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How does digital inclusive finance facilitate the development of new high-quality productivity?

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  • Zhai, Xuan
  • Zhong, Shunbin

Abstract

This study examines how digital inclusive finance (DIF) influences enterprises’ new high-quality productivity (NHQP) by matching data from Chinese A-share listed companies (2011–2023) with the DIF indices of their cities. Results show that DIF is a key driver of NHQP, alleviating financing constraints, upgrading human capital, and accelerating digital transformation. The effects, however, vary by firms’ financialization levels and value chain positions. These findings extend the literature on DIF’s economic consequences and underscore the role of digital financial innovation in reshaping competitiveness. For policymakers, this implies that promoting DIF requires strategies tailored to firms’ characteristics to maximize productivity gains. For enterprises, adopting DIF not only eases financing pressure but also supports innovation and sustainable growth.

Suggested Citation

  • Zhai, Xuan & Zhong, Shunbin, 2025. "How does digital inclusive finance facilitate the development of new high-quality productivity?," Finance Research Letters, Elsevier, vol. 86(PD).
    • Handle: RePEc:eee:finlet:v:86:y:2025:i:pd:s1544612325019129
    DOI: 10.1016/j.frl.2025.108658
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