Digital finance, entrepreneurial activity and urban industrial structure upgrading

Fenghui Xu, Ge Gao and Ziyu Li

International Review of Financial Analysis, 2025, vol. 107, issue C

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.

Keywords: Digital finance; Entrepreneurial activity; Research and development (R&D) intensity; Industrial structure upgrading (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:107:y:2025:i:c:s105752192500715x

DOI: 10.1016/j.irfa.2025.104628

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