Financial technology and high-quality corporate development: The role of supply chain management

This study examines the relationship between financial technology and high-quality corporate development among Chinese A-share listed companies from 2010 to 2023, comprising 26,864 firm-year observations. Using panel fixed-effects regression supplemented by instrumental variable estimation, propensity score matching, and Heckman two-stage correction, we establish that financial technology significantly promotes corporate quality development. We further identify data element capability as a partial mediator in this relationship, indicating that firms effectively leveraging data resources can better translate digital finance investments into developmental outcomes. Our analysis also reveals that supply chain management efficiency serves as a moderator, whereby firms with less efficient supply chains derive greater marginal benefits from financial technology adoption, suggesting that FinTech helps address operational weaknesses and provides catch-up opportunities for underperforming firms. Heterogeneity tests demonstrate that firms in non-pilot regions experience stronger FinTech effects compared to those in technology-finance integration pilot zones, suggesting diminishing marginal returns in mature digital environments. Additionally, supply chain network centrality critically shapes FinTech outcomes: firms occupying central network positions benefit substantially, while peripheral firms may experience adverse effects from FinTech investments. These findings contribute to digital finance literature by uncovering the internal mechanisms and boundary conditions governing the effectiveness of financial technology. Practically, the results suggest that corporate managers should strengthen data infrastructure and optimize supply chain operations alongside FinTech adoption, with particular attention to leveraging FinTech as a tool for operational improvement among less efficient firms. Policymakers should consider extending digital finance support beyond existing pilot zones and promoting supply chain integration as complementary strategies to maximize the developmental benefits of financial technology.

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Publication Details

Journal
International Review of Economics & Finance
Published
2026-03-12
DOI
https://doi.org/10.1016/j.iref.2026.104968
Primary Topic
FinTech, Crowdfunding, Digital Finance
Type
article
Field-Weighted Citation Impact
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article

Financial technology and high-quality corporate development: The role of supply chain management

Yuan Zhang, Donghui Pan, Zhenyu Yin, Dongliang Pan
International Review of Economics & Finance
FinTech, Crowdfunding, Digital Finance
article

Financial technology and high-quality corporate development: The role of supply chain management

Yuan Zhang, Donghui Pan, Zhenyu Yin, Dongliang Pan
article en

Abstract

This study examines the relationship between financial technology and high-quality corporate development among Chinese A-share listed companies from 2010 to 2023, comprising 26,864 firm-year observations. Using panel fixed-effects regression supplemented by instrumental variable estimation, propensity score matching, and Heckman two-stage correction, we establish that financial technology significantly promotes corporate quality development. We further identify data element capability as a partial mediator in this relationship, indicating that firms effectively leveraging data resources can better translate digital finance investments into developmental outcomes. Our analysis also reveals that supply chain management efficiency serves as a moderator, whereby firms with less efficient supply chains derive greater marginal benefits from financial technology adoption, suggesting that FinTech helps address operational weaknesses and provides catch-up opportunities for underperforming firms. Heterogeneity tests demonstrate that firms in non-pilot regions experience stronger FinTech effects compared to those in technology-finance integration pilot zones, suggesting diminishing marginal returns in mature digital environments. Additionally, supply chain network centrality critically shapes FinTech outcomes: firms occupying central network positions benefit substantially, while peripheral firms may experience adverse effects from FinTech investments. These findings contribute to digital finance literature by uncovering the internal mechanisms and boundary conditions governing the effectiveness of financial technology. Practically, the results suggest that corporate managers should strengthen data infrastructure and optimize supply chain operations alongside FinTech adoption, with particular attention to leveraging FinTech as a tool for operational improvement among less efficient firms. Policymakers should consider extending digital finance support beyond existing pilot zones and promoting supply chain integration as complementary strategies to maximize the developmental benefits of financial technology.

International Review of Economics & FinanceVol. 107
Central University of Finance and Economics (CN), Nankai University (CN), Civil Aviation Management Institute of China (CN)
Industry, innovation and infrastructure
Openalex Percentile: Top 30%
FinTech, Crowdfunding, Digital Finance
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