Financial Technology Empowering High-Quality Enterprise Development:Impact Effects and Action Mechanisms
Financial technology(Fintech)can effectively compensate for the shortcomings of traditional financial system,and its micro-economic effects are closely related to the high-quality development of enterprises.In light of this,the paper empirically examined the impact of fintech on the high-quality development of enterprises and its mechanism of action,using the data of A-share listed enterprises in Shanghai and Shenzhen from 2011 to 2021.The study found that fintech could effectively empower the high-quality development of enterprises.Heterogeneity tests indicated that the empowering effect of fintech on high-quality enterprise development was significant in non-state-owned enterprises,non-high-tech enterprises,enterprises located in eastern regions,and those with a lower degree of marketization.Mediation effect tests revealed that fintech empowered the high-quality development of enterprises by reducing financing costs,alleviating financing constraints,and enhancing technological innovation levels.Moderation effect tests showed that economic policy uncertainty had a negative moderating effect during the process of fintech empowering the high-quality development of enterprises,whereas financial regulation and internal control exerted positive moderating effects.Further tests demonstrated that financing costs and technological innovation,as well as financing constraints and technological innovation,had a chained mediating effect in the relationship between fintech and the high-quality development of enterprises.
万方数据
维普
