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The impact of digital finance on urban entrepreneurial activity: The moderating effect of advanced human capital structure

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  • Zhen, Zhiyong
  • Cao, Ruoshan
  • Gan, Xiaohang
  • Wang, Chen

Abstract

Digital finance has positively influenced traditional finance, fiscal expenditure, and industrial structure, robustly supporting entrepreneurship. This study uses urban panel data from China from 2011 to 2021 to explore the relationship between digital finance, urban entrepreneurial activity, and human capital structure advancement. The research finds that digital finance development significantly boosts urban entrepreneurial activity. Advanced human capital structure positively moderates this process. Heterogeneity tests reveal regional disparities in this impact: in the eastern regions, digital finance has a stronger positive effect on enhancing urban entrepreneurial activity.

Suggested Citation

  • Zhen, Zhiyong & Cao, Ruoshan & Gan, Xiaohang & Wang, Chen, 2024. "The impact of digital finance on urban entrepreneurial activity: The moderating effect of advanced human capital structure," Finance Research Letters, Elsevier, vol. 64(C).
    • Handle: RePEc:eee:finlet:v:64:y:2024:i:c:s1544612324004446
    DOI: 10.1016/j.frl.2024.105414
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    References listed on IDEAS

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    Cited by:

    1. Wei, Xiaobei & Yang, Zongpu & Yan, Yongjun & Sun, Jia, 2024. "Rural E-commerce, Digital finance, and urban–rural common prosperity: A Quasi-natural Experiment Based on China's Comprehensive Demonstration of E-commerce Entering Rural Areas Policy," Finance Research Letters, Elsevier, vol. 69(PB).
    2. Zhong, Changbiao & Zhang, Chao, 2024. "Can data elements enhance urban innovation? Evidence from China," China Economic Review, Elsevier, vol. 88(C).
    3. Zhu, Xiang & Chen, Hongtao & Xiang, Erwei & Qi, Yingjin, 2025. "Digital transformation and corporate green technology transfer: The moderating effect of executive green cognition," Finance Research Letters, Elsevier, vol. 76(C).
    4. Yang, Yuelin, 2025. "The development of digital finance and the crime rate of theft," Finance Research Letters, Elsevier, vol. 71(C).
    5. Zhou, Lanxuanjie & Tang, Chenxi & Cao, Yougen, 2025. "Innovative human capital, government support for science and technology policy, and supply chain resilience," Finance Research Letters, Elsevier, vol. 74(C).

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