How Does FinTech Affect Enterprise Technological Innovation?
Based on the data of China's A-share listed companies from 2011 to 2021 and the Peking University Digital Financial Inclusion Index of China,the paper investigates the influence effect and internal mechanism of FinTech on enterprise technological innovation.It finds that the total Index of FinTech,the usage depth of FinTech,the coverage breadth of FinTech and the digitization level of fintech play a positive role in the performance of enterprise technological innovation mainly by easing financing constraints,reducing the transaction costs and strengthening the data sharing.Further analysis shows that the usage depth of fintech plays a more significant role in promoting private enterprises technological innovation because of effectively alleviating the financing constraints,the coverage breadth of FinTech has a stronger positive effect on small-scale enterprises technological innovation due to significantly decreasing the transaction costs,and the digitization level of FinTech has a more incentive effect on the enterprises technological innovation in areas with weak financial supervision owing to obviously enhancing the data sharing.Therefore,we should vigorously develop FinTech,guide it to provide convenient financial support for private enterprises,encourage it to provide reasonable channels for small-scale enterprise transactions,and realize the integration of enterprises and Fintech.
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