Fintech development and corporate financial policy: Evidence from corporate financing and investment

IF 3.3 2区经济学 Q2 BUSINESS, FINANCE

Journal of International Money and Finance Pub Date : 2025-07-03 DOI:10.1016/j.jimonfin.2025.103386

Mengxuan Tang , Yang Hu , Yang (Greg) Hou , Les Oxley , John W. Goodell

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Abstract

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.

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金融科技发展与企业财务政策：来自企业融资和投资的证据

本研究探讨了金融科技发展与企业财务政策之间的关系，特别关注企业融资和投资在制定这些政策中的作用。通过对中国a股上市公司数据的分析，我们发现金融科技的发展促进了公司的投融资。机制分析表明，信息不对称的减少和公司治理的改善是金融科技发展影响企业融资和投资的两种可能途径。此外，金融科技对企业财务政策的影响在非国有企业或资金约束程度较高的企业中更为明显。我们还提供证据表明，金融科技的发展可以降低债务成本，提高投资效率。此外，我们确认股东将金融科技发展推动的融资和投资增长视为价值提升。

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

Journal of International Money and Finance BUSINESS, FINANCE-

CiteScore

4.20

自引率

4.00%

发文量

141

期刊介绍： Since its launch in 1982, Journal of International Money and Finance has built up a solid reputation as a high quality scholarly journal devoted to theoretical and empirical research in the fields of international monetary economics, international finance, and the rapidly developing overlap area between the two. Researchers in these areas, and financial market professionals too, pay attention to the articles that the journal publishes. Authors published in the journal are in the forefront of scholarly research on exchange rate behaviour, foreign exchange options, international capital markets, international monetary and fiscal policy, international transmission and related questions.