Digital finance, labor productivity and manufacturing structural upgrading

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-12 DOI:10.1016/j.frl.2025.107975

Fenghui Xu , Hao Hu

引用次数: 0

Abstract

Based on the global value chain's "Smiling Curve" theory, this paper delves into the impact mechanism of digital finance on the upgrading of the manufacturing structure using provincial panel data in China from 2014 to 2023. The results indicate that digital finance significantly promotes the extension of the manufacturing industry towards the R&D and design end as well as the servitization end, driving the process of industrial structure sophistication and rationalization. Further analysis reveals that the enabling effect of digital finance exhibits regional heterogeneity. The eastern region has already formed an innovation-driven upgrading path, while the central and western regions need to improve digital infrastructure and refine the industrial chain collaboration mechanism to unleash the multiplier effect of digital finance on the transformation of the manufacturing industry.

查看原文本刊更多论文

数字金融、劳动生产率与制造业结构升级

本文基于全球价值链的“微笑曲线”理论，利用2014 - 2023年中国省级面板数据，深入研究了数字金融对制造业结构升级的影响机制。研究结果表明，数字金融显著促进了制造业向研发设计端和服务化端延伸，推动了产业结构的精细化和合理化进程。进一步分析发现，数字金融的赋能效应呈现区域异质性。东部地区已经形成了创新驱动的升级路径，中西部地区需要完善数字基础设施，完善产业链协同机制，释放数字金融对制造业转型的乘数效应。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance