Regional FinTech development and total factor productivity among firms: Evidence from China

IF 3.8 3区经济学 Q1 BUSINESS, FINANCE

North American Journal of Economics and Finance Pub Date : 2024-10-26 DOI:10.1016/j.najef.2024.102304

Yunzhong Li , Chengfang Ye , Mingxi Li , Wai Yan Shum , Fujun Lai

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Abstract

FinTech has been extensively applied in China in the context of high-quality development. This study quantifies the level of FinTech development in various Chinese cities based on the number of FinTech companies present, investigating the impact and mechanisms of regional FinTech development on enterprises’ Total Factor Productivity (TFP). The results indicate that FinTech significantly enhances enterprises’ TFP. This conclusion remains valid after a series of robustness tests. Mechanism analysis reveals that FinTech contributes to this improvement by enhancing credit availability of enterprises, increasing financing accessibility for businesses, reducing financing costs, alleviating financing constraints, and fostering technological innovation within enterprises. Heterogeneity analysis shows that this positive effect is more pronounced in highly competitive firms, non-financial background firms and regions with more favorable business environments. Overall, our findings demonstrate a positive impact of FinTech on enterprises’ TFP, providing new insights into its beneficial effects.

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区域金融科技发展与企业全要素生产率：来自中国的证据

金融科技在中国的高质量发展中得到了广泛应用。本研究以金融科技企业数量为基础，量化中国各城市的金融科技发展水平，探究区域金融科技发展对企业全要素生产率（TFP）的影响和作用机制。结果表明，金融科技能显著提高企业的全要素生产率。经过一系列稳健性检验，这一结论依然有效。机制分析表明，金融科技通过提高企业的信贷可得性、增加企业的融资可得性、降低融资成本、缓解融资约束以及促进企业内部的技术创新，促进了企业全要素生产率的提高。异质性分析表明，这种积极影响在高竞争力企业、非金融背景企业和商业环境更有利的地区更为明显。总体而言，我们的研究结果表明，金融科技对企业的全要素生产率产生了积极影响，为了解其有益效应提供了新的视角。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

North American Journal of Economics and Finance Multiple-

CiteScore

7.30

自引率

8.30%

发文量

168

期刊介绍： The focus of the North-American Journal of Economics and Finance is on the economics of integration of goods, services, financial markets, at both regional and global levels with the role of economic policy in that process playing an important role. Both theoretical and empirical papers are welcome. Empirical and policy-related papers that rely on data and the experiences of countries outside North America are also welcome. Papers should offer concrete lessons about the ongoing process of globalization, or policy implications about how governments, domestic or international institutions, can improve the coordination of their activities. Empirical analysis should be capable of replication. Authors of accepted papers will be encouraged to supply data and computer programs.