A Study of FinTech's Role in Digital Transformation of Enterprises:Focusing on the Moderating Effects of Intrinsic Capabilities and Extrinsic Supervisory Mechanisms
This paper conducts an empirical analysis of A-share listed companies in Shanghai and Shenzhen from 2011 to 2021,leveraging Python web crawler and text mining techniques to quantitatively assess their progress in digital transformation and fintech maturity.It aims to elaborate on how fintech impacts the advancement of enterprise digital transformation,consider-ing both the inherent corporate capabilities and extrinsic supervisory frameworks.The findings reveal that fintech significantly catalyzes the digital transformation process,particularly in non-state-owned,non-high-tech,and less marketized regional enterprises,as well as those in the central and western regions,playing a pivotal role in critical situations.The moderation tests indicate that enhancements in internal control standards,risk tolerance,media oversight,and the effectiveness of national regu-latory policies can intensify fintech's positive influence on digital transformation.This study provides empirical evidence at the micro-level,supporting the role of fintech in facilitating secure digital transformation in enterprises.Additionally,it offers in-sights for national policy formulation aligned with the qualitative advancement of both fintech and corporate sectors.
fintechdigital transformationinternal control mechanismsrisk bearing capacitiesmedia monitoringstate reg-ulation
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