Fintech development and corporate financial policy: Evidence from corporate financing and investment
研究金融科技发展如何影响中国A股上市公司的融资和投资，发现金融科技通过降低信息不对称和改善公司治理来增加融资和投资，尤其对非国有和高融资约束公司影响更大，且能降低债务成本、提高投资效率。
This study examines the nexus between fintech development and corporate financial policy, with a particular focus on the role of corporate financing and investment in shaping these policies. Through the analysis of data from Chinese A-share listed firms, we find that fintech development increases investment and financing in firms. Mechanism analyses show that the reduction of information asymmetry and the improvement of corporate governance represent two plausible channels through which fintech development affects corporate financing and investment. Furthermore, the effects of fintech on corporate financial policy are more pronounced among non-state-owned firms or firms with higher financial constraints. We also provide evidence that fintech development can reduce the cost of debt and improve investment efficiency. In addition, we confirm that shareholders view the increase in financing and investment driven by fintech developments as value-enhancing.