Fintech and Dividend Payouts: Evidence From China
利用2011-2022年中国上市公司数据，发现金融科技发展通过缓解融资约束促进企业现金股利支付，但对股票股利和回购影响不显著。
ABSTRACT The rapid development of financial technologies (fintech) has significantly transformed the Chinese financial industry, which practitioners and academics well recognise. This study investigates how innovative technologies influence firm dividend policies. Utilising data from Chinese‐listed firms spanning 2011–2022, we find a positive relationship between fintech development and firm cash‐dividend payments. The results remain robust across various tests, including difference‐in‐differences, regional exclusions, and alternative measures. Mechanism analysis reveals that fintech developments alleviate firms' financial constraints, thereby enhancing their capacity to distribute cash dividends. Our further analysis does not support the monitoring channel through which digital finance influences dividend policies. We find no significant impact of fintech on stock dividends and share repurchases, suggesting that fintech has less influence on flexible payout methods. Our study provides novel insights into understanding payout policies in the context of ongoing technological advancements in the financial sector.