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Impact of digital financial tools on intermediate goods: Synergies between external funding and internal R&D investment

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  • Zhao, Qiao
  • Wang, Wangqing

Abstract

This study employs a baseline regression model to assess the impact of digital financial tools on innovation intensity of intermediate products across provinces in China. Results indicate that digital financial tools significantly enhance innovation of intermediate products, particularly in central regions and areas with well-developed digital infrastructure. Threshold regression reveals that digital financial tools can influence the innovation intensity of intermediate products through external funding, internal R&D investment, and their synergistic effects. The study concludes with recommendations based on these findings.

Suggested Citation

  • Zhao, Qiao & Wang, Wangqing, 2024. "Impact of digital financial tools on intermediate goods: Synergies between external funding and internal R&D investment," Finance Research Letters, Elsevier, vol. 67(PB).
    • Handle: RePEc:eee:finlet:v:67:y:2024:i:pb:s1544612324009978
    DOI: 10.1016/j.frl.2024.105967
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    Cited by:

    1. Chengguo Jin & Faizal Baharum & Dayao Li & Md Azree Othuman Mydin & Ernawati Mustafa Kamal, 2025. "Exploration of R&D input and technological innovation output in high-tech industries—based on the perspective of financing channels of China," SAGE Open, , vol. 15(4), pages 21582440251, December.
    2. Wu, Qiwei & Wu, Zheng & Pang, Jing, 2025. "Integration of technology and finance with breakthroughs in enterprise digital technology," Finance Research Letters, Elsevier, vol. 74(C).
    3. Du, Weijian & Li, Mengjie, 2025. "Corporations’ digital attitude and digital technology innovation: Are the heart and mouth in agreement or not?," Finance Research Letters, Elsevier, vol. 75(C).

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