Innovative industrial cluster policies and enterprise digital transformation: does FinTech matter

Enterprise digital transformation has become an imperative strategic pathway for enhancing corporate competitiveness in the digital era. Yet, empirical evidence on how industrial cluster policies facilitate such transformation remains scarce. This study leverages China’s innovative industrial clusters pilot policy as a quasi-natural experiment and employs a multi-period DID design using data on Chinese listed firms. We find robust evidence that innovative cluster policy significantly accelerates enterprise digital transformation. The underlying mechanisms operate through three complementary channels: knowledge spillovers, agglomeration of digital-enabling factors, and inter-firm competitive pressure. Heterogeneity analyses further reveal that the policy effect is significantly stronger for small-scale enterprises, high-tech firms, non-state-owned enterprises, and firms located in China’s eastern region. Moreover, fintech development not only directly fosters enterprise digital transformation but also amplifies the effectiveness of the innovative cluster policy, acting as a catalytic enabler. These findings offer actionable insights for policymakers seeking to design place-based, synergistic interventions that accelerate broad-based digital upgrading.