Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2023.2185795
Can fintech make corporate investments more efficient? A study on financing constraints and agency conflicts
Ruohan Sun
Bing Zhang
Sažetak
This study investigates the impact of fintech development on corporate
investment efficiency from the dual perspectives of financial
constraints and agency conflicts, based on data from Chinese Ashare
listed corporations and 293 cities’ fintech development levels
from 2011 to 2020. The results of the study show that fintech
makes corporate investments more efficient and that this beneficial
impact is long-term; as fintech develops, it plays a greater role in
increasing corporate investment efficiency. Based on heterogeneity
research, the effect of fintech in boosting corporate investment efficiency
is more pronounced in non-states, growth periods, and corporations
with weaker internal and external governance. From both
aspects of inefficient investment, fintech alleviates under-investment
and inhibits over-investment, with a higher inhibitory effect on
over-investment. Through a mechanism analysis, we found that fintech
has a stronger mitigating effect on under-investment in corporations
with higher financing constraints and a stronger inhibiting
effect on over-investment in corporations with larger agency conflicts.
The conclusions of this study provide critical information for
promoting fintech adaptation to corporate needs and high-quality
economic development.
Ključne riječi
Fintech; corporate investment efficiency; financing constraints; agency conflicts; China
Hrčak ID:
314054
URI
Datum izdavanja:
15.5.2023.
Posjeta: 110 *