IDEAS home Printed from https://ideas.repec.org/a/eee/finlet/v77y2025ics1544612325003290.html
   My bibliography  Save this article

The impact of inclusive finance and education investment on new quality productivity: The nonlinear mediating effect of education development

Author

Listed:
  • Zhang, Yong
  • Jia, Daizheng

Abstract

This paper explores the nonlinear effects of inclusive finance and educational investment on new quality productivity across different regional education levels. With China's provincial panel data from 2011 to 2023, a functional-coefficient regression model is applied. Results show significant nonlinearities. In regions with lower education, inclusive finance has limited benefits, but its positive impact on new productivity grows with higher education levels. Educational investment also shifts from insignificant to positive as education levels rise. The study underlines the need to optimize educational resources, strengthen financial supervision, and boost the synergy between inclusive finance and education policies for sustainable economic growth.

Suggested Citation

  • Zhang, Yong & Jia, Daizheng, 2025. "The impact of inclusive finance and education investment on new quality productivity: The nonlinear mediating effect of education development," Finance Research Letters, Elsevier, vol. 77(C).
    • Handle: RePEc:eee:finlet:v:77:y:2025:i:c:s1544612325003290
    DOI: 10.1016/j.frl.2025.107065
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1544612325003290
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.frl.2025.107065?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

    for a different version of it.

    References listed on IDEAS

    as
    1. Li Lin & Tianyu Gu & Yi Shi, 2024. "The Influence of New Quality Productive Forces on High-Quality Agricultural Development in China: Mechanisms and Empirical Testing," Agriculture, MDPI, vol. 14(7), pages 1-19, June.
    2. Wu, Limeng & Fang, Jing, 2024. "How higher education affects corporate human capital investment: Based on Upper Echelons Theory," Finance Research Letters, Elsevier, vol. 69(PA).
    3. Faisal Bari & Kashif Malik & Muhammad Meki & Simon Quinn, 2024. "Asset-Based Microfinance for Microenterprises: Evidence from Pakistan," American Economic Review, American Economic Association, vol. 114(2), pages 534-574, February.
    4. Honggao Cao, 2008. "Credit Constraints and Human Capital Investment in College Education," Journal of Family and Economic Issues, Springer, vol. 29(1), pages 41-54, March.
    5. Xiangting Hu & Xiangbo Liu & Chao He & Tiantian Dai, 2020. "Education policies, pre-college human capital investment and educated unemployment," Journal of Economics, Springer, vol. 129(3), pages 241-270, April.
    6. Tobing, Elwin, 2011. "Taxation, human capital formation, and long-run growth with private investment in education," Journal of Asian Economics, Elsevier, vol. 22(1), pages 48-60, February.
    7. Liu, Yi & He, Zhengchu, 2024. "Synergistic industrial agglomeration, new quality productive forces and high-quality development of the manufacturing industry," International Review of Economics & Finance, Elsevier, vol. 94(C).
    8. Mangrum, Daniel, 2022. "Personal finance education mandates and student loan repayment," Journal of Financial Economics, Elsevier, vol. 146(1), pages 1-26.
    9. Ma, Lianfeng & Gan, Yufei & Huang, Ping, 2025. "Higher education investment, human capital, and high-quality economic development," Finance Research Letters, Elsevier, vol. 71(C).
    10. Yonghui Zhang & Qiankun Zhou, 2021. "Partially linear functional-coefficient dynamic panel data models: sieve estimation and specification testing," Econometric Reviews, Taylor & Francis Journals, vol. 40(10), pages 983-1006, November.
    11. Wang, Jiabin & Qiao, Li & Zhu, Guofen & Di, Kaisheng & Zhang, Xihui, 2025. "Research on the driving factors and impact mechanisms of green new quality productive forces in high-tech retail enterprises under China's Dual Carbon Goals," Journal of Retailing and Consumer Services, Elsevier, vol. 82(C).
    12. Xu, Xin & Huang, Shupei & An, Haizhong, 2022. "The dynamic moderating function of the exchange rate market on the oil-stock nexus," International Review of Financial Analysis, Elsevier, vol. 81(C).
    13. Lee, Yong Suk, 2018. "Government guaranteed small business loans and regional growth," Journal of Business Venturing, Elsevier, vol. 33(1), pages 70-83.
    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. Debao Dai & Yu Zheng, 2025. "The New Quality Productive Force, Science and Technology Innovation, and Optimization of Industrial Structure," Sustainability, MDPI, vol. 17(10), pages 1-21, May.
    2. Qiang Gao & Zixin Feng & Kuang Li, 2025. "Research on the Impact of Marine New Quality Productive Forces on Marine Economic Resilience: A Case Study of 11 Coastal Provinces and Cities in China," Sustainability, MDPI, vol. 17(10), pages 1-31, May.
    3. repec:osf:osfxxx:nwp8k_v1 is not listed on IDEAS
    4. Pankaj C. Patel & Mike G. Tsionas, 2022. "Learning‐by‐lending and learning‐by‐repaying: A two‐sided learning model for defaults on Small Business Administration loans," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(4), pages 906-919, June.
    5. Jinliang Wang & Yaolin Ruan & Chenggang Wang, 2024. "Foreign Direct Investment, Technology Innovation and Carbon Emissions: Evidence from China," Sustainability, MDPI, vol. 16(22), pages 1-31, November.
    6. Zhang, Zhenhua & Li, Peixuan & Wang, Xinyi & Ran, Rong & Wu, Wenshuai, 2024. "New energy policy and new quality productive forces: A quasi-natural experiment based on demonstration cities," Economic Analysis and Policy, Elsevier, vol. 84(C), pages 1670-1688.
    7. Bernardus Van Doornik & David Schoenherr & Janis Skrastins, 2025. "Escaping Death: individual mobility and female mortality," Working Papers Series 621, Central Bank of Brazil, Research Department.
    8. Ting Xu & Zhike Lv, 2023. "The effect of tourism on the shadow economy: The level of economic development is key," Tourism Economics, , vol. 29(8), pages 2129-2142, December.
    9. Pankaj C. Patel & John A. Pearce II, 2020. "Franchisees and Loan Default on Third-Party Guarantee Loans: Evidence From the United States," Entrepreneurship Theory and Practice, , vol. 44(5), pages 861-877, September.
    10. Juergen Jung & Vinish Shrestha, 2018. "The Affordable Care Act And College Enrollment Decisions," Economic Inquiry, Western Economic Association International, vol. 56(4), pages 1980-2009, October.
    11. D'artis Kancs & Pavel Ciaian, 2010. "The Impact Of The Eu Blue Card Policy On Economic Growth In The African Sending Countries," South African Journal of Economics, Economic Society of South Africa, vol. 78(3), pages 225-247, September.
    12. Yanhua Li & Tingyu Zhang, 2025. "How Does the Digital Ecosystem Foster New Quality Productive Forces? A Dynamic QCA of Sustainable Development Pathways in China," Sustainability, MDPI, vol. 17(11), pages 1-24, May.
    13. Gamble, Edward & Caton, Gary & Aujogue, Kelig & Lee, Yen Teik, 2020. "Problems with crisis intervention: When the government wants to restrain big banks but punishes small businesses instead," Journal of Business Venturing Insights, Elsevier, vol. 14(C).
    14. Matthew J. Higgins & Donald J. Lacombe & Briana S. Stenard & Andrew T. Young, 2021. "Evaluating the effects of Small Business Administration lending on growth," Small Business Economics, Springer, vol. 57(1), pages 23-45, June.
    15. Ouoba, Youmanli, 2020. "Natural resources fund types and capital accumulation: A comparative analysis," Resources Policy, Elsevier, vol. 66(C).
    16. Sorokina, Olga V., 2008. "Credit Constraints in the Demand for Education: Evidence from Survey Data," MPRA Paper 11932, University Library of Munich, Germany.
    17. Yufang Shi & Xin Wang & Tianlun Zhang, 2025. "Dynamic Evolution and Trend Forecasting of New Quality Productive Forces Development Levels in Chinese Urban Agglomerations," Sustainability, MDPI, vol. 17(4), pages 1-23, February.
    18. Masselus, Lise & Petrik, Christina & Ankel-Peters, Jörg, 2024. "Lost in the design space? Construct validity in the microfinance literature," Ruhr Economic Papers 1097, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    19. Tan, Ruipeng & Xu, Mengmeng & Qiao, Gang & Wu, Huaqing, 2023. "FDI, financial market development and nonlinearities of energy and environmental efficiency in China: Evidence from both parametric and nonparametric models," Energy Economics, Elsevier, vol. 119(C).
    20. Rong, Xueyun & Chen, Haixin & Liu, Shuhao, 2024. "Nonlinear impact of climate risks on renewable energy stocks in China: A moderating effects study," International Review of Financial Analysis, Elsevier, vol. 96(PA).
    21. Congrong Ouyang & Sherman D. Hanna & Kyoung Tae Kim, 2019. "Are Asian Households in the U.S. More Likely than Other Households to Help Children with College Costs?," Journal of Family and Economic Issues, Springer, vol. 40(3), pages 540-552, September.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    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:77:y:2025:i:c:s1544612325003290. 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.