, Kaijian & Wei, Yi-Ming & Xie, Rui, 2019. "Exploring the effect of industrial structure adjustment on interprovincial green development efficiency in China: A novel integrated approach," Energy Policy, Elsevier, vol. 134(C).
    7. Sun, Yang & Tang, Xinwei, 2022. "The impact of digital inclusive finance on sustainable economic growth in China," Finance Research Letters, Elsevier, vol. 50(C).
    8. Zhao, Jun & Jiang, Qingzhe & Dong, Xiucheng & Dong, Kangyin & Jiang, Hongdian, 2022. "How does industrial structure adjustment reduce CO2 emissions? Spatial and mediation effects analysis for China," Energy Economics, Elsevier, vol. 105(C).
    9. Wang, Shuo & Li, Chengyou & Wang, Zeru & Sun, Guanglin, 2023. "Digital skills and household financial asset allocation," Finance Research Letters, Elsevier, vol. 58(PC).
    10. ., 2023. "The artificial intelligence ecosystem," Chapters, in: The Rise of Algorithmic Society and the Strategic Role of Arts and Culture, chapter 2, pages 6-30, Edward Elgar Publishing.
    11. Li, Jie & Wu, Yu & Xiao, Jing Jian, 2020. "The impact of digital finance on household consumption: Evidence from China," Economic Modelling, Elsevier, vol. 86(C), pages 317-326.
    12. Pu-Yan Nie & Chan Wang & Hong-Xing Wen, 2023. "Effects of artificial intelligence on duopoly competition," Applied Economics Letters, Taylor & Francis Journals, vol. 30(13), pages 1827-1832, July.
    13. Guo, Xiaoxin & Zhong, Shihu, 2023. "Unintended consequences: How does digital inclusive finance affect migrants' urban settlement intentions?," International Review of Financial Analysis, Elsevier, vol. 89(C).
    14. Sun, Yanan & You, Xiaotong, 2023. "Do digital inclusive finance, innovation, and entrepreneurship activities stimulate vitality of the urban economy? Empirical evidence from the Yangtze River Delta, China," Technology in Society, Elsevier, vol. 72(C).
    15. Luan, Bingjiang & Zou, Hong & Chen, Shuxing & Huang, Junbing, 2021. "The effect of industrial structure adjustment on China’s energy intensity: Evidence from linear and nonlinear analysis," Energy, Elsevier, vol. 218(C).
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Mengzhen Wang & Xingong Ding & Pengfei Cheng, 2024. "Exploring the income impact of rural e-commerce comprehensive demonstration project and determinants of county selection," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-11, December.
    2. Li, Hongya & Lin, Xiaobin & Zhang, Zhaoyong, 2025. "How does digital finance affect imports, exports and trade balance: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 99(C).
    3. Hongcheng Ling & Xiaohong Ling, 2025. "The impact of digital inclusive finance on enterprise digital technology innovation: empirical evidence from the Chinese manufacturing industry," Palgrave Communications, Palgrave Macmillan, vol. 12(1), pages 1-19, December.
    4. Liu, Jiamin & Zhang, Jiaoning & Ma, Xiaoyu & Zhao, Bin & Zhang, Mengyu, 2024. "The road to sustainable development: Can the new energy demonstration city policy promote the industrial structure transformation?," Renewable Energy, Elsevier, vol. 237(PB).
    5. Zhou, Yuanxiang & Liu, Huayan & Chen, Chan & Ma, Yingqi, 2025. "The impact of digital inclusive finance on green economic efficiency: Pathways to inclusive sustainability," Research in International Business and Finance, Elsevier, vol. 76(C).
    6. Tang, Can & Wang, Bing & Zheng, Wenping, 2025. "Can structural loan policy promote low-carbon transition of manufacturing enterprises? New evidence from China," Journal of International Money and Finance, Elsevier, vol. 152(C).
    7. Li, Tao, 2024. "Does smart transformation in manufacturing promote enterprise value chain upgrades?," Finance Research Letters, Elsevier, vol. 69(PA).
    8. Li, Chengyou & Zheng, Chunji & Liu, Mengxun & Wang, Zeru, 2024. "Digital economy spillover on energy saving and emission reduction: Evidence from China," Energy, Elsevier, vol. 308(C).
    9. Zhang, Qiming & Zhao, Xuan, 2024. "Can the digital economy facilitate the optimization of industrial structure in resource-based cities?," Structural Change and Economic Dynamics, Elsevier, vol. 71(C), pages 405-416.
    10. Dong, Xu & Lv, Shuai & Wu, Shilei, 2025. "The green promise of digital finance: Exploring its effects and mechanisms on carbon reduction," China Economic Review, Elsevier, vol. 90(C).
    11. Gao, Zhiyuan & Zhu, Yingnan & Wei, Yihang & Hao, Yu, 2025. "The green circuit: Tracing digital inclusive finance's role in sustainable urban development," Research in International Business and Finance, Elsevier, vol. 76(C).

    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. 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.
    2. Ai, Hongshan & Xiang, Lin & Tan, Xiaoqing & Yao, Haorui & Han, Li, 2024. "The effects of place-based information technology policy on digital finance development: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 84(C), pages 521-544.
    3. Qiong Shen & Rui Wu & Yuxi Pan & Yanchao Feng, 2024. "Explaining and modeling the impacts of inclusive finance on CO2 emissions in China integrated the intermediary role of energy poverty," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-19, December.
    4. Hongjun, Guan & Liye, Dong & Aiwu, Zhao, 2023. "Energy structure dividend, factor allocation efficiency and regional productivity growth-- An empirical examination of energy restructuring in China," Energy Policy, Elsevier, vol. 172(C).
    5. Qing, Jing & Chen, Juan, 2024. "Digital village construction and its mechanistic on farmer entrepreneurship," Finance Research Letters, Elsevier, vol. 70(C).
    6. Dongjing Chen & Xiaotong Guo, 2023. "Impact of the Digital Economy and Financial Development on Residents’ Consumption Upgrading: Evidence from Mainland China," Sustainability, MDPI, vol. 15(10), pages 1-25, May.
    7. Wang, Bo & Wang, Jianda, 2025. "China’s green digital era: How does digital economy enable green economic growth?," Innovation and Green Development, Elsevier, vol. 4(1).
    8. Zhang, Hui & Zhou, Peng & Sun, Xiumei & Ni, Guanqun, 2024. "Disparities in energy efficiency and its determinants in Chinese cities: From the perspective of heterogeneity," Energy, Elsevier, vol. 289(C).
    9. Zhao, Ruizeng & An, Yuchen & Tu, Hanyun & Song, Jiashan, 2024. "China's economic growth and low-carbon development under the background of resource curse: A new perspective based on digital finance," International Review of Economics & Finance, Elsevier, vol. 96(PA).
    10. Ya Wu & Yin Liu, 2025. "How does the digital economy affect urban CO2 emissions? Mechanism discussion and empirical test," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 27(6), pages 14097-14122, June.
    11. Wang, Bo & Wang, Jianda & Dong, Kangyin & Nepal, Rabindra, 2024. "How does artificial intelligence affect high-quality energy development? Achieving a clean energy transition society," Energy Policy, Elsevier, vol. 186(C).
    12. Zhao, Congyu & Jia, Rongwen & Dong, Kangyin, 2023. "Does financial inclusion achieve the dual dividends of narrowing carbon inequality within cities and between cities? Empirical evidence from China," Technological Forecasting and Social Change, Elsevier, vol. 195(C).
    13. Songqin Zhao & Diyun Peng & Huwei Wen & Huilin Song, 2022. "Does the Digital Economy Promote Upgrading the Industrial Structure of Chinese Cities?," Sustainability, MDPI, vol. 14(16), pages 1-19, August.
    14. Yang, Senmiao & Dong, Kangyin & Wang, Jianda & Taghizadeh-Hesary, Farhad, 2024. "Blessings or curses? Exploring the impact of digital technology innovation on natural resource utilization efficiency in China," Resources Policy, Elsevier, vol. 98(C).
    15. Wang, Ruonan & Xiao, Yi & Huang, Huan & Chang, Ming, 2024. "Exploring the complex relationship between industrial upgrading and energy eco-efficiency in river basin cities: A case study of the Yellow River Basin in China," Energy, Elsevier, vol. 312(C).
    16. Haiyang Qiu & Xin Li & Long Zhang, 2023. "Influential Effect and Mechanism of Digital Finance on Urban Land Use Efficiency in China," Sustainability, MDPI, vol. 15(20), pages 1-21, October.
    17. Guo, Xiaoxin & Zhong, Shihu, 2023. "Unintended consequences: How does digital inclusive finance affect migrants' urban settlement intentions?," International Review of Financial Analysis, Elsevier, vol. 89(C).
    18. Wanteng Zheng & Zixuan Ye, 2024. "The Incentive Effect of Digital Finance on Innovation of Small- and Medium-Sized Enterprises Considering Heterogeneity: An Empirical Study Based on Chinese-Listed Firms," Sustainability, MDPI, vol. 16(19), pages 1-17, September.
    19. Yang, Yi & Shen, Liyin & Sang, Meiyue & Ding, Xinyi, 2025. "The impact of digitalization on urban sustainable development – An economic perspective," Technological Forecasting and Social Change, Elsevier, vol. 212(C).
    20. Zhi Su & Ruijie Cao, 2023. "Impact of Digital Inclusive Finance on Urban Carbon Emission Intensity: From the Perspective of Green and Low-Carbon Travel and Clean Energy," Sustainability, MDPI, vol. 15(16), pages 1-16, August.

    More about this item

    Keywords

    Digital inclusive finance; Factor flow; Industrial structure upgrading; Yellow River Basin;
    All these keywords.

    JEL classification:

    • C26 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Instrumental Variables (IV) Estimation
    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

    Statistics

    Access and download statistics

    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:62:y:2024:i:pa:s1544612324001715. 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.