Financial technology empowerment, investor attention, and corporate investment efficiency

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.