Digital inclusive finance and digital transformation of Chinese enterprises: Perspectives on company technology intensity and financialization

Qian Xu, Qun Cao and Liyan Wang

Economics and Politics, 2025, vol. 37, issue 1, 442-486

Abstract: This study explores the role of digital inclusive finance in company digital transformation within China, particularly examining the variances among companies with differing levels of technological intensity and financialization. Using A‐share Chinese data from 2011 to 2022, we find that regions with superior digital inclusive finance exhibit enhanced corporate digital transformation, regardless of the provincial or municipal level. Subindexes, including the coverage breadth, use depth, and degree of digital inclusive finance, confirm that they are all significantly positively related to digital transformation. These effects are more pronounced in companies with lower technological intensity, and corporate financialization serves as a mediating factor.

Date: 2025
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