期刊
JOURNAL OF CORPORATE FINANCE
卷 73, 期 -, 页码 -出版社
ELSEVIER
DOI: 10.1016/j.jcorpfin.2022.102194
关键词
Fintech development; Innovation; Financial constraints; Bank competition; China
资金
- National Science Foundation of China [71903208, 71790591]
- Ministry of Education of China, Humanities and Social Sciences Youth Fund [21YJC630031]
- Program for Innovation Research in Central University of Finance and Economics
- Beijing Outstanding Young Scientist Program [BJJWZYJH 01201910003014]
This study examines the impact of fintech development on corporate innovation and identifies the economic mechanisms through which it affects technological innovation. The findings show that financially constrained firms have a higher level of innovation in cities with well-developed fintech services. Additionally, the research finds that fintech development promotes lending to firms and stimulates R&D investment due to increased competition in bank loans caused by internet credit.
We examine how fintech development affects corporate innovation. Using the city-level fintech index that includes 331 cities, which is constructed based on data from Ant Finance Service Group, we identify the economic mechanisms through which fintech development affects technological innovation. We show that firms that are more financially constrained exhibit a disproportionally higher innovation level in cities with better developed fintech services. We further find that fintech development promotes lending to firms and stimulates R&D investment because internet credit intensifies bank loan competition. Our paper provides new insights into the effects of fintech development on the real economy.
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