金融科技对企业全要素生产率的影响：基于竞争战略和企业创新能力的视角

IF 12.5 1区社会学 Q1 SOCIAL ISSUES

Technology in Society Pub Date : 2025-08-06 DOI:10.1016/j.techsoc.2025.103035

Zhefan Piao, Shengyang Zou, Huihui You, Yingxue Zhao

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引用次数: 0

摘要

本研究采用“金融科技发展-竞争战略和企业创新-企业全要素生产率”的逻辑框架考察了金融科技发展对中国企业全要素生产率的影响。通过网络爬虫文本分析，采用固定效应和中介效应模型，对2011-2021年沪深两市a股上市公司数据进行分析，发现金融科技通过推动差异化战略有效提升了全要素生产率。尽管由于适应困境抑制了成本领先，但金融科技仍然对整体TFP做出了积极贡献。金融科技的发展还与创新的增加有关，进一步提高了企业的全要素生产率。将分析扩展到考虑企业性质、地理位置和政策实施，会发现细微的影响，非国有企业和中部地区企业从金融科技中获得的全要素生产率收益更显著。鲁棒性检查使用GMM，工具变量，LLM和豪斯曼-泰勒估计验证这些发现。

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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The impact of financial technology on corporate total factor productivity: from the perspectives of competitive strategy and corporate innovation capability

This study examines the impact of FinTech development on Chinese corporate total factor productivity (TFP) using a logical framework of " FinTech development-competitive strategy and corporate innovation-corporate TFP". Analyzing data from Chinese A-share listed companies in Shanghai and Shenzhen (2011–2021) through web crawler text analysis and employing fixed effect and mediating effect models, we find that FinTech effectively enhances TFP by promoting differentiation strategy. Despite inhibiting cost leadership due to an adaptation dilemma, FinTech still contributes positively to overall TFP. FinTech development also correlates with increased innovation, further elevating corporate TFP. Extending the analysis to consider corporate nature, geographical location, and policy implementation reveals nuanced impacts, with non-state-owned corporations and central region corporate experiencing more significant TFP benefits from FinTech. Robustness checks using GMM, instrumental variable, LLM and Hausman-Taylor estimation validate these findings.

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来源期刊

Technology in Society Multiple-

CiteScore

17.90

自引率

14.10%

发文量

316

审稿时长

60 days

期刊介绍： Technology in Society is a global journal dedicated to fostering discourse at the crossroads of technological change and the social, economic, business, and philosophical transformation of our world. The journal aims to provide scholarly contributions that empower decision-makers to thoughtfully and intentionally navigate the decisions shaping this dynamic landscape. A common thread across these fields is the role of technology in society, influencing economic, political, and cultural dynamics. Scholarly work in Technology in Society delves into the social forces shaping technological decisions and the societal choices regarding technology use. This encompasses scholarly and theoretical approaches (history and philosophy of science and technology, technology forecasting, economic growth, and policy, ethics), applied approaches (business innovation, technology management, legal and engineering), and developmental perspectives (technology transfer, technology assessment, and economic development). Detailed information about the journal's aims and scope on specific topics can be found in Technology in Society Briefings, accessible via our Special Issues and Article Collections.