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The unexpected effect of digital inclusive finance on

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  • Li, Yujiao
  • Han, Yunge

Abstract

Using data from Chinese cities and firms, this paper analyzed the impact and mechanisms of the development of digital inclusive finance on enterprise resilience. This study found that although digital inclusive finance can alleviate financing constraints for enterprises, it also increases their debt pressure, especially short-term debt pressure, and leads to blind investment, reducing investment efficiency and resilience. Meanwhile, strengthening the audit supervision of enterprises and improving their investment efficiency can effectively alleviate the negative impact of the digital inclusive finance on enterprise resilience. The conclusion of this article reveals the unexpected risks of digital inclusive finance, which can provide implications and suggestions for improving digital inclusive finance.

Suggested Citation

  • Li, Yujiao & Han, Yunge, 2025. "The unexpected effect of digital inclusive finance on," Finance Research Letters, Elsevier, vol. 78(C).
    • Handle: RePEc:eee:finlet:v:78:y:2025:i:c:s1544612325004118
    DOI: 10.1016/j.frl.2025.107148
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    References listed on IDEAS

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    Cited by:

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    2. Umamaheswari K & Subbalakshmi A V V S, 2026. "Mapping the intellectual landscape of entrepreneurship and innovation: A bibliometric review," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 16(1), pages 1-14, December.
    3. Gao, Lu & Li, Bin, 2025. "Development of inclusive finance, digital infrastructure, and the urban–rural education gap," Finance Research Letters, Elsevier, vol. 86(PF).
    4. Zhu, Ruikun & Lin, Yu & Zhang, Xiaofeng, 2025. "Research on the impact of directors' liability insurance on corporate resilience," Finance Research Letters, Elsevier, vol. 85(PD).
    5. Yin, Xiwen & Tao, Tao & Wang, Guowei, 2025. "Digital inclusive finance and university graduate employment: evidence from the Chinese General Social Survey," Finance Research Letters, Elsevier, vol. 85(PE).
    6. Mariem Bouattour & Salem Kanoun & Kamel Helali, 2026. "Non-linear impact of trade openness on Arab Maghreb Union economic growth: Empirical evidence from the PSTAR approach," Journal of Evolutionary Economics, Springer, vol. 36(1), pages 1-35, April.
    7. Cao, Fuzhen & An, Yi & Xie, Wei, 2025. "Chinese exchange rate policy uncertainty, foreign exchange hedging, and corporate resilience," Finance Research Letters, Elsevier, vol. 86(PG).

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