IDEAS home Printed from https://ideas.repec.org/a/eee/finlet/v85y2025ipds1544612325013777.html

Digital platform economy, financing constraints, and labor market economic development

Author

Listed:
  • Zhang, Yuxin
  • Liu, Ran

Abstract

Based on data from Chinese A-share listed companies between 2009 and 2023, this study examines the impact and underlying mechanisms of the digital platform economy and financing constraints on labor market development. The results indicate that the digital platform economy significantly promotes labor market development, while financing constraints have a negative effect. Further analysis reveals that financing constraints significantly and negatively moderate the relationship between the digital platform economy and labor market development, especially for firms facing higher financing constraints. Moreover, institutional ownership structure also exhibits a heterogeneous moderating effect in this process.

Suggested Citation

  • Zhang, Yuxin & Liu, Ran, 2025. "Digital platform economy, financing constraints, and labor market economic development," Finance Research Letters, Elsevier, vol. 85(PD).
    • Handle: RePEc:eee:finlet:v:85:y:2025:i:pd:s1544612325013777
    DOI: 10.1016/j.frl.2025.108122
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1544612325013777
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.frl.2025.108122?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. Juan He & Xiaodong Du & Wei Tu, 2024. "Can corporate digital transformation alleviate financing constraints?," Applied Economics, Taylor & Francis Journals, vol. 56(20), pages 2434-2450, April.
    2. Liang, Peng & Liang, Lin & Tang, Xinhui, 2024. "The impact of digital-oriented mergers and acquisitions on enterprise labor demand," International Review of Financial Analysis, Elsevier, vol. 96(PB).
    3. Ren, Xiaohang & Zeng, Gudian & Sun, Xianming, 2023. "The peer effect of digital transformation and corporate environmental performance: Empirical evidence from listed companies in China," Economic Modelling, Elsevier, vol. 128(C).
    4. Feng, Rui & Shen, Chen & Guo, Yiyang, 2024. "Digital finance and labor demand of manufacturing enterprises: Theoretical mechanism and heterogeneity analysis," International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 17-32.
    5. Wei, Feiqiong & Xie, Baiwei & Chen, Mingyan, 2025. "Digital financial inclusion, e-commerce development and entrepreneurial activity," International Review of Financial Analysis, Elsevier, vol. 97(C).
    6. Fei Li & Yufei Wu & Jinli Liu & Shen Zhong, 2022. "Does digital inclusive finance promote industrial transformation? New evidence from 115 resource-based cities in China," PLOS ONE, Public Library of Science, vol. 17(8), pages 1-23, August.
    7. Zhao, Fan & Li, Ruirui & Wu, Ziyin & Ru, Xue, 2025. "Can the integration of digital and real economies stimulate residents' consumption?," International Review of Financial Analysis, Elsevier, vol. 103(C).
    8. C. Edward Fee & Charles J. Hadlock & Joshua R. Pierce, 2009. "Investment, Financing Constraints, and Internal Capital Markets: Evidence from the Advertising Expenditures of Multinational Firms," The Review of Financial Studies, Society for Financial Studies, vol. 22(6), pages 2361-2392, June.
    9. 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.
    10. Huang, Yuyun Claudie & Tong, Jamie Yixing & Yang, Joey W., 2025. "Does external labour market activeness affect agency problem?," International Review of Financial Analysis, Elsevier, vol. 103(C).
    11. Wu, Jiaying & Xue, Yan & Zhang, Qian & Liu, Yang, 2024. "Digital economy, financial development, and corporate green technology innovation," Finance Research Letters, Elsevier, vol. 66(C).
    12. Hunjra, Ahmed Imran & Azam, Muhammad & Bruna, Maria Giuseppina & Taskin, Dilvin, 2022. "Role of financial development for sustainable economic development in low middle income countries," Finance Research Letters, Elsevier, vol. 47(PB).
    13. 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).
    14. Song, Yi & Zhang, Rui & Hao, Yuqing, 2025. "Digital economy, labor force transfer, and high-quality agricultural development," Finance Research Letters, Elsevier, vol. 74(C).
    15. Guo, Bingnan & Wang, Yu & Zhang, Hao & Liang, Chunyan & Feng, Yu & Hu, Feng, 2023. "Impact of the digital economy on high-quality urban economic development: Evidence from Chinese cities," Economic Modelling, Elsevier, vol. 120(C).
    16. Guoge Yang & Feng Deng & Yifei Wang & Xianhong Xiang, 2022. "Digital Paradox: Platform Economy and High-Quality Economic Development—New Evidence from Provincial Panel Data in China," Sustainability, MDPI, vol. 14(4), pages 1-26, February.
    17. Feng, Suling & Zhang, Rong & Li, Guoxiang, 2022. "Environmental decentralization, digital finance and green technology innovation," Structural Change and Economic Dynamics, Elsevier, vol. 61(C), pages 70-83.
    18. 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).
    19. Hamdi Becha & Maha Kalai & Saifeddine Houidi & Kamel Helali, 2025. "Digital financial inclusion, environmental sustainability and regional economic growth in China: insights from a panel threshold model," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 14(1), pages 1-40, December.
    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. Qin, Yang & Liu, Wei, 2025. "Digital payment penetration and regional consumption inequality," Finance Research Letters, Elsevier, vol. 85(PD).
    2. 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).
    3. Fang, Xia & Zhang, Yun & Lv, Shuqing & Tan, Longxin, 2025. "Does digital finance spatial correlation drive income convergence?," Economic Modelling, Elsevier, vol. 153(C).
    4. 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).
    5. 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).
    6. 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).
    7. 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).
    8. Zhang, Zhongjie & Yu, Yang, 2025. "The nonlinear impact of data factor flow on coordinated regional economic development: based on the moderating effect of digital infrastructure," Finance Research Letters, Elsevier, vol. 85(PC).
    9. Zheng, Minyu, 2025. "Digital finance, financing constraints, and regional trade development," Finance Research Letters, Elsevier, vol. 85(PC).
    10. Huang, Xinheng & Sun, Yapo, 2025. "Digital transformation, management characteristics and market competitiveness," Finance Research Letters, Elsevier, vol. 85(PC).
    11. Peng, Xiaonan, 2025. "Digital business model innovation and operational efficiency," Finance Research Letters, Elsevier, vol. 85(PB).
    12. Renjin Sun & Nan Yu & Dongou Hu & Su Yang & Huihui Li, 2025. "What is the degree of high-quality development of oil–gas resource-based cities in China: based on a new total factor productivity measurement method," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 27(5), pages 10807-10834, May.
    13. Fu, Shuke & Ge, Yingchen & Hao, Yu & Peng, Jiachao & Tian, Jiali, 2024. "Energy supply chain efficiency in the digital era: Evidence from China's listed companies," Energy Economics, Elsevier, vol. 134(C).
    14. Ding, Guangyuan & Sun, Tian & Li, Junjun, 2025. "The role of CEO power intensity and patient capital investment strategies in enhancing corporate green innovation performance," Finance Research Letters, Elsevier, vol. 85(PC).
    15. Nie, Peng & Zhong, Juncheng & Ren, Zhengliang & Huang, Jinglei, 2024. "Sustainable financing solutions for the growth of resource-driven economies in the digital economy age," Resources Policy, Elsevier, vol. 98(C).
    16. Shi, Guanqing & Li, Qiyuan & Wei, Yu & Ali, Madad & Lv, Xinyu, 2024. "Does digital technology advancement promote natural resource utilization efficiency?," Resources Policy, Elsevier, vol. 94(C).
    17. Li, Weiping & Mao, Zhuowei & Ren, Xiaohang & Liang, Jing, 2025. "Retail investor attention: Guardian of corporate ESG integrity or catalyst for greenwashing?," Energy Economics, Elsevier, vol. 144(C).
    18. Chenyi Wan & Zongfa Wu & Yufeiyang Zeng, 2025. "A Study of the Non-Linear Impact of Climate Policy Uncertainty on Enterprises’ Technological Innovation Based on China’s Industrial Enterprise Digital Peer Effect," Sustainability, MDPI, vol. 17(10), pages 1-24, May.
    19. Zhang, Qixin & Xiang, Zhiqiang & Xiang, Zhiguo, 2025. "New media supervision, digital transformation, and corporate green investment," Finance Research Letters, Elsevier, vol. 76(C).
    20. Yang, Ronghai & Li, Yuqin & Li, Yabo, 2025. "The spatial effects of digital inclusive finance and traditional finance on the income of the migrant population: A comparative analysis of 243 cities in China," International Review of Financial Analysis, Elsevier, vol. 102(C).

    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:pd:s1544612325013777. 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.