Research on the Effect and Mechanism of Fintech on Enterprise Innovation Investment
Based on the data of A-share listed companies in Shanghai and Shenzhen in 2011-2021,this paper uses fixed effect model and intermediary effect model to explore the influence of fintech devel-opment on enterprise innovation investment and its mechanism.It is found that the development of fin-tech is helpful to improve the innovation investment level of enterprises;The development of fintech can improve the innovation investment level of enterprises by increasing the short-term financial asset alloca-tion behavior of enterprises and restraining the long-term financial asset allocation behavior of enterpri-ses;Both executive equity incentives and government subsidies have significantly strengthened the driving effect of innovative investment in fintech;In non-state-owned enterprises,the driving effect of fintech on innovation investment is more significant.
fintechinnovative investmentallocation of financial assetsexecutive equity in-centivegovernment subsidy
国家科技期刊平台
NSTL
万方数据
