The impact of new quality productive forces on the resilience of industrial chains: The moderating role of digital finance

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2025-06-26 DOI:10.1016/j.iref.2025.104333

Tianqi Zhu , Tiancheng Zhu , Lu Zhao

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Abstract

This paper delves into the impact of new quality productive forces on the resilience of industrial chains and the moderating role of digital finance therein. The study finds that: (1) New quality productive forces have a significantly positive promoting effect on the resilience of industrial chains; (2) Digital finance can strengthen the effect of new quality productive forces in enhancing the resilience of industrial chains, and there is a significant synergistic effect between them; (3) The impact of new quality productive forces on the resilience of industrial chains exhibits multi-dimensional heterogeneity. From the geographical location perspective, the promoting effect of new quality productive forces on the resilience of industrial chains in the eastern region is more pronounced. From the perspective of industrial chain resilience, new quality productive forces have a significant promoting effect in regions with high industrial chain resilience and high economic development levels; (4) The moderating role of digital finance shows multi-dimensional heterogeneity. In the eastern region and regions with high resilience, the positive moderating effect of digital finance is more significant. Based on these findings, suggestions such as cultivating new quality productive forces, deepening the integration of digital finance and industries, and implementing regional differential policies are proposed.

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新型优质生产力对产业链弹性的影响：数字金融的调节作用

本文探讨了新型优质生产力对产业链弹性的影响以及数字金融在其中的调节作用。研究发现：(1)新型优质生产力对产业链弹性有显著的正向促进作用；(2)数字金融可以强化新型优质生产力对提升产业链韧性的作用，两者之间存在显著的协同效应；(3)新型优质生产力对产业链弹性的影响呈现多维异质性。从地理位置上看，东部地区新型优质生产力对产业链弹性的促进作用更为明显。从产业链弹性来看，在产业链弹性高、经济发展水平高的地区，新型优质生产力的促进作用显著；(4)数字金融的调节作用呈现多维异质性。在东部地区和高弹性地区，数字金融的正向调节作用更为显著。在此基础上，提出培育新型优质生产力、深化数字金融与产业融合、实施区域差别化政策等建议。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.