Research of Fintech and Enterprises' Investment——Mechanism of How Financing Constraints Excert Influence

Abstract

Abstract: The development of fintech has a significant impact on the traditional financial structure. Based on the panel data from fintech indexes and A-share listed companies from 2011 to 2018, this paper tests impact of fintech on enterprises' investment and investment efficiency. The results show that:(1) Fintech can promote the increase of enterprise investment scale. (2) Fintech significantly promotes the investment scale in enterprises with financing constraints. Therefore, fintech promotes enterprise investment by reducing financing constraints. (3) The mechanism of fintech acting on investment is through increasing financing availability and reducing financing costs. (4) Although fintech alleviates the under-investment of enterprises, it also increases their over-investment. Fintech can effectively alleviate the financing constraints of enterprises and promote investment, and it does not contribute to the creditor's supervision.

Key words: fintech, investment size, investment efficiency, financing constraints

Zhao Ruirui, Zhang Yuming, Liu Jiahui. Research of Fintech and Enterprises' Investment——Mechanism of How Financing Constraints Excert Influence[J]. Management Review, 2021, 33(11): 312-323.

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