The impact of Fintech on enterprises digital transformation from the perspective of spatial spillover

Financial technology (Fintech) is a new industry that integrates cutting-edge digital technologies and traditional finance in the era of digital economy. This paper aims to investigate the impact mechanism of Fintech on the digital transformation of enterprises, and characteristics of its spatial variations. Taking Chinese A-share listed companies in Shanghai and Shenzhen from 2011 to 2021 as the research objects, the digital transformation of enterprises as the explanatory variable and Fintech as the core variable, we carry out the baseline regression analysis, robustness test, heterogeneity test and mechanism identification test by using ordinary least-squares regression and marginal effect analysis. The empirical study findings indicate that Fintech can effectively boost the digital transformation of enterprises. Heterogeneity tests reveal that fintech has a more significant driving force for non-state-owned enterprises, high-tech enterprises and enterprises in the eastern region. The mechanism tests suggest that fintech can improve the financial status of enterprises, optimize the risk allocation of enterprises, strengthen the input of innovation factors, and then promote the digital transformation of enterprises. Further researches demonstrate that the development of fintech between different regions can also produce effective synergies, thus enpowering enterprises to accelerate the process of digital transformation. The analysis results provide the preliminary theoretical and empirical evidence for improving the efficiency of fintech support and promoting the digital transformation of enterprises.