Digital finance, entrepreneurial activity and urban industrial structure upgrading

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-09-08 DOI:10.1016/j.irfa.2025.104628

Fenghui Xu , Ge Gao , Ziyu Li

引用次数: 0

Abstract

This study explores the impact mechanism of digital finance on urban industrial structure upgrading using panel data from Chinese cities at and above the prefecture level from 2011 to 2023. And empirical analysis of the data was conducted using Stata statistical software. Reportedly, digital finance significantly promotes industrial structure advancement and rationalization by restructuring capital formation mechanisms and optimizing resource allocation efficiency. Additionally, digital finance drives industrial structure upgrading through a dual-wheel drive mechanism involving entrepreneurial activity and research and development intensity. The findings also demonstrate significant regional heterogeneity, revealing that the central region benefits from the combined advantages of manufacturing agglomeration and rapid digital finance expansion, and the driving effect of digital finance in regions with low market development is also superior to those with high market orientation.

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数字金融、创业活动与城市产业结构升级

本文利用2011 - 2023年中国地级以上城市面板数据，探讨了数字金融对城市产业结构升级的影响机制。并利用Stata统计软件对数据进行实证分析。据报道，数字金融通过重组资本形成机制和优化资源配置效率，显著促进了产业结构的先进性和合理化。此外，数字金融通过创业活动和研发强度的双轮驱动机制带动产业结构升级。研究结果还显示出显著的区域异质性，中部地区受益于制造业集聚和数字金融快速扩张的联合优势，市场发展程度低的地区数字金融的驱动效应也优于市场导向程度高的地区。

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 Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.