Empirical analysis shows informal finance accelerates digital transformation in enterprises, indicating regional variations.
Informal finance (IF) provides supplementary financing channels for firms and exerts a significant influence on corporate development decisions in emerging economies. This study empirically examines the impact of IF on enterprise digital transformation using data from A-share listed enterprises between 2010 and 2020. The results indicate that IF accelerates the process of enterprise digital transformation, with this effect being dependent on variations in firm characteristics and geographical locations. Additionally, further tests demonstrate that the advancement of the informal financial system can facilitate business digital transformation through improved information accessibility and enhanced financial access.
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Ning et al. (2025) studied this question.
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