The Impact Of Fintech On The Performance Of Listed Smes

By collecting fintech data and performance level data of 2,179 Listed companies in Shanghai and Shenzhen from 2011 to 2018,this paper compiled a set of panel data set,and used a combination of theoretical analysis and empirical analysis to analyze the impact of fintech development level on the performance level of listed companies in the regions where listed companies are located.Conclusions are drawn as follows:(1)the fintech development level in the region where the listed companies are located has a significant positive impact on the performance improvement of the listed companies,that is,the higher the fintech development level in the region where the listed companies are located,the more conducive it is to the performance improvement of the listed companies in the region.The lower the level of fintech development in the region where the listed company is located,the smaller the effect of improving the performance of the listed company in the region is.(2)the area where the listed company financial development level of science and technology to reduce the listed company financing constraints,in turn,promote the performance of listed companies,the listed companies financing constraints will restrict the performance of listed companies has increased,the listed company’s regional financial development level of science and technology can reduce the listed company faces increased degree of financing constraints.(3)In order to make our conclusions more reliable,we conducted robustness tests on the conclusions from three aspects:more control variables,heterogeneity test and endogenous test.First of all,after changing the control variables,we found that the fintech development level in the area where the listed companies are located still plays a significant role in promoting the performance of the listed companies.Secondly,we divided the samples into the samples of state-owned listed companies and the samples of non-state-owned listed companies according to the different property rights.Then,the impact of fintech development level on the performance of listed companies in the two sample listed companies is empirically tested.It is found that the improvement of fintech development level can promote the performance of listed companies,whether state-owned or non-state-owned listed companies.Finally we made instrumental variable lag period of the financial development level of science and technology,using two-stage least squares method,an empirical test of the listed company’s regional financial development level of science and technology’s influence on the performance of listed companies,found that in the control of endogenous,the listed company’s regional financial development level of science and technology promote the performance of listed companies is still significant effect of ascension,To prove that our conclusions are robust.