Financial Technology and New Quality Productive Forces of Enterprises

The field of financial technology (Fintech) is rapidly advancing within the global economy, offering essential support to businesses undergoing digital transformation, enabling data-driven decision-making, and providing access to innovative financial services. New quality productivity, crucial for achieving high-quality development, represents a more integrated and modern form of productivity in the digital age, driving ongoing progress and advancement for businesses. This study utilizes data from Chinese A-share listed companies (2011-2022) to investigate the influence of Fintech on enterprise productivity and its underlying mechanisms. The empirical findings reveal that regional levels of Fintech significantly enhance new quality productivity through technological innovation and optimized allocation of production factors. It is observed that the business environment plays a critical role in moderating the impact of Fintech on new quality productivity. Furthermore, the study highlights Fintech's substantial impact on state-owned enterprises, large-scale firms, and non-high-tech sectors. These findings offer valuable insights for businesses facing transformation challenges. Governments can further empower businesses to maximize Fintech's role in achieving new quality productivity by enhancing the business environment and promoting industry cooperation.