The Effect Of Fintech On Corporate Innovation

In 2019,the Central Bank issued the Fintech Development Plan(2019-2021),which made detailed explanations and plans for the guiding ideology,basic principles,development goals,key tasks,and safeguard measures for future Fintech work,highlighting the strategic position of financial technology.At the same time,General Secretary Xi Jinping emphasized at the 13th National People’s Congress that we must create a good environment conductive to innovation and development,and reiterated the importance of realizing independent innovation at the Fourth Session of the 19th Party.These undoubtedly illustrate the importance of Fintech and corporate innovation to the development of our country.Fintech refers to the promotion of financial innovation through technical means to form business models,technical applications,processes and products that have a significant impact on financial markets,institutions and financial services.Although Fintech refers to high-tech that serve the financial industry,it is widely used in various industries.These high-tech technologies guide the future development direction for enterprises,and also provide inexhaustible impetus to engage in creative activities.This paper uses the data of A-share listed companies from 2007 to 2019,constructs a fintech vocabulary and uses text analysis to construct a Fintech Disclosure Index to study the impact of Fintech on corporate innovation.At the same time,this paper classifies and categorizes fintech.The impact of each type of financial technology on corporate innovation is studied.Through empirical research and analysis,this article finds that Fintech can promote corporate innovation,and reducing financing constraints and increasing the proportion of R&D personnel are effective ways for Fintech to affect corporate innovation.In further research,this article divides the sample into two categories according to the criteria of high-tech companies and non-high-tech companies,and finally finds that Fintech has a greater role in promoting patent applications for high-tech companies,and promotes corporate innovation of both types of companies.At the same time,different types of Fintech have different effect on corporate innovation:mobile payments,big data,and the Internet of Things have a significant role in promoting corporate innovation,but the effect of blockchain and online lending on corporate innovation is still unknown.This article uses different methods to demonstrate the role of Fintech in promoting corporate innovation from different perspectives,enriching research in this field.