The impact of fintech on corporate risk-taking

Drawing upon panel data from A-share listed firms in Shanghai and Shenzhen between 2011 and 2023, this paper explores how financial technology (fintech) influences corporate risk-taking and examines how economic policy uncertainty and managerial competence moderate this relationship. Empirical results indicate that fintech significantly enhances corporate risk-taking by triggering an "opportunity expectation effect," meaning firms become more inclined to pursue growth opportunities. Fintech indirectly fosters corporate risk-taking through mitigating financing barriers and decreasing information gaps, thereby reinforcing the mechanism behind the opportunity expectation effect. Further analysis indicates that economic policy uncertainty negatively moderates the fintech–risk-taking relationship, whereas managerial capability serves as a positive moderator. Additionally, the heterogeneity analysis demonstrates that fintech's impact on encouraging risk-taking is particularly pronounced among enterprises located in China's eastern regions, private firms, and companies in low-tech sectors.