Can Bank Fintech Improve Corporate Investment Efficiency?Evidence from Listed Companies in China
Based on a matched sample of Chinese listed companies and their lending banks from 2011 to 2021,this paper examines the impact of bank fintech on corporate investment.The research finds that bank fintech significantly promotes new investments in companies and improves the investment efficiency of under-investing companies,but fails to enhance the investment efficiency of over-investing companies.In terms of the mechanisms of influence,bank fintech improves the financing convenience for both under-investing and over-investing companies by lowering credit costs and entry barriers.Furthermore,the role of bank fintech in debt governance has partial effectiveness,as it reduces agency costs and earnings management for under-investing companies but does not effectively constrain over-investing compa-nies.Additional research reveals that the positive impact of bank fintech on investment becomes more pronounced when companies face greater financing difficulties,better external digital infrastructure,and higher market and media atten-tion.This paper provides new empirical evidence on how fintech empowers the real economy and offers valuable in-sights and guidance for policymakers,banks,and businesses.
Bank FintechInvestment EfficiencyFinancial ConstraintBank Debt GovernanceDigital Transformation
NETL
NSTL
万方数据
