How Does Fintech Affect a Company's Risk-taking Ability?
Financial technology,as an important lever for the high-quality development of the finan-cial industry,can effectively support the development of the real economy and accelerate the goal of build-ing a strong financial country.Based on data from Chinese A-share listed companies in Shanghai and Shenzhen from 2011 to 2022,this study explores the impact and mechanism of financial technology on corporate risk-taking ability from a micro perspective.Research has shown that financial technology can effectively enhance a company's risk-taking ability.Mechanism analysis shows that financial technology has promoted the improvement of corporate risk-taking ability by alleviating financing constraints,correcting executive cognitive biases,and enhancing market competitiveness.These conclusions hold after robustness tests such as sensitivity tests,as well as endogeneity tests with methods such as propensity score matching method and instrumental variable method.Heterogeneity analysis shows that the correlation between the two is more pronounced in the subsamples of non-state-owned enterprises as well as non-high-tech enterprises.
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