Does FinTech development facilitate firms' innovation? Evidence from China

被引：23
|
作者：
Dong, Xiao [1 ]
Yu, Mingzhe [2 ]
机构：
[1] Xi An Jiao Tong Univ, Sch Econ & Finance, Xian, Peoples R China
[2] Beijing Technol & Business Univ, Sch Int Econ & Management, Beijing, Peoples R China
来源：
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2023年 / 89卷
基金：
中国国家自然科学基金;
关键词：
FinTech; Innovation; Asymmetric information; Financing constraints; China; RESEARCH-AND-DEVELOPMENT; FINANCING CONSTRAINTS; EMPIRICAL-ANALYSIS; PRODUCT INNOVATION; CASH FLOW; INVESTMENT; TECHNOLOGY; GROWTH; OWNERSHIP; PROFITABILITY;
D O I：
10.1016/j.irfa.2023.102805
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study examines the impact of financial technology (FinTech) development on firms' innovation. Using Chinese listed firms' panel data from 2011 to 2021 and the FinTech indicators we constructed, we find that FinTech development significantly facilitates firms' innovation by alleviating their information asymmetry and financing constraints. This finding continues to hold after a series of robustness tests and endogeneity discussions. Moreover, we find that the effect of FinTech development on innovation is more pronounced for non-stateowned firms, firms in the central region, and high-tech firms. These results offer important policy implications as they demonstrate the crucial role of FinTech in the high-quality development of the real economy.
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页数：11
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