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Digital finance and science-based innovation: Evidence from Chinese leading manufacturing firms

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  • Chen, Xinxin
  • Yang, Wu

Abstract

This study investigates the effect of digital finance on science-based innovation. Using the digital finance index from PKU - DFICC and a sample of Chinese leading manufacturing firms, we find a positive relation between digital finance and firms' science-based innovation. The development level of digital finance can significantly promote the scientific relevance of firms and the generation of authorized patents through cooperation between firms and research institutions such as universities. We also observe that the effect of digital finance on firms' science-based innovation is influenced by firm ownership, firm technological attributes, and the marketization level of the region where the firm is located. Additionally, our findings suggest that digital finance can promote firms' science-based innovation by alleviating firms' financing constraints and enhancing firms' intellectual capital. Overall, our findings highlight the significant impact of digital finance on technological progress and the innovation ecosystem.

Suggested Citation

  • Chen, Xinxin & Yang, Wu, 2026. "Digital finance and science-based innovation: Evidence from Chinese leading manufacturing firms," Pacific-Basin Finance Journal, Elsevier, vol. 97(C).
    • Handle: RePEc:eee:pacfin:v:97:y:2026:i:c:s0927538x2600048x
    DOI: 10.1016/j.pacfin.2026.103102
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