IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v15y2023i9p7451-d1137717.html
   My bibliography  Save this article

Can the Digital Economy Improve the Level of High-Quality Financial Development? Evidence from China

Author

Listed:
  • Hao Zhou

    (School of Law and Business, Wuhan Institute of Technology, Wuhan 430205, China)

  • Xinyi Li

    (School of Law and Business, Wuhan Institute of Technology, Wuhan 430205, China)

  • Xiaoli Li

    (School of Management, Wuhan Textile University, Wuhan 430200, China)

Abstract

Background: High-quality development has permeated all aspects of China’s economic and social development. Nevertheless, few scholars have studied high-quality financial development. Purpose: Explore the spatial spillover impact of the digital economy on high-quality financial development by adding a spatial dimension to existing studies. Methods: We construct a high-quality financial development indicator system and explore the digital economy’s impact on high-quality financial development through the spatial Durbin model. Results: The digital economy helps promote high-quality financial development with spatial spillover and feedback effects. Control variables, such as the number of employees and the degree of openness, contribute to high-quality financial development. Conclusions: The digital economy contributes significantly to high-quality financial development.

Suggested Citation

  • Hao Zhou & Xinyi Li & Xiaoli Li, 2023. "Can the Digital Economy Improve the Level of High-Quality Financial Development? Evidence from China," Sustainability, MDPI, vol. 15(9), pages 1-13, April.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:9:p:7451-:d:1137717
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/15/9/7451/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/15/9/7451/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Huaping Guan & Binhua Guo & Jianwu Zhang, 2022. "Study on the Impact of the Digital Economy on the Upgrading of Industrial Structures—Empirical Analysis Based on Cities in China," Sustainability, MDPI, vol. 14(18), pages 1-18, September.
    2. Ruben Vicente-Saez & Robin Gustafsson & Clara Martinez-Fuentes, 2021. "Opening up science for a sustainable world: An expansive normative structure of open science in the digital era [The Nature of Academic Entrepreneurship in the UK: Widening the Focus on Entrepreneu," Science and Public Policy, Oxford University Press, vol. 48(6), pages 799-813.
    3. Songqin Zhao & Diyun Peng & Huwei Wen & Huilin Song, 2022. "Does the Digital Economy Promote Upgrading the Industrial Structure of Chinese Cities?," Sustainability, MDPI, vol. 14(16), pages 1-19, August.
    4. Zhang, Wei & Liu, Xuemeng & Wang, Die & Zhou, Jianping, 2022. "Digital economy and carbon emission performance: Evidence at China's city level," Energy Policy, Elsevier, vol. 165(C).
    5. James P. Lesage, 2008. "An Introduction to Spatial Econometrics," Revue d'économie industrielle, De Boeck Université, vol. 0(3), pages 19-44.
    6. Xuan Chang & Jinye Li, 2022. "Effects of the Digital Economy on Carbon Emissions in China: A Spatial Durbin Econometric Analysis," Sustainability, MDPI, vol. 14(24), pages 1-20, December.
    7. Mingxia Liu & Wei Jiang, 2022. "Empirical Research on the Influence Mechanisms of Digital Resources Input on Service Innovation in China’s Finance Industry," Sustainability, MDPI, vol. 14(12), pages 1-22, June.
    8. Wen Yao & Zhuo Sun, 2023. "The Impact of the Digital Economy on High-Quality Development of Agriculture: A China Case Study," Sustainability, MDPI, vol. 15(7), pages 1-19, March.
    9. Weikang Shen & Weiqi Xia & Sufeng Li, 2022. "Dynamic Coupling Trajectory and Spatial-Temporal Characteristics of High-Quality Economic Development and the Digital Economy," Sustainability, MDPI, vol. 14(8), pages 1-16, April.
    10. Xiaohui Chen & Dou Yan & Wen Chen, 2022. "Can the digital economy promote FinTech development?," Growth and Change, Wiley Blackwell, vol. 53(1), pages 221-247, March.
    11. Yi, Ming & Liu, Yafen & Sheng, Mingyue Selena & Wen, Le, 2022. "Effects of digital economy on carbon emission reduction: New evidence from China," Energy Policy, Elsevier, vol. 171(C).
    12. Athanassopoulos, Antreas D., 1997. "Service quality and operating efficiency synergies for management control in the provision of financial services: Evidence from Greek bank branches," European Journal of Operational Research, Elsevier, vol. 98(2), pages 300-313, April.
    13. Rong Wang & Fayuan Wang, 2022. "Exploring the Role of Green Finance and Energy Development towards High-Quality Economic Development: Application of Spatial Durbin Model and Intermediary Effect Model," IJERPH, MDPI, vol. 19(14), pages 1-17, July.
    14. Lihui Wang & Zhihong Liu & Huailong Shi, 2022. "The Impact of the Pilot Free Trade Zone on Regional Financial Development," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 30(5), pages 154-184, September.
    15. Meijuan Wang & Donghua Yu & Haiqian Chen & Yang Li, 2022. "Comprehensive Measurement, Spatiotemporal Evolution, and Spatial Correlation Analysis of High-Quality Development in the Manufacturing Industry," Sustainability, MDPI, vol. 14(10), pages 1-19, May.
    16. Becerra, O. & Cavallo, E. & Scartascini, C., 2012. "The politics of financial development: The role of interest groups and government capabilities," Journal of Banking & Finance, Elsevier, vol. 36(3), pages 626-643.
    17. Anatoly Sidorov & Pavel Senchenko, 2020. "Regional Digital Economy: Assessment of Development Levels," Mathematics, MDPI, vol. 8(12), pages 1-23, December.
    18. Xiangyu Tian & Yuanxi Zhang & Guohua Qu, 2022. "The Impact of Digital Economy on the Efficiency of Green Financial Investment in China’s Provinces," IJERPH, MDPI, vol. 19(14), pages 1-18, July.
    19. Stavytskyy Andriy & Kharlamova Ganna & Stoica Eduard Alexandru, 2019. "The Analysis of the Digital Economy and Society Index in the EU," TalTech Journal of European Studies, Sciendo, vol. 9(3), pages 245-261, September.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Linxuan Yu & Jing Xu & Xiang Yuan, 2024. "Sustainable Digital Shifts in Chinese Transport and Logistics: Exploring Green Innovations and Their ESG Implications," Sustainability, MDPI, vol. 16(5), pages 1-21, February.

    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. Qiuqiu Guo & Xiaoyu Ma, 2023. "How Does the Digital Economy Affect Sustainable Urban Development? Empirical Evidence from Chinese Cities," Sustainability, MDPI, vol. 15(5), pages 1-21, February.
    2. Ruiyuan Dong & Xiaowei Zhou, 2023. "Analysis of the Nonlinear and Spatial Spillover Effects of the Digital Economy on Carbon Emissions in the Yellow River Basin," Sustainability, MDPI, vol. 15(6), pages 1-18, March.
    3. Yaqiao Xu & Jiayi Hu & Liusan Wu, 2023. "Efficiency Evaluation of China’s Provincial Digital Economy Based on a DEA Cross-Efficiency Model," Mathematics, MDPI, vol. 11(13), pages 1-11, July.
    4. Pingguo Xu & Leyi Chen & Huajuan Dai, 2022. "Pathways to Sustainable Development: Corporate Digital Transformation and Environmental Performance in China," Sustainability, MDPI, vol. 15(1), pages 1-21, December.
    5. Jianfeng Guo & Kai Zhang & Kecheng Liu, 2022. "Exploring the Mechanism of the Impact of Green Finance and Digital Economy on China’s Green Total Factor Productivity," IJERPH, MDPI, vol. 19(23), pages 1-18, December.
    6. Guoge Yang & Fengyi Wang & Feng Deng & Xianhong Xiang, 2023. "Impact of Digital Transformation on Enterprise Carbon Intensity: The Moderating Role of Digital Information Resources," IJERPH, MDPI, vol. 20(3), pages 1-26, January.
    7. Lingzhang Kong & Jinye Li, 2022. "Digital Economy Development and Green Economic Efficiency: Evidence from Province-Level Empirical Data in China," Sustainability, MDPI, vol. 15(1), pages 1-26, December.
    8. Ran, Qiying & Yang, Xiaodong & Yan, Hongchuan & Xu, Yang & Cao, Jianhong, 2023. "Natural resource consumption and industrial green transformation: Does the digital economy matter?," Resources Policy, Elsevier, vol. 81(C).
    9. Shunbin Zhong & Huafu Shen & Ziheng Niu & Yang Yu & Lin Pan & Yaojun Fan & Atif Jahanger, 2022. "Moving towards Environmental Sustainability: Can Digital Economy Reduce Environmental Degradation in China?," IJERPH, MDPI, vol. 19(23), pages 1-23, November.
    10. Senhua Huang & Lingming Chen, 2023. "The Impact of the Digital Economy on the Urban Total-Factor Energy Efficiency: Evidence from 275 Cities in China," Sustainability, MDPI, vol. 15(4), pages 1-20, February.
    11. Nan Li & Beibei Shi & Rong Kang, 2023. "Analysis of the Coupling Effect and Space-Time Difference between China’s Digital Economy Development and Carbon Emissions Reduction," IJERPH, MDPI, vol. 20(1), pages 1-25, January.
    12. Lyu Jun & Shuang Lu & Xiang Li & Zeng Li & Chenglong Cao, 2023. "Spatio-Temporal Characteristics of Industrial Carbon Emission Efficiency and Their Impacts from Digital Economy at Chinese Prefecture-Level Cities," Sustainability, MDPI, vol. 15(18), pages 1-17, September.
    13. Zheng, Li & Yuan, Ling & Khan, Zeeshan & Badeeb, Ramez Abubakr & Zhang, Leilei, 2023. "How G-7 countries are paving the way for net-zero emissions through energy efficient ecosystem?," Energy Economics, Elsevier, vol. 117(C).
    14. Kangni Lyu & Shuwang Yang & Kun Zheng & Yao Zhang, 2023. "How Does the Digital Economy Affect Carbon Emission Efficiency? Evidence from Energy Consumption and Industrial Value Chain," Energies, MDPI, vol. 16(2), pages 1-20, January.
    15. Kangxian Ji & Xiaoting Liu & Jian Xu, 2023. "Digital Economy and the Sustainable Development of China’s Manufacturing Industry: From the Perspective of Industry Performance and Green Development," Sustainability, MDPI, vol. 15(6), pages 1-23, March.
    16. Zhao Yang, 2023. "Can the Digitalization Reduce Carbon Emission Intensity?—The Moderating Effects of the Fiscal Decentralization," Sustainability, MDPI, vol. 15(11), pages 1-16, June.
    17. Liang Liu & Yuhan Zhang & Xiujuan Gong & Mengyue Li & Xue Li & Donglin Ren & Pan Jiang, 2022. "Impact of Digital Economy Development on Carbon Emission Efficiency: A Spatial Econometric Analysis Based on Chinese Provinces and Cities," IJERPH, MDPI, vol. 19(22), pages 1-21, November.
    18. Lin Zhang & Jinyan Chen & Faustino Dinis & Sha Wei & Chengzhi Cai, 2022. "Decoupling Effect, Driving Factors and Prediction Analysis of Agricultural Carbon Emission Reduction and Product Supply Guarantee in China," Sustainability, MDPI, vol. 14(24), pages 1-22, December.
    19. Yukun Ma & Shaojian Wang & Chunshan Zhou, 2023. "Can the Development of the Digital Economy Reduce Urban Carbon Emissions? Case Study of Guangdong Province," Land, MDPI, vol. 12(4), pages 1-13, March.
    20. Menggen Chen & Songyangyang Zhao & Jiawen Wang, 2023. "The Impact of the Digital Economy on Regional Carbon Emissions: Evidence from China," Sustainability, MDPI, vol. 15(20), pages 1-34, October.

    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:gam:jsusta:v:15:y:2023:i:9:p:7451-:d:1137717. 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: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    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.