How does Fintech Drive the Growth of New Quality Productive Forces of Enterprises in China?

Xia Liu, Jiayang Meng, Jiaqian Liu and Min Bai
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Xia Liu: School of Business, Zhengzhou University, Zhengzhou, China
Jiayang Meng: School of Business, Zhengzhou University, Zhengzhou, China
Jiaqian Liu: School of Business, Zhengzhou University, Zhengzhou, China
Min Bai: School of Accounting, Finance and Economics, University of Waikato, Hamilton, New Zealand

Journal of Economic Analysis, 2025, vol. 4, issue 2, 237-258

Abstract: Fintech has revolutionized financial service models, but can it effectively address enterprise financing challenges and provide critical support for technological innovation—a cornerstone of new quality productive forces? Leveraging data from A-share listed companies (2011–2023), this study constructs a regional fintech development index based on the distribution of fintech firms across China and evaluates its impact on enterprise-level productive forces. The findings demonstrate that fintech significantly fosters new productive forces, a conclusion robust to instrumental variables, Heckman two-stage analysis, and alternative variable tests. Mechanism analysis reveals three key channels: mitigating information asymmetry, alleviating collateral constraints, and enhancing market competition. Heterogeneity analysis further indicates that fintech’s impact is more pronounced among private enterprises, high-tech industries, and firms in eastern regions. As China prioritizes the development of new productive forces, sustained fintech advancement, deeper "data empowerment," and targeted policy measures are essential to ensure finance effectively serves the real economy and underpins high-quality economic growth.

Keywords: Fintech; New Quality Productive Forces of Enterprises; Science and Technology Innovation; High-quality Economic Growth (search for similar items in EconPapers)
Date: 2025
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