How does FinTech development drive corporate innovation? Fresh evidence from the perspective of financial supply
通过构建城市级金融科技发展数据集，从金融供给视角发现金融科技通过降低融资约束和成本、缓解信息不对称、拓宽融资渠道来促进企业创新，对民营、小型、年轻及固定资产少的企业效果更明显。
By constructing a city-level financial-technology (FinTech) development dataset, this study examines the impact of FinTech on corporate-innovation behavior from a financial-supply perspective. The results reveal that FinTech promotes corporate innovation by reducing corporate-financing constraints and financing costs, alleviating information asymmetry, and expanding financing channels. This promotion effect is more pronounced for private, small, and young firms, firms with fewer fixed assets, and those located in low-regulation intensity areas. Moreover, credit-based FinTech companies have a greater impact on business innovation. In addition, bank deregulation and increased bank competition crowd out the financial supply of FinTech for innovation financing. Knowledge of these impacts can help corporate managers, governments, and financial regulators to formulate more effective development strategies to promote corporate innovation.