The Impact Of Fintech On Corporate Value

With the continuous improvement and popularization of Internet technology,more and more financial institutions and technology companies have begun to explore and apply financial technology.With strong support from the government,China’s fintech industry has developed rapidly.As we have seen,fintech has clearly changed the way we transact financially and use financial services.At the same time,as the ultimate goal of the company’s managers,corporate value is a combination of immediate and longterm interests,and is affected by many factors.In recent years,more and more scholars have deeply explored how the development of financial technology affects the behavior and decision-making of micro-subjects,in order to analyze the comprehensive impact of financial technology.This paper starts from the essence of finance to analyze the relevant theoretical basis between financial technology and corporate value,and further discusses the mechanism analysis of the impact of financial technology on corporate value.Finally,2081 listed companies in my country’s A-share market were selected as samples,and the keywords of "financial technology" in the company’s annual report were extracted by text analysis method,and the financial technology variable was constructed as the core explanatory variable of this paper’s empirical evidence.The explained variable in this article is the Tobin Q value,which is a common valuation indicator to measure the company’s growth and profitability.At the same time,other key factors that may have an impact on the value of the company are introduced and set as control variables,and then the fixed effect model is used.Perform regression analysis.The research results show that the development and application of financial technology has a significant positive impact on the market value of enterprises.Under the same conditions,the higher the degree of application of financial technology of the company,the greater the market value.And this paper also analyzes the impact mechanism,and finds that financial technology alleviates the negative impact of financing constraints on corporate value.In the case of lagging all explanatory variables for one period,excluding enterprises in the financial industry,and changing the measurement method of financial technology application,the empirical conclusion is still consistent with the hypothesis of this paper.In addition,this paper also analyzes the heterogeneity of the sample companies from three perspectives,including the distinction between financial and non-financial industries,the nature of corporate ownership,and the location of the corporate.The research found that:(1)The positive impact of the development of financial technology on the value of non-financial companies is more significant,while the impact of financial technology on the financial industry is complex and far-reaching,and it is a "big change" that the financial industry is undergoing.In the long run,Fintech will inevitably change the service quality and industry structure of the entire financial industry.Therefore,at the current stage,the significance of Fintech to the financial industry cannot be fully reflected only from the perspective of corporate value.(2)There is little difference in the impact of the development of financial technology on the value of state-owned enterprises and non-state-owned enterprises,both of which are significant positive effects.The advantages of "inclusive finance" for small,medium and micro enterprises have not yet been reflected in this paper.Therefore,the government needs to guide financial institutions to pay more attention to private enterprises,so as to become real financial service enterprises and landed enterprises.Faced with the challenges brought about by the rise of financial technology,traditional financial intermediaries should strengthen the all-round integration with information technology and provide diversified financing channels for small,medium and micro enterprises.(3)Compared with the central and western regions,the development of financial technology is more helpful to enterprises in the eastern region.This is because the eastern region has unique advantages in financial services,human capital,etc.,and is ahead of the country in terms of economic development and technological updates.The popularity,depth and breadth of financial technology are higher than those in the central and western regions.The value enhancement effect of financial technology on the eastern region is more obvious.Finally,this paper provides practical policy suggestions on how to fully respond to and utilize the development of financial technology,in order to achieve the financial industry to better serve the real economy and promote the sustainable development of the economy.