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Impact of digital economy on upgrading of industrial structure: From the financial development perspective

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  • Zhao, Lu
  • Zhu, Tianqi
  • Chen, Junya
  • Zhao, Lijuan

Abstract

This study quantitatively explores the relationships among the digital economy (DE), financial development, and industrial structure upgrading (ISU). Findings suggest that (1) the DE positively affects ISU; (2) financial development has a significantly positive spillover effect on ISU; and (3) under financial development regulation, the DE and ISU have an “inverted U-shaped” nonlinear relationship. Based on the findings, this study presents policy recommendations such as implementing differentiated policies, maximizing the spatial spillover effect of financial development, and focusing on the rational allocation of DE and finance.

Suggested Citation

  • Zhao, Lu & Zhu, Tianqi & Chen, Junya & Zhao, Lijuan, 2025. "Impact of digital economy on upgrading of industrial structure: From the financial development perspective," Finance Research Letters, Elsevier, vol. 81(C).
    • Handle: RePEc:eee:finlet:v:81:y:2025:i:c:s1544612325007627
    DOI: 10.1016/j.frl.2025.107503
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    References listed on IDEAS

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    3. Wang, Chunbao & Li, Junxuan, 2025. "The impact of ESG reporting audits on investor decisions: evidence from the capital market," Finance Research Letters, Elsevier, vol. 86(PB).

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