Can Fintech Promote Corporate Innovation Sustainability by Mitigating Financial Mismatches ——Empirical Evidence from Listed Companies in Strategic Emerging Industries
Liu YuanChu, Hua GuiHong
School of Business, Nanjing Normal University, Nanjing 210023, China
Abstract：As a coupling of finance and emerging digital technology, financial technology further empowers the new products of finance and the real economy, and plays an important role in stimulating innovation and serving high-quality economic development.Based on the data of A-share listed companies in strategic emerging industries from 2010 to 2020 and regional fintech indicators constructed by Baidu news keyword frequency using Python theme crawler technology, this paper empirically investigates the impact of fintech development on innovation sustainability of listed companies in strategic emerging industries and its underlying mechanism using financial mismatch as an entry perspective.It is found that fintech can significantly enhance the innovation sustainability of companies, and this conclusion is still calid after endogeneity problem treatment and robustness test.The mechanism analysis shows that fintech can enhance corporate innovation sustainability by correcting the financial mismatch problem.Heterogeneity analysis shows that compared with resource-labor-intensive enterprises and those located in the eastern region, fintech plays a more significant role in alleviating financial mismatches and promoting the sustainable innovation of technology-intensive enterprises and those located in the central and western regions.
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