Digital Inclusive Finance and New Quality Productivity in Enterprises: A Study on Impact Effects and Mechanisms

Wang Xiaoyu

ShanDong Normal University，Shandong Jinan，250358;

Abstract:Exploring the impact of digital inclusive finance development on firms’ new-quality productivity is instrumental in offering insights for promoting high-quality enterprise development from the perspective of the digital economy.Drawing on firm-level panel data of Chinese A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2011 to 2023, this study investigates the impact of digital inclusive finance development on enterprises’ new-quality productive forces, with a particular focus on the mediating roles of corporate digital transformation intensity and technological innovation capabilities.Research findings indicate that the development of digital inclusive finance contributes to fostering new-quality productive forces in enterprises.Heterogeneity analysis results indicate that the development of digital inclusive finance exerts a greater driving effect on the new productive forces of non-state-owned enterprises. The impact of digital inclusive finance on promoting the development of new productive forces in enterprises exhibits regional variations.Mechanism analysis indicates that the development of digital inclusive finance will enhance enterprises' new-quality productive forces by accelerating their digital transformation and driving technological innovation.Accordingly, this paper offer targeted policy advice to foster high-quality corporate development, organized around three actors: government, financial institutions, and firms.

Keywords: Digital Inclusive Finance; New Quality Productivity of Enterprises; Enterprise Digital Transformation; Enterprise Technological Innovation Level

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