Using data of A-share listed firms from 2011 to 2022,we investigates the effect and mechanism of FinTech on controlling shareholders'share pledge.The results show that FinTech has a negative effect on the controlling shareholders'share pledging,and the conclusion still holds after a series of endogeneity and robustness tests.The mechanism test shows that FinTech has resource al-location effect and information gain effect,which mainly reduces controlling shareholders'share pledge by alleviating financing constraints and reducing information risk.The heterogeneity analysis finds that the inhibitory effect of FinTech on controlling shareholders'share pledge is more pro-nounced in non-state-owned enterprises,traditional industries and regions with a higher degree of marketisation.The finding provides micro evidence for the corporate governance effects of FinTech,and are also of practical significance for enhancing the intrinsic stability of the market.
万方数据
维普
