The Role of Intelligent Finance in High-Quality Development: Evidence on the Mediating Effects of Accounting Information Quality, Internal Control, and Financing Constraints

This study reconceptualizes intelligent finance (IF) as a strategic driver, departing from its conventional role, to investigate its impact on corporate high-quality development (HQD). Based on textual analysis and financial footnote data from China’s A-share listed firms between 2011 and 2023, we construct a novel measure of substantive IF investment. Our empirical results show that IF significantly promotes HQD. Mechanism analysis identifies a tripartite mediating pathway involving improved accounting information quality, strengthened internal control, and alleviated financing constraints. Further analyses reveal that the effects are more pronounced in high-tech firms, non-state-owned enterprises, and firms with internal capital markets. Our findings provide robust evidence on IF as a catalyst for sustainable corporate growth and offer relevant insights for emerging economies undergoing financial digital transformation.