Digital Financial Inclusion and Innovation Growth

Chien-Chiang Lee (), Chih-Wei Wang, Jui-Jane Chang, Ting-Pin Wu and Hsin-Tzu Li

Emerging Markets Finance and Trade, 2025, vol. 61, issue 15, 4914-4944

Abstract: This study examines the impact of digital financial inclusion on innovation growth in China over the period 2011–2018. We provide empirical evidence that indicates the significant benefit of provincial digital financial inclusion on firm innovation. For the three main dimensions of digital financial inclusion, we show that coverage breadth and usage depth have consistent positive impacts on firm innovation, except for the digitalization level. In particular, we find that provinces with a lower level of economic development and firms with a higher debt structure benefit the most from the progress in digital financial inclusion. We also find that the value of digital financial inclusion is magnified with increased efforts by the government and in the face of high uncertainty. Our study contributes to the literature on the relationship between digital financial inclusion and corporate policies and provides policy implications for the promotion of digital financial inclusion.

Date: 2025
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DOI: 10.1080/1540496X.2025.2477740

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