Research on the Impact of Fintech Integration Pilot Policies on Corporate Investment Efficiency

With the deep integration of science and technology and finance, the pilot policy of combining science and technology and finance has become an important tool to promote enterprise innovation and investment efficiency. Based on the data of listed companies from 2007 to 2023, this paper discusses the influence of the pilot policy of combining technology and finance on the investment efficiency of enterprises and its mechanism. It is found that the policy significantly alleviates the problem of under-investment by improving the financing environment and reducing financing costs. However, policy did not curb overinvestment by reducing agency problems. Subsample analysis shows that the policy effect is particularly significant in state-owned enterprises and enterprises with low stock returns. Mechanism analysis further reveals that policies promote the improvement of enterprise investment efficiency by easing financing constraints. The research of this paper provides a theoretical basis for policy makers and a practical reference for enterprises to optimize investment decisions.