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Does digital inclusive finance promote industrial global value chain upgrading? evidence from China’s advanced manufacturing industry

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  • Cai, Yuanyuan
  • Liang, Le
  • Zhang, Yi
  • Qi, Liangqun
  • Wang, Chengdong

Abstract

This study examined digital inclusive finance (DIF), green technology innovation (GTI), digitalization, and the upgrading of industrial global value chain (GVC) in the context of a unified research framework to improve the existing research system by considering the theoretical and partial correlations among the constructs. To theoretically reveal the impact of DIF on the upgrading of the industrial GVC as well as the mediating role of GTI and the moderating role of digitalization, an empirical study was conducted with China’s advanced manufacturing industry as the object of study. The research revealed three main findings. First, DIF could effectively promote GTI in and the GVC upgrading of advanced manufacturing industries. Second, GTI plays a partial mediating role in the process of DIF’s promotion of the GVC upgrading of advanced manufacturing industries. Third, the level of digitalization positively moderates the relation between DIF and the GVC upgrading of advanced manufacturing industries. Based on the results, strategies for promoting the GVC upgrading of China’s advanced manufacturing industries are proposed.

Suggested Citation

  • Cai, Yuanyuan & Liang, Le & Zhang, Yi & Qi, Liangqun & Wang, Chengdong, 2025. "Does digital inclusive finance promote industrial global value chain upgrading? evidence from China’s advanced manufacturing industry," Finance Research Letters, Elsevier, vol. 82(C).
    • Handle: RePEc:eee:finlet:v:82:y:2025:i:c:s1544612325008992
    DOI: 10.1016/j.frl.2025.107640
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