Can Financial Technology Affect Enterprise Innovation? -Research Based on Text Mining Method

With the widespread deployment of 5G networks, a new generation of information technologies such as artificial intelligence, blockchain, and big data is penetrating deeply into all corners of the financial sector. Financial technology (FinTech) is increasingly influencing enterprise innovation in China. Accelerating the development of FinTech and leveraging financial instruments to drive cost reduction and efficiency enhancement in enterprises have become crucial strategic approaches. This paper takes A-share listed companies in Shanghai and Shenzhen from 2012 to 2022 as the research sample to explore the impact of FinTech on enterprise innovation and conducts an analysis of the heterogeneity of property rights and regional impacts of this effect. Additionally, this paper further analyzes the moderating effects of internal control and the degree of financing restrictions on the impact of FinTech on enterprise innovation. The research results indicate that, with other conditions remaining unchanged, FinTech positively influences enterprise innovation. The heterogeneity analysis shows that compared to private enterprises, FinTech significantly promotes enterprise innovation in state-owned enterprises. Furthermore, compared to other regions, the positive impact of FinTech on enterprise innovation is more pronounced in eastern China. Additionally, internal control enhances the promoting effect of FinTech on enterprise innovation, while financing restrictions weaken this promoting effect.