Impact of COVID-19 on Financial Constraints and the Moderating Effect of Financial Technology

Shixian Ling, Tianyue Pei, Zhaohui Li and Zhiping Zhang

Emerging Markets Finance and Trade, 2021, vol. 57, issue 6, 1675-1688

Abstract: The sudden outbreak of COVID-19 has made enterprises in various countries face extreme financial constraints. Using the quarterly data of Chinese listed companies from 2011 to 2020, we examine the impact of COVID-19 on financial constraints and the moderating effect of financial technology. We find that while COVID-19 has increased enterprises’ financial constraints, the development of financial technology can mitigate its negative impact. The results still hold under various robustness checks. While the COVID-19 pandemic is still ongoing, there is scope for the future development of financial technology to help protect and revive the global economy.

Date: 2021
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DOI: 10.1080/1540496X.2021.1904883

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