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Can digital finance enhance enterprise research and development innovation? The mediating role of dual consumption behavior transformation

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  • Fang, Yinhai
  • Liu, Zhihui

Abstract

This research explores the influence of digital finance on enterprise technological innovation, emphasizing the mediating effect of dual consumption behavior transformation, using panel data from Chinese listed companies from 2011–2022. The results reveal that digital finance significantly boosts research and development (R&D) innovation, and from the perspective of three subdimensions, expanding the coverage of digital finance matters more. Additionally, the study highlights the amplifying role of upgrading consumption structures and expanding consumer credit in this dynamic, with digital finance having a stronger effect. Heterogeneity analysis shows that the incentive effects of digital finance on technological innovation are more pronounced in state-owned enterprises, high-tech enterprises, and those audited by the four major auditing enterprises. This paper enriches the relevant research on the impact of digital finance on enterprise innovation. It provides a theoretical basis and policy reference for how financial markets can better serve the real economy.

Suggested Citation

  • Fang, Yinhai & Liu, Zhihui, 2025. "Can digital finance enhance enterprise research and development innovation? The mediating role of dual consumption behavior transformation," Finance Research Letters, Elsevier, vol. 71(C).
    • Handle: RePEc:eee:finlet:v:71:y:2025:i:c:s1544612324014879
    DOI: 10.1016/j.frl.2024.106458
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