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How does digital inclusive finance promote the financial performance of Chinese cultural enterprises?

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  • Zhang, Weiwei
  • Chen, Fu
  • Liu, Enru
  • Zhang, Yichi
  • Li, Fangfang

Abstract

This article examines the differential impacts of digital inclusive finance on the financial performance of cultural enterprises, and explores the mediating role of research and development (R&D) investments in this relationship. The research found that, first, the development of digital inclusive finance is beneficial for improving the financial performance of cultural enterprises, with even stronger effects observed under the dimension of coverage breadth. Second, a mediating effect exists through cultural enterprise R&D investment. The development of digital inclusive finance can promote increased R&D investment by cultural enterprises, thereby assisting them in continuous innovation and achieving enhanced financial performance. Third, the impact of digital inclusive finance on the financial performance of cultural enterprises in China displays distinct regional variations. The influence of digital inclusive finance is notably more pronounced on the financial performance of cultural enterprises in central and northeastern regions, while the correlations in eastern and western regions are not significant.

Suggested Citation

  • Zhang, Weiwei & Chen, Fu & Liu, Enru & Zhang, Yichi & Li, Fangfang, 2023. "How does digital inclusive finance promote the financial performance of Chinese cultural enterprises?," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
    • Handle: RePEc:eee:pacfin:v:82:y:2023:i:c:s0927538x23002172
    DOI: 10.1016/j.pacfin.2023.102146
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    References listed on IDEAS

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    4. Xia, Yongjia & Zhang, Yiming & Yang, Ruiqi, 2025. "The impact of digital finance on protection of marine cultural heritage," Finance Research Letters, Elsevier, vol. 85(PA).
    5. Juying Zeng & Francisco Ávila-Romero & Jun Ren & Samuel Ribeiro-Navarrete, 2025. "Shaping effect of digitalisation on corporate social responsibility: evidence from Born Global Entrepreneurial firms," International Entrepreneurship and Management Journal, Springer, vol. 21(1), pages 1-23, December.
    6. Wu, Yanxia & Zhang, Jie, 2025. "Digital inclusive finance and rural households’ economic resilience," Finance Research Letters, Elsevier, vol. 74(C).
    7. Dong, Xiaotian & Cui, Ruiqin & Bai, Xiaodong & Liu, Kexiao, 2024. "Can digital inclusive finance reduce household poverty? Evidence from the China household finance survey," International Review of Economics & Finance, Elsevier, vol. 96(PB).
    8. Wang, Xue & Wang, Hui & Song, Lulu & Zhang, Feiteng, 2025. "Digital inclusive finance and digital innovation in private enterprises," International Review of Economics & Finance, Elsevier, vol. 98(C).
    9. Chen, Muzi & Li, Geng & Li, Nan & Yang, Xiaoguang & Trainor, William J., 2025. "Impact of regional digital economy on default recovery: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 101(C).
    10. Shahriar, Abu Zafar M. & Alam, Quamrul, 2024. "Violence against women, innate preferences and financial inclusion," Pacific-Basin Finance Journal, Elsevier, vol. 87(C).
    11. Changsong Wang & Lucyann Kerry & Xiaotian Gao, 2025. "Resilience and Reflections: A Study of Chinese Cinema in the Wake of Global Challenges and Socio-Political Shifts," SAGE Open, , vol. 15(3), pages 21582440251, July.
    12. Liu, Qiongzhi & Li, Renke & Wang, Yuqin, 2024. "Digital finance and capital mobility: Evidence from cross-regional investment of listed companies in China," Pacific-Basin Finance Journal, Elsevier, vol. 87(C).

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