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

持続可能な変革の促進：デジタル金融が資源ベース企業の生産性成長をどのように促進するか (AI 翻訳)

Yuwen Luo, Wen Zhong, Zhiqing Yan

Sustainabilityプレプリント2025-11-07#気候金融Origin: CN
DOI: 10.3390/su17229933
原典: https://doi.org/10.3390/su17229933

🤖 gxceed AI 要約

日本語

本論文は、中国A株上場の資源ベース企業（RBE）を対象に、デジタル金融が新たな質的生産力（NQPF）を促進するメカニズムを実証分析。2008～2022年のパネルデータを用い、デジタル金融が資金制約緩和、技術革新、グリーン転換意識向上を通じてNQPFを高めることを発見。環境規制の強化や資金配分効率の向上と相乗効果を示し、市場化度の低い地域や国有企業で効果が顕著。

English

This study examines how digital finance enhances new quality productive forces (NQPFs) in Chinese resource-based enterprises (RBEs) using panel data from 2008-2022. It finds that digital finance boosts NQPFs through easing financial constraints, fostering technological innovation, and strengthening green transition awareness. The effect is amplified by stricter environmental regulations and better financial resource allocation, and is more pronounced in less marketized regions, state-owned enterprises, and RBEs in recession.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

日本では、資源・エネルギー企業のGX投資においてデジタル金融（例：グリーンファイナンス、フィンテック）の活用が進む可能性がある。本論文のメカニズム（資金制約緩和、技術革新、グリーン意識向上）は、日本のGX政策やSSBJ開示における投資家対話の参考になる。ただし中国特有の制度環境に依存する点に留意。

In the global GX context

This paper contributes to global GX discourse by empirically linking digital finance to sustainable transformation in resource-intensive industries. It offers a framework for understanding how financial technology can drive green productivity, relevant to ISSB and transition finance discussions. However, its China-specific context limits direct generalizability; similar studies in other economies would be valuable.

👥 読者別の含意

🔬研究者:Provides empirical evidence on the mechanisms through which digital finance promotes green productivity in resource-based firms, offering a model for similar studies in other countries.

🏢実務担当者:Highlights how digital finance tools can be leveraged to ease financial constraints and support green innovation in resource-intensive companies.

🏛政策担当者:Suggests that policies promoting digital finance, combined with environmental regulations, can accelerate sustainable transformation in resource sectors.

📄 Abstract（原文）

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.

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