Can FinTech Influence Corporate Innovation: Evidence from Chinese Listed Companies

With the wide deployment of the 5G network, the new generation of information technology, such as artificial intelligence, blockchain, big data, etc., is penetrating the financial field. The impact of FinTech on the innovation of China’s enterprises is getting bigger. In this way, accelerating the development of FinTech and relying on financial tools to promote enterprises to reduce cost and increase efficiency has become an important strategic means. This paper takes Chinese A-share listed companies in Shanghai and Shenzhen from 2012 to 2022 as samples to explore the impact of FinTech on corporate innovation and analyze the effects of property rights heterogeneity and regional heterogeneity. In addition, this paper further analyzes the moderating effects of corporate internal control and the degree of financing constraints on the impact of FinTech on corporate innovation. The results of the study show that, all other things being equal, FinTech can positively influence corporate innovation. Heterogeneity analysis shows that FinTech can promote corporate innovation more significantly in state-owned enterprises than in private ones. The positive effect of FinTech on corporate innovation is more obvious in the eastern region than in other regions. Furthermore, internal control can enhance the promotion effect of FinTech on corporate innovation, while financing constraints weaken the effect