Based on the data of Chinese listed companies during 2011-2021,this paper examines the effects of Fintech on corporate excess leverages by employing the Peking University Digital Financial Inclusion Index of China(PKU-DFIIC)as the Fintech measure.The results indicate that Fintech helps restrain corporate excess leverages by improving the ex-ant information screening a-bility and the ex-post creditor monitoring function of banks and other financial institutions.Further analyses show that Fintech has greater effects on the excess leverages in the state-owned-enterprises and the industries with lower product market competition,as well as decreases corporate default risk by restraining excess leverage.This paper enriches the literature on the consequences of Fintech and the settlement mechanisms of corporate excess leverage in theory,also provides basis for taking advantage of financial technology process to optimize corporate capital structure and facilitate high-quality development of real economy in practice.
万方数据
维普
