This paper empirically investigates how fintech can contribute to precise"deleveraging"from the perspective of dynamic capital structure adjustment.The study finds that fintech significantly accelerates its capital structure adjustment for both under-and over-indebted firms.The mechanism of action test finds that fintech significantly increases the competitive neutrality of the debt market,leading to faster upward recapitalization of SMEs and non-state-owned enterprises.The heterogeneity test finds that for high productivity firms,SMEs and non-state-owned enterprises with capital structure below the target level,fintech significantly promotes their upward recapitalization speed,while for low productivity firms with capital structure above the target level,fintech signifiicantly promotes their downward recapitalization speed.This paper reveals the specific mechanism of fintech helping companies to precisely deleverage from the perspective of capital structure dynamic adjustment,which has important reference value for guiding fintech to help deepen the financial supply-side structural reform,increase finance's capacity to serve the real economy,and improving the policy of structural deleveraging.
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