Empowering Sustainable Transformation: How Digital Finance Drives Productivity Growth in Resource-Based Enterprises

Yuwen Luo, Wen Zhong () and Zhiqing Yan ()
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Yuwen Luo: School of Economics and Management, Jiangxi University of Science and Technology, Ganzhou 341000, China
Wen Zhong: School of Economics and Management, Jiangxi University of Science and Technology, Ganzhou 341000, China
Zhiqing Yan: School of Economics and Management, Jiangxi University of Science and Technology, Ganzhou 341000, China

Sustainability, 2025, vol. 17, issue 22, 1-22

Abstract: Digital finance, representing the deep integration of finance and technology, has become a critical enabler of sustainable industrial transformation. Focusing on resource-based enterprises (RBEs)—key actors in transitioning towards sustainable practices—this study investigates how digital finance development fosters new quality productive forces (NQPFs), a core driver of high-quality, sustainable development. Utilizing panel data from Chinese A-share listed RBEs (2008–2022), we measure NQPF using the entropy method and gauge regional digital finance development with the Peking University Digital Financial Inclusion Index (DFII). Empirical analysis employing two-way fixed effects and panel threshold regression models provides robust evidence that digital finance significantly enhances NQPFs within RBEs. Crucially, mechanism analysis identifies three fundamental pathways underpinning sustainability: (1) mitigating financial constraints; (2) facilitating technological innovation and transformation; (3) strengthening green transition awareness. Furthermore, the impact of digital finance exhibits synergistic enhancement alongside increasing environmental regulation intensity and improved financial resource allocation efficiency. Heterogeneity analysis reveals that the effect is more pronounced in regions with lower marketization, within state-owned enterprises, and among RBEs in recession stages. Collectively, these findings offer significant implications for policymakers and industry practitioners aiming to strategically leverage digital finance to accelerate the sustainable transformation of resource-intensive industries, thereby contributing directly to environmentally sustainable and resilient economic development.

Keywords: digital finance; new quality productive forces (NQPFs); resource-based enterprises (RBEs); sustainable transformation; financing constraints; technological transformation; green transition; heterogeneity analysis; China (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2025
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