Abstract: The fintech industry has ushered in vigorous development of scientific and technological innovation in China. Literally, it succeeds in product market. However, in the volatile financial market, the performance of the fintech industry experiences severe fluctuation. At the same time, the rapid development of the fintech industry is mainly attributed to the talent bonus. Hence, is the performance of the fintech industry satisfying against a backdrop of highly concentrated talent bonuses? In order to evaluate the imbalanced performance of listed fintech companies in product markets and financial markets, this paper firstly establishes a double-market network model that includes the two markets. Secondly, it focuses on the impact of talent bonuses on corporate efficiency based on the characteristic of high-tech companies. This paper proposes an efficiency measurement method that takes into account the heterogeneous talent environment and employs this method to measure and analyze the efficiency of China’s fintech companies listed from 2014 to 2018. We find that the traditional double-market network efficiency of listed fintech companies is high and shows an upward trend, while the efficiency of the compound double-market network is relatively lower; The traditional double-market network efficiency of state-owned enterprises is higher than that of non-state-owned enterprises; The eastern companies’ traditional double-market network efficiency is obviously higher than that in central and western ones. In compound double-market network efficiency, eastern companies show a decline, while some companies in the Midwest show an increase instead. Simultaneously, listed financial technology enterprises present a strong dependence on talent bonuses. The robustness tests support the above conclusions. Finally, some corresponding policy suggestions are provided according to the conclusions.

Key words: talent bonus, fintech, double-market network model, compound efficiency