Research on the Impact of FinTech on Technological Innovation in Small and Medium-Sized Enterprises
DOI:
https://doi.org/10.54097/zt7jxx33Keywords:
FinTech, Technological Innovation, Small and Medium-Sized Enterprises, Financing ConstraintsAbstract
As a vital engine for supporting technological innovation in Small and Medium-sized Enterprises (SMEs), FinTech provides diversified solutions for corporate innovation financing and risk management by deepening financial model innovation and optimizing the supply of financial products. Using a sample of companies listed on the SME Board from 2016 to 2020, combined with the Peking University Digital Financial Inclusion Index, this paper empirically examines the impact of FinTech on technological innovation in SMEs. The results show that the development level of FinTech has a significant positive effect on SMEs' technological innovation. This conclusion remains robust after a series of tests, including substituting explanatory variables and altering the study period. From the perspective of firm ownership, the promoting effect of FinTech on technological innovation is more pronounced in non-state-owned enterprises. From the perspective of firm size, the effect is particularly prominent for smaller enterprises, highlighting the differentiated value of FinTech in enhancing technological innovation across different types of enterprises.
Downloads
References
[1] Wang Shiwen, Wen Xin, Liu Junfeng. The Impact of FinTech on Innovation in Small and Medium-sized Enterprises[J]. Economic Issues, 2023,(03):51-57.
[2] Liu Changgeng, Li Qihui, Zhang Songbiao, et al. How Does FinTech Affect Corporate Innovation? Evidence from Chinese Listed Companies[J]. Economic Review, 2022,(01):30-47.
[3] Xie Tingting, Gao Lili. Research on the Impact and Mechanism of Digital Finance on Technological Innovation in SMEs—Based on the Analysis of Traditional Financial Structure Mismatch[J]. Financial Development Research, 2021,(12):60-68.
[4] Hu Wei, Zhang Kemeng, Xu Zhiyong, et al. Research on the Impact and Transmission Path of Digital Inclusive Finance on Technological Innovation in SMEs[J]. China Science and Technology Forum, 2024,(01):27-37.
[5] DIRK C, HANNA H. R&D investment and financing constraints of small and medium-sized firm[J]. Small Business Economics, 2011, 36(1):65-83.
[6] Qiu Tian, Gao Liangcheng, Zhang Jiangpeng. The Impact of Digital Finance on the Technological Innovation Efficiency of Technology-based SMEs—Analysis Based on the Synergistic Effect of Government R&D Subsidies[J]. Science and Technology Management Research, 2024, 44(21):63-71.
[7] Xie Xueyan, Zhu Xiaoyang. Digital Finance and Technological Innovation in SMEs—Evidence from NEEQ Enterprises[J]. Studies of International Finance, 2021,(01):87-96.
[8] He Hongqu, Wang Yang. How FinTech Affects Corporate Technological Innovation—Evidence from Listed Companies [J]. Journal of Guangxi University (Philosophy and Social Science Edition), 2022, 44(04):115-122.
[9] Cao Xiaoxue, Zhang Ziwen. Digital Finance and SME Technological Innovation: "Benefiting All Equally" or "Favoring Some Over Others"? [J]. Financial Development Research, 2022,(07):24-31.
[10] Nie Xiuhua. Research on the Path and Heterogeneity of Digital Finance in Promoting Technological Innovation in SMEs[J]. Western Forum, 2020, 30(04):37-49.
[11] Liu Yongqiang. Research on the Impact of Digital Finance on Technological Innovation in SMEs[J]. Journal of Technical Economics & Management, 2022,(03):51-56.
[12] HADLOCK C J, PIERCE J R. New evidence on measuring financial constraints: Moving beyond the KZ index[J]. Review of Financial Studies, 2010, 23(5):1909-1940.
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Academic Journal of Management and Social Sciences
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
