IDEAS home Printed from https://ideas.repec.org/a/eee/finlet/v85y2025ipbs1544612325012735.html

Can the development of digital finance enhance the quality of export products? An analysis based on heterogeneity and moderating effects

Author

Listed:
  • Shen, Li
  • Zhang, Lishu
  • Jiang, Yuanyuan
  • Wang, Sen

Abstract

This study constructs an econometric model based on provincial panel data from China spanning 2011 to 2023, systematically examining the driving effects of digital finance development on the quality upgrade of export trade and its mechanisms. Empirical results indicate that the development of digital finance significantly enhances the quality of regional export products; the degree of regional openness demonstrates a differentiated moderating effect in the relationship between digital finance development and export quality; there is a notable regional differentiation in the impact of digital finance on export quality.

Suggested Citation

  • Shen, Li & Zhang, Lishu & Jiang, Yuanyuan & Wang, Sen, 2025. "Can the development of digital finance enhance the quality of export products? An analysis based on heterogeneity and moderating effects," Finance Research Letters, Elsevier, vol. 85(PB).
    • Handle: RePEc:eee:finlet:v:85:y:2025:i:pb:s1544612325012735
    DOI: 10.1016/j.frl.2025.108015
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1544612325012735
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.frl.2025.108015?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. Weiqing Li & Feng Hu, 2024. "RETRACTED ARTICLE: Digital finance, export growth, and sustainability: a study based on Chinese manufacturing enterprises," Economic Change and Restructuring, Springer, vol. 57(2), pages 1-18, April.
    2. Li, Quan & Chen, Huimin & Chen, Yang & Xiao, Tong & Wang, Li, 2023. "Digital economy, financing constraints, and corporate innovation," Pacific-Basin Finance Journal, Elsevier, vol. 80(C).
    3. Raphaël Chiappini & Cyrielle Gaglio, 2024. "Digital intensity, trade costs and exports' quality upgrading," The World Economy, Wiley Blackwell, vol. 47(2), pages 709-747, February.
    4. Ma, Shuzhong & Huang, Sishi & Wu, Peng, 2024. "Intelligent manufacturing and cross-border e-commerce export diversification," International Review of Economics & Finance, Elsevier, vol. 94(C).
    5. Zhou, Zhongsheng & Li, Zhuo, 2023. "Corporate digital transformation and trade credit financing," Journal of Business Research, Elsevier, vol. 160(C).
    6. Xiuxiu Jiang & Xia Wang & Jia Ren & Zhimin Xie, 2021. "The Nexus between Digital Finance and Economic Development: Evidence from China," Sustainability, MDPI, vol. 13(13), pages 1-17, June.
    7. Weiqing Li & Feng Hu, 2024. "Retraction Note: Digital finance, export growth, and sustainability: a study based on Chinese manufacturing enterprises," Economic Change and Restructuring, Springer, vol. 57(6), pages 1-1, December.
    8. Zhu Yan & Jing Jian Xiao & Qiong Sun, 2024. "Moving up toward sustainable development: Digital finance and income mobility," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(5), pages 5742-5763, October.
    9. Tao, Xu & Cai, Wanlin, 2025. "The impact of digital finance on export competitiveness: Evidence from Chinese manufacturing enterprises," Finance Research Letters, Elsevier, vol. 73(C).
    10. Wang, Kang & Sun, Kang & Li, Yifei & Xie, Qian, 2025. "Can digital technology break the financing dilemma of innovative SMEs? Based on the perspective of enterprise innovation," Technological Forecasting and Social Change, Elsevier, vol. 214(C).
    11. Xiaohui Xu & Mobing Jiang & Zhengrong Zhang & Jun Yang, 2023. "Does digital finance facilitate improvement in export product quality? Evidence from China," Applied Economics Letters, Taylor & Francis Journals, vol. 30(20), pages 2983-2986, November.
    12. Ye, Lin, 2025. "Digital economy and high-quality agricultural development," International Review of Economics & Finance, Elsevier, vol. 99(C).
    13. Seren Özsoy & Oylum Şehvez Ergüzel & Ahmet Yağmur Ersoy & Metin Saygılı, 2022. "The impact of digitalization on export of high technology products: A panel data approach," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 31(2), pages 277-298, February.
    14. Qiutong Xue & Sixian Feng & Kairan Chen & Muchen Li, 2022. "Impact of Digital Finance on Regional Carbon Emissions: An Empirical Study of Sustainable Development in China," Sustainability, MDPI, vol. 14(14), pages 1-26, July.
    15. Ghimire, Amogh & Ali, Sajjad & Long, Xingle & Chen, Lili & Sun, Jiayi, 2024. "Effect of Digital Silk Road and innovation heterogeneity on digital economy growth across 29 countries: New evidence from PSM-DID," Technological Forecasting and Social Change, Elsevier, vol. 198(C).
    16. Guoxiang Li & Rong Zhang & Suling Feng & Yuqing Wang, 2022. "Digital finance and sustainable development: Evidence from environmental inequality in China," Business Strategy and the Environment, Wiley Blackwell, vol. 31(7), pages 3574-3594, November.
    17. Ren, Yuanming & Gao, Jingyi, 2023. "Does the development of digital finance promote firm exports? Evidence from Chinese enterprises," Finance Research Letters, Elsevier, vol. 53(C).
    18. Di, Yuna & Lu, Yuxin & Razzaq, Asif, 2025. "International differences and dynamic evolution of trade in digitally deliverable services," Technology in Society, Elsevier, vol. 81(C).
    19. Zhang, Qianxiao & Duan, Yixue, 2024. "Digital empowerment and export quality: The moderate effect of market segmentation," Finance Research Letters, Elsevier, vol. 63(C).
    20. Elia, Stefano & Giuffrida, Maria & Mariani, Marcello M. & Bresciani, Stefano, 2021. "Resources and digital export: An RBV perspective on the role of digital technologies and capabilities in cross-border e-commerce," Journal of Business Research, Elsevier, vol. 132(C), pages 158-169.
    21. Burak Sencer Atasoy, 2021. "The determinants of export sophistication: Does digitalization matter?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 5135-5159, October.
    22. Su, Zhaoxian & Wang, Hao & Zhao, Guanqi & Xie, Chunyu, 2024. "How digital government mediate the influence of fossil fuels on green innovation: Evidence from China's a-share industrial enterprises," Resources Policy, Elsevier, vol. 91(C).
    23. Sun, Guanglin & Li, Ting & Ai, Yongfang & Li, Qinghai, 2023. "Digital finance and corporate financial fraud," International Review of Financial Analysis, Elsevier, vol. 87(C).
    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. Han, Guanzhe & Li, Fenglei, 2025. "Digital economy of trading partner countries, outward investment, and cross-border E-commerce exports," Finance Research Letters, Elsevier, vol. 85(PB).
    2. Zheng, Minyu, 2025. "Digital finance, financing constraints, and regional trade development," Finance Research Letters, Elsevier, vol. 85(PC).
    3. Zhang, Ping & Wang, Yiru, 2025. "Digital finance and stock price crash: Evidence from China," Emerging Markets Review, Elsevier, vol. 66(C).
    4. Li, Shuang & Xie, Nan, 2025. "The impact of digital finance on firms' digital Transformation: Mechanism analysis based on enterprise financing," International Review of Economics & Finance, Elsevier, vol. 101(C).
    5. Meng, Lamei & Wang, Huijun & Liao, Liyi, 2025. "The dynamic impact mechanism of digital government development on enterprise digital transformation: A quasi-natural experiment analysis based on big data governance institutional reform," Finance Research Letters, Elsevier, vol. 85(PD).
    6. Dong, Zixuan & Aziz, Mohd Faiq Abd, 2025. "Culture-driven, intelligent finance, and corporate human capital accumulation," International Review of Financial Analysis, Elsevier, vol. 108(PA).
    7. Wang, Mansi & Yu, Xinxin & Hong, Xinyi & Yang, Xiaotao, 2025. "Can digital finance promote green innovation collaboration in enterprises?," Global Finance Journal, Elsevier, vol. 65(C).
    8. Xu, Zhen, 2025. "The new driving force for improving tourism resource allocation efficiency: The mechanism of digital finance," Finance Research Letters, Elsevier, vol. 85(PC).
    9. Li, Zongmin, 2025. "Employee stock ownership, agency costs and corporate financial information quality," Finance Research Letters, Elsevier, vol. 85(PD).
    10. Yanmin Shi, 2024. "Digital finance and corporate breakthrough innovation: Evidence from China," PLOS ONE, Public Library of Science, vol. 19(7), pages 1-38, July.
    11. Zhang, Hua & Lai, Jie & Guo, Zheng, 2025. "When greenwashing meets ESG: Exploring the role of third-party ESG ratings in corporate greenwashing behavior," Journal of Business Research, Elsevier, vol. 200(C).
    12. Yin, Lei & Sun, Guanglin & Kong, Tao, 2025. "Regional big data development and corporate financial fraud," Pacific-Basin Finance Journal, Elsevier, vol. 90(C).
    13. Zhang, Huatao & Bi, Tao & Shen, Yunqiao & Tu, Sophia Zimeng, 2025. "The effects of intellectual property protection on corporate digital transformation," International Review of Economics & Finance, Elsevier, vol. 103(C).
    14. Wang, Shuwen & Yang, Ruiqi & Li, Yanru, 2025. "Collateral reform and firm value: Empirical evidence from the natural experiment of civil code of the PRC," International Review of Financial Analysis, Elsevier, vol. 106(C).
    15. Liang, Yixin & Wei, Ran & Duan, Dingkang, 2025. "Digital financial development and commercial bank stability," International Review of Economics & Finance, Elsevier, vol. 97(C).
    16. Guo, Xiaoxu & Wang, Yihan, 2025. "Effects of digital finance on enterprise total factor productivity: Evidence from the perspective of innovation level," Finance Research Letters, Elsevier, vol. 72(C).
    17. Cui, Xiaoping & Sun, Ke & Zhang, Tianrui, 2025. "Optimization of human capital in management and integration with digital finance: Strategies for enhancing corporate competitiveness," Finance Research Letters, Elsevier, vol. 83(C).
    18. Li, Jing, 2025. "Corporate governance, fraud learning cycles, and financial fraud detection: Evidence from Chinese listed firms," Research in International Business and Finance, Elsevier, vol. 76(C).
    19. Lyu, Qian & Chai, Binkai & Tao, Zhensheng, 2025. "The impact of digital finance on carbon emissions of manufacturing enterprises," Finance Research Letters, Elsevier, vol. 85(PB).
    20. Jianmei Liu & Shujing Chen & Fei Su & Jia Liu, 2025. "Digital Transformation Disclosure and Bank Loans: An Information Heterogeneity Perspective," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(4), pages 4004-4038, October.

    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:85:y:2025:i:pb:s1544612325012735. 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.