Panel data analysis reveals fintech enhances innovation in listed companies, indicating the critical role of alleviating financial constraints and advancing digital transformation.
Using panel data of A-share listed companies from 2006 to 2024, this study examines the impact and mechanisms of fintech on corporate innovation. The results show that fintech significantly enhances innovation performance by alleviating financing constraints and promoting digital transformation, while the effect is stronger when internal control is more effective. Furthermore, fintech exerts a more pronounced impact on capital-intensive, technology-intensive, and specialized and innovative enterprises. The findings provide empirical evidence for digital financial governance and corporate innovation strategies.
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Zhou et al. (2026) studied this question.
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