金融科技与企业非效率投资——基于内部创新能力与外部市场公平竞争的视角

Financial Technology and Corporate Inefficient Investment:Based on the Perspective of Internal Innovation Ability and External Fair Market Competition

基于中国沪深A股上市公司2011—2021年数据,考察了金融科技对企业非效率投资的影响及传导机制。研究结果表明,金融科技抑制了企业非效率投资,具体表现为改善企业投资过度和缓解企业投资不足。机制分析表明,金融科技通过提升企业创新能力和促进市场公平竞争抑制投资过度与缓解投资不足。基于企业生命周期和不同地区资源禀赋的异质性分析发现,金融科技对企业非效率投资的抑制效果在处于成长期、中部和东部地区的企业中表现更明显。

Based on the data of China’s A-share listed companies in Shanghai and Shenzhen from 2011 to 2021,this paper examines the impact of financial technology on corporate inefficient investment and its transmission mechanism.The results show that financial technology inhibits corporate inefficient investment,which is manifested in improving corporate over-investment and alleviating corporate under-investment.Mechanism analysis shows that financial technology inhibits corporate over-investment and alleviates corporate under-investment by enhancing corporate innovation ability and promoting fair market competition.Based on the heterogeneity analysis of enterprise life cycle and resource endowment of different regions,it is found that the inhibitory effect of financial technology on corporate inefficient investment is more obvious in enterprises in the growth period,and the enterprises in the central and eastern regions.