The “Halo” of Financial Innovation: Financial Technology and Total Factor Productivity Growth in Chinese Energy Companies

ABSTRACT This paper examines how financial technology (Fintech) development affects the total factor productivity (TFP) of energy companies in China using panel data from 2010 to 2022. The results show that Fintech significantly improves corporate TFP. Mechanism analyses indicate that Fintech enhances productivity by easing financing constraints, increasing policy support such as financial subsidies and tax incentives, and promoting R&D‐oriented innovation investment. The effect is stronger for mature firms and non–state‐owned enterprises, reflecting clear heterogeneity across firms. In addition, regional marketization and attention to the digital economy serve as important external moderators that reinforce the influence of Fintech on TFP. These findings deepen the understanding of digital financial innovation in the energy industry and provide new evidence on how Fintech contributes to high‐quality and low‐carbon development.

Authors

Institutions

Publication Details

Journal
Managerial and Decision Economics
Published
2026-03-08
DOI
https://doi.org/10.1002/mde.70098
Primary Topic
FinTech, Crowdfunding, Digital Finance
Type
article
Field-Weighted Citation Impact
0.00
Controls
|||
ALL TIME
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
article

The “Halo” of Financial Innovation: Financial Technology and Total Factor Productivity Growth in Chinese Energy Companies

H Michael Zhang, Wenji Wang, Yafei Kang, Xiangyang Yang et al.
Managerial and Decision Economics
FinTech, Crowdfunding, Digital Finance
article

The “Halo” of Financial Innovation: Financial Technology and Total Factor Productivity Growth in Chinese Energy Companies

H Michael Zhang, Wenji Wang, Yafei Kang, Xiangyang Yang, Nana Chen
article en

Abstract

ABSTRACT This paper examines how financial technology (Fintech) development affects the total factor productivity (TFP) of energy companies in China using panel data from 2010 to 2022. The results show that Fintech significantly improves corporate TFP. Mechanism analyses indicate that Fintech enhances productivity by easing financing constraints, increasing policy support such as financial subsidies and tax incentives, and promoting R&D‐oriented innovation investment. The effect is stronger for mature firms and non–state‐owned enterprises, reflecting clear heterogeneity across firms. In addition, regional marketization and attention to the digital economy serve as important external moderators that reinforce the influence of Fintech on TFP. These findings deepen the understanding of digital financial innovation in the energy industry and provide new evidence on how Fintech contributes to high‐quality and low‐carbon development.

Managerial and Decision Economics
Nanjing University of Finance and Economics (CN), Nanjing University of Posts and Telecommunications (CN), Hebei University (CN), Nanjing University of Aeronautics and Astronautics (CN)
Industry, innovation and infrastructure
Openalex Percentile: Top 39%
FinTech, Crowdfunding, Digital Finance
AI Navigator

Ask Laika to Summarize, Analyze, and Connect papers live on the map.

Summarize Papers & Methodologies

Extract key findings, datasets, and comparative methods across publications.

Benchmark Rankings & Visual Analytics

Rank top research institutions, authors, funders, topics, and journals by Field-Weighted Citation Impact (FWCI) and paper volume with instant charts.

Connect Distant Disciplines

Bridge topological clusters on the map to find hidden collaborative intersections.

The “Halo” of Financial Innovation: Financial Technology and Total Factor Productivity Growth in Chinese Energy Companies — H Michael Zhang, Wenji Wang, et al. · Managerial and Decision Economics (2026) | TGRS Research Map | TGRS