Financial technology empowerment, investor attention, and corporate investment efficiency

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-09-21 DOI:10.1016/j.irfa.2025.104651

Tianchen Wang , Ziliang Xie , Chaofei Du , Zhangfan Cheng

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引用次数: 0

Abstract

With the rapid development of fintech, enterprises are increasingly relying on financial technology innovation in their investment decision-making processes, while investor attention plays a significant role in influencing corporate investment efficiency. This paper conducts an empirical analysis to explore the relationship between fintech, investor attention, and corporate investment efficiency, and examines the moderating effect of investor attention within this relationship. Utilizing data from Chinese listed companies from 2011 to 2023, the study finds that both fintech and investor attention significantly enhance corporate investment efficiency. Moreover, investor attention positively moderates the impact of fintech on investment efficiency. Through a heterogeneous analysis of operational conditions and the hiring of the Big Four audit firms, this paper further reveals the moderating role of corporate operational status and audit quality in how investor attention influences the effect of fintech on corporate investment efficiency. Specifically, in situations where the enterprise is not incurring losses, the moderating effect of investor attention on the impact of fintech on corporate investment efficiency is more pronounced; in enterprises that hire the Big Four audit firms, the moderating effect of investor attention is even more significant regarding the impact of fintech on corporate investment efficiency. Finally, this paper ensures the robustness of the research outcomes through endogeneity tests and provides theoretical support and practical guidance for policymakers and corporate managers in optimizing resource allocation and improving investment efficiency.

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金融科技赋能、投资者关注、企业投资效率

随着金融科技的快速发展，企业在投资决策过程中越来越依赖金融科技创新，投资者关注度对企业投资效率的影响也越来越大。本文通过实证分析探讨了金融科技、投资者关注和企业投资效率之间的关系，并检验了投资者关注在这一关系中的调节作用。利用2011年至2023年中国上市公司的数据，研究发现金融科技和投资者关注度都显著提高了企业的投资效率。此外，投资者关注正向调节金融科技对投资效率的影响。本文通过对运营状况和四大审计事务所聘用情况的异质分析，进一步揭示了企业运营状况和审计质量在投资者关注如何影响金融科技对企业投资效率的影响中的调节作用。具体而言，在企业不发生亏损的情况下，投资者关注对金融科技对企业投资效率影响的调节作用更为明显；在聘请四大会计师事务所的企业中，投资者关注对金融科技对企业投资效率的影响的调节作用更为显著。最后，通过内生性检验确保研究结果的稳健性，为政策制定者和企业管理者优化资源配置、提高投资效率提供理论支持和实践指导。

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

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.