The Impact of Digital Finance on the Development of Cross-Border E-Commerce

Digital finance, a financial innovation paradigm driven by the synergy of digital technology and data elements, has significant advantages in enhancing the convenience, accessibility, and security of cross-border transactions. This study empirically examines the impact of digital finance on the development of cross-border e-commerce using provincial-level panel data from China between 2013 and 2023. After a series of robustness tests, the empirical results remained consistent and robust. The study found that digital finance significantly promotes the development of cross-border e-commerce. Further analysis indicated that digital finance enhances its supportive role in cross-border e-commerce by fostering the development of new, high-quality productive forces in the economy. The moderation effect analysis showed that internet penetration rates, innovation capital investment, and the development level of technology markets all have significant positive moderating effects on the role of digital finance in promoting cross-border e-commerce. The heterogeneity test results indicate that in regions with higher levels of marketization and a larger number of enterprises, the promotional effect of digital finance on cross-border e-commerce development is more pronounced.