Download pdf
Digital Finance, Digital Infrastructure, and Corporate New Quality Productive Forces
- 1 Pepperdine University
* Author to whom correspondence should be addressed.
Abstract
In the context of rapid technological development and financial innovation, Digital Finance has become a key driver for enhancing Corporate New Quality Productive Forces. This study empirically examines the impact of Digital Finance on Corporate New Quality Productive Forces using financial data from A-share listed companies in China from 2011 to 2021. The results indicate that Digital Finance significantly enhances Corporate New Quality Productive Forces. Heterogeneity analysis reveals that Digital Finance has a more pronounced effect on non-state-owned enterprises and companies in the central region. Mechanism analysis shows that Digital Finance further promotes Corporate New Quality Productive Forces by reducing management costs, optimizing fixed asset allocation, and increasing patent output. Additionally, the moderation effect test results demonstrate that Digital Infrastructure significantly strengthens the positive relationship between Digital Finance and Corporate New Quality Productive Forces. These findings provide empirical evidence for advancing the development of Digital Finance and Digital Infrastructure, accelerating the formation of Corporate New Quality Productive Forces, and promoting high-quality development.
Keywords
digital finance, corporate new quality productive forces, digital infrastructure, mediation effect, moderation effect
[1]. Pu, Q., & Huang, Y. (2023). The generation logic, theoretical innovation, and contemporary value of General Secretary Xi Jinping’s important discourse on New Quality Productive Forces. Journal of Southwest University (Social Science Edition), 49(06), 1-11.
[2]. Tang, S., Wu, X., & Zhu, J. (2020). Digital finance and enterprise technological innovation: Structural characteristics, mechanism identification, and effect differences under financial regulation. Management World, 36(05), 52-66+9.
[3]. Qian, H., Tao, Y., Cao, S., et al. (2020). The theory and empirical study of China’s digital finance development and economic growth. Journal of Quantitative & Technical Economics, 37(06), 26-46.
[4]. Gao, F. (2023). The logical origin, multidimensional connotations, and contemporary significance of New Quality Productive Forces. Review of Political Economy, 14(06), 127-145.
[5]. Liu, C., & Ma, Q. (2020). The impact of network infrastructure construction on total factor productivity growth: A quasi-natural experiment based on the "Broadband China" pilot policy. China Population Science(03), 75-88+127-128.
[6]. Lang, Y., Fan, B., & Huang, S. (2024). The role and policy effects of the digital economy on New Quality Productive Forces: An industrial ecosystem perspective. Social Scientist, 1-11.
[7]. Du, C., & Zhang, Y. (2020). The regional innovation effect of digital finance in the context of "new infrastructure." Finance & Economics(05), 30-42.
[8]. Zhang, Y., & Lu, M. (2024). Research on the mechanism of digital finance in enhancing financial New Quality Productive Forces. Henan Social Sciences, 32(05), 74-84.
[9]. Li, Y., & Liu, Z. (2024). New infrastructure driving the development of New Quality Productive Forces. Science & Technology China(04), 18-22.
[10]. Lu, J., Guo, Z., & Wang, Y. (2024). The development level, regional differences, and enhancement paths of New Quality Productive Forces. Journal of Chongqing University (Social Science Edition), 30(03), 1-17.
[11]. Wan, J., Zhou, Q., & Xiao, Y. (2020). Digital finance, financing constraints, and enterprise innovation. Economic Review(01), 71-83.
[12]. Zhao, C., Wang, W., & Li, X. (2021). How does digital transformation affect enterprise total factor productivity? Finance & Trade Economics, 42(07), 114-129.
Cite this article
Pang,T. (2024). Digital Finance, Digital Infrastructure, and Corporate New Quality Productive Forces. Journal of Fintech and Business Analysis,1,36-44.
Data availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
Disclaimer/Publisher's Note
The statements, opinions and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of EWA Publishing and/or the editor(s). EWA Publishing and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content.
About volume
Journal：Journal of Fintech and Business Analysis
© 2024 by the author(s). Licensee EWA Publishing, Oxford, UK. This article is an open access article distributed under the terms and
conditions of the Creative Commons Attribution (CC BY) license. Authors who
publish this series agree to the following terms:
1. Authors retain copyright and grant the series right of first publication with the work simultaneously licensed under a Creative Commons
Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this
series.
2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the series's published
version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial
publication in this series.
3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and
during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See
Open access policy for details).