Does Fintech merger and acquisition change a firm's financial statement?

Through a comprehensive analysis of United States public firms, we explore the implications of mergers and acquisitions within the Financial Technology (Fintech) sector on a company's value and capital structure. The financial statements of financial institutions engaged in Fintech mergers and acquisitions differ significantly from those of other nonfinancial institutions involved in various high-technology acquisitions. Our results indicate that when a financial company acquires a Fintech firm, it enhances the acquirer's overall firm value and cash holdings. Furthermore, these mergers and acquisitions within the high-technology sector exert distinct influences on a company's leverage and cash flow.