The empowering effects of fintech from a knowledge base diversity: micro-level evidence from technological upgrades in corporate exports

Purpose Drawing on knowledge management theory, this study aims to conceptualize export technology upgrading as a process of knowledge recombination and integration, and examine how Fintech development facilitates this process. It further identifies knowledge base diversity as a key moderator that conditions the effect of Fintech, and tests two mediating channels: financing constraint alleviation and digital innovation. Design/methodology/approach Using a panel of firm-year observations from Chinese A-share listed firms, the authors construct a city-level Fintech index and a firm-level export technology sophistication measure. Two-way fixed effects models and instrumental variable estimation to address potential endogeneity. Findings Fintech development significantly promotes export technology upgrading through both the alleviation of financing constraints and the advancement of digitalization. This effect is amplified by knowledge base diversity, which moderates the conversion of Fintech released resources into technological upgrading. A striking conditional pattern emerges in heterogeneity analysis: firms deeply embedded in global value chains benefit significantly, whereas low-technology exporters experience declining export sophistication, reflecting competing resource allocation between technology climbing and scale expansion. Originality/value This study advances knowledge management theory by establishing a novel connection between knowledge recombination theory and international trade literature. It identifies financing constraint alleviation and digital innovation as two distinct mechanisms through which Fintech promotes export technology upgrading, extending the analysis beyond the conventional credit access channel. It further identifies knowledge base diversity as a key moderator that conditions the conversion of Fintech released resources into technological upgrading.