Development of Financial Technology and New Quality Productive Forces in Enterprises:Empirical Evidence from A-share Listed Companies
Correctly utilizing financial technology and continuously promoting institutional reforms on the financial supply side are of great significance for accelerating the development of New Quality Productive Forces and solidly promoting high-quality economic development.This paper uses the panel data of A-share listed companies from 2011 to 2022 to empirically analyze the impact of financial technology on the development of new quality productivity of enterprises and its mechanism.The research shows that financial technology significantly enhances the development of enterprises'New Quality Productive Forces.Mechanism analysis indicates that regional financial technology development promotes the development of New Quality Productive Forces in enterprises by increasing government subsidies and tax refunds,intensifying market competition,reducing the cost of debt financing,and promoting R&D investment.Heterogeneity analysis reveals that the promotion effect of financial technology on the New Quality Productive Forces of enterprises in the growth and decline stages,or those with executives having financial backgrounds,high-tech and non-heavily polluting industries,as well as enterprises located in the eastern region,regions with a low level of digital economy,and regions with a low degree of marketization,is more significant.
New Quality Productive ForcesFin-techTheory of Innovation Systemsgovernment-business-bank interaction
NETL
NSTL
万方数据
