Research on the Mechanism and Path of Fintech Empowering the Degree of Enterprise Financialization—Based on the Mediating Role of Resource Allocation Efficiency

We use data from the financial industry from 2008 to 2022.By constructing a benchmark regression model and a mediated effect model, it empirically examines the influence of fintech on the degree of enterprise financialization and thoroughly analyzes the mediating effect of resource allocation efficiency in this process. The results illustrate that fintech has a significant positive imfluence on the degree of enterprise financialization, and resource allocation efficiency plays a partial mediating role. Moreover, the impact of fintech on the degree of enterprise financialization is more significant in non-nation-owned enterprises and small-scale enterprises.