A Study on the Governance of Corporate Financialization through"Fintech-Financial Regulation"Matching
Based on the data set of A-share listed enterprises in China's Shanghai and Shenzhen Stock Exchanges dur-ing 2011-2021,this paper examines the governance effect of"fintech-financial regulation"matching on the corporate fi-nancialization.Empirical evidence shows that the improvement of matching degree can significantly suppress the corporate financialization,and has a better inhibitory effect on short-term financialization behaviors.In terms of heterogeneity char-acteristics,the improvement of the matching degree has a more significant governance effect on the financialization of en-terprises in periods of high monetary policy uncertainty,enterprises in the eastern region,and non-state-owned enterpris-es.The mechanism test finds that improving the matching degree can suppress the corporate financialization by alleviating information asymmetry,improving investment efficiency,and optimizing asset allocation.When there is a"positive gap"of fintech surpassing financial regulation,the"excessive"development of fintech can actually lead to the growth of corporate financialization activities.
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