The Impact of FinTech on the Financing Efficiency of Technological Innovation Enterprises: Evidence from Chinese Listed Innovation Firms

This study examines how financial technology (FinTech) affects the financing efficiency of 1,539 Chinese technological innovation firms from 2013-2022.Using the Super-SBM model and Tobit regression, results reveal a significant, inverted U-shaped relationship between FinTech and financing efficiency.Robustness checks confirm these findings.The positive impact of FinTech is notably stronger under stricter regulation and among firms with greater FinTech attention.Mechanism analysis identifies financing constraint alleviation as the primary pathway, particularly pronounced in developed regions and stateowned firms.