Drawing on balanced panel data for 31 Chinese provincial-level units from 2011 to 2023, this paper combines a spatial lag model with a panel threshold model to examine how digital financial inclusion affects common wealth through three routes: spatial spillover, a transmission channel, and regime-dependent nonlinearity. The estimates show that a one-unit increase in the digital financial inclusion index raises the local common-wealth index by 0.725 units in net terms, but at the same time exerts a negative siphon effect of −0.203 on neighboring provinces. Industrial structure upgrading is found to be the main mediating channel, and its first-stage coefficient is 0.853. The direct effect declines from east to centre to west, and for all three sub-dimensions—coverage breadth, usage depth, and digitalization degree—local empowerment goes together with cross-regional suppression. With respect to marketization, a double-threshold pattern emerges: the promotion coefficient rises from 0.298 in the low regime to 0.475 in the high regime, so the marginal effect grows as institutional frictions ease. This study makes three advances. First, spatial spillovers and direct effects are identified within a single framework instead of treating them separately. Second, industrial upgrading is shown to be the channel through which digital finance affects common wealth. Third, the threshold-dependent pattern tied to marketization provides a concrete basis for region-specific policy design.

In the context of the global digital economy system,digital inclusion financial (DFI) has played an important role in promoting China 's economy from fast-paced growth to high-quality development by improving financial accessibility and inclusiveness through scientific and technological means.Based on the panel data of 282 prefecture-level cities from 2011 to 2023,this paper constructs two models of fixed effect and mediating effect,and empirically examines how DFI affects the high-standard development of urban economy (HQED) and the mechanism and heterogeneity behind it.The study found that there is a strong positive correlation between DFI and urban HQED,and the coverage breadth and depth of use contribute equally to urban HQED.Mechanism analysis shows that DFI drives quality-oriented development by promoting technological innovation,optimizing industrial structure and stimulating entrepreneurial vitality.Further heterogeneity analysis shows that this promoting effect is amplified in cities with higher per capita GDP and urbanization rate,showing a regional pattern of the strongest in the central region,followed by the western region and the relatively weak in the eastern region.Based on this,this paper proposes to deepen the DFI system,enhance technology empowerment,and implement targeted policies to better support HQED.

This study adopts panel data covering Chinese Shanghai and Shenzhen A-share listed firms over the period from 2018 to 2023. By constructing a two-way fixed-effects model, it conducts empirical tests to explore how ESG Performance affects Enterprise Value, alongside its internal transmission paths and heterogeneous influencing characteristics. The empirical outcomes demonstrate that comprehensive and high-quality ESG performance can effectively boost corporate enterprise value, while the three sub-dimensions show differentiated influencing effects. Specifically, the social and governance dimensions deliver positive contributions to enterprise value growth, whereas the environmental dimension suppresses current-period enterprise value. This negative outcome mainly occurs because short-term environmental renovation investment occupies limited corporate operating resources. Further mechanism verification confirms that ESG factors can indirectly promote enterprise value improvement through two valid channels, including optimizing Executive Compensation incentive mechanisms and cutting down corporate Agency Costs. Heterogeneity analysis reveals that the value-adding effect of ESG performance is much more obvious in private enterprises compared with state-owned enterprises. This research offers practical references for listed companies to carry out targeted ESG construction, upgrade corporate governance systems, and realize high-quality and sustainable business development.