金融科技对企业新质生产力的提升研究

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.

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: In view of the vigorous development of the digital economy, as one important means of the fusion of finance and information technology, FinTech plays an important role in supporting the development and upgrading of new quality productive forces. Based on the panel data of Chinese listed companies from 2011 to 2022, this paper builds the multidimensional index system of FinTech development and empirically studies the effects of the development of FinTech on the new quality productive forces of firms, and then investigates the mechanisms influencing FinTech development. Results show that the development of FinTech has a significantly positive promotion effect on the improvement of the new quality productive forces of firms and the robustness check ofa series of potential endogeneity alleviates the influences of confounding factors to some extent. Heterogeneity analysis also shows that the promoting effect of FinTech development is more significant for firms in central and western regions as well as non-state-owned enterprises. There search provides strong empirical evidence to reveal the role mechanism through which FinTech empowers new quality productive forces and offer useful advice to promote coordinated regional development and differentiate FinTech policies.

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The field of financial technology (Fintech) is rapidly advancing within the global economy, offering essential support to businesses undergoing digital transformation, enabling data-driven decision-making, and providing access to innovative financial services. New quality productivity, crucial for achieving high-quality development, represents a more integrated and modern form of productivity in the digital age, driving ongoing progress and advancement for businesses. This study utilizes data from Chinese A-share listed companies (2011-2022) to investigate the influence of Fintech on enterprise productivity and its underlying mechanisms. The empirical findings reveal that regional levels of Fintech significantly enhance new quality productivity through technological innovation and optimized allocation of production factors. It is observed that the business environment plays a critical role in moderating the impact of Fintech on new quality productivity. Furthermore, the study highlights Fintech's substantial impact on state-owned enterprises, large-scale firms, and non-high-tech sectors. These findings offer valuable insights for businesses facing transformation challenges. Governments can further empower businesses to maximize Fintech's role in achieving new quality productivity by enhancing the business environment and promoting industry cooperation.

In the context of the transformation toward high-quality development of China’s economy in the new era, fintech, leveraging core technologies such as artificial intelligence and blockchain, reconstructs the financial ecosystem and serves as a key engine in addressing the dilemmas of “difficult financing, high costs, and narrow coverage” faced by small and medium-sized enterprises in the real economy. This article systematically delineates the internal mechanisms through which fintech empowers the real economy. By constructing a fintech index via integrated text mining methods and drawing on multi-dimensional empirical evidence, it reveals three core empowerment pathways-corporate financing, consumption investment, and resource allocation-while analyzing the specific roles of fintech in promoting economic development. It provides theoretical references for establishing a virtuous cycle of “technology-finance-industry” and holds strategic significance for cultivating new quality productive forces.

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Innovation and productivity improvements are essential drivers of economic growth, social stability, and sustainable development. As a high-risk, long-term activity, innovation requires external support, especially from the financial sector. In response, governments have introduced various financial support policies, yet their effectiveness remains debatable. Using panel data from Chinese listed firms between 2006 and 2022, we examined the impact of an innovation-oriented financial support initiative in China—the Technology and Finance Integration (TFI) pilot—on firm innovation and total factor productivity (TFP). This quasi-natural experiment effectively alleviated endogeneity and helped us establish the causality. Our results show that TFI significantly enhances both the quantity and quality of firms’ innovation, as well as TFP. Furthermore, we found that the policy effects are more pronounced in firms with higher perceived uncertainty, in private firms, and in those located in regions with advanced financial development. Improved liquidity conditions, increased R&D investment, and better asset allocation constitute plausible mechanisms for interpreting our results. Theoretically, this paper complements the research on the nexus between financial support and innovation activity, shedding light on the underlying mechanisms. Practically, our findings provide valuable insights for the formulation of financial policies to promote innovation, particularly in developing countries that lack sufficient R&D incentives and effective market mechanisms to drive technical upgrading and productivity growth.

This paper examines the impact of artificial intelligence (AI) and digital technologies on the financial technology (FinTech) industry and demonstrates how AI- enabled strategies are increasing the ability of businesses not only to grow, but also to better serve their customers through operational efficiencies. But as immersive as the technological advancements may be, they present challenges in connection with increasingly complicated licensing regulations and a constantly evolving technological landscape. We examine the way AI and algorithms are streamlining workflows, enhancing productivity and expanding access to financial resources for traditionally under – served populations. The paper also discusses the macroeconomic implications of AI, and examines the implications -especially related to employment environments and consumer behavior. Finally, this paper examines the influence of strong digital leadership on organizational success, to prepare organizations for AI in the financial services sector, and recognizes the possibilities that technology can generate for economic development. We also touch on blockchain applications that could potentially impact both consumers and behavioral adaptation in financial systems; the implications of digital transformation on economic efficiency; and the policy - related legal implications and frameworks that exist around electronic payment systems. In sum, this paper highlights the significant transformational possibilities that AI and digital technologies can create for FinTech, and has potential relevance for future academic researchers and policy considerations.

More than 90% of America's earning population - representing near 257 million people - are still not able to participate in any meaningful fashion of corporate bond investments. This exclusion is not incidental but is built into longstanding structural, regulatory and operational constraints that disproportionately restrict access to fixed income securities. At the same time, Small and Medium Enterprises (SMEs), for all their central role in driving national productivity, innovation, job creation and economic resilience, are faced with persistent barriers to raising capital via the world's deepest and most liquid corporate bond market. As a result, a large portion of the US economy is effectively locked out of one of its most stable and scalable financing mechanisms. We live in an age defined by fast-paced change - an age where the old limitations are being broken down and ANYTHING IS POSSIBLE, thanks to the strategic use of technology. The intersection of digitization, financial innovation, blockchain systems and alternative capital raising models has proven the potential to transform long established markets. These technological advances not only challenge outdated assumptions, but also present unprecedented opportunities to democratize the access to corporate bond markets. This paper examines the economic consequences of the exclusion of middle markets from fixed income investing, and focuses on how the exclusion contributes to a lack of wealth creation, capital efficiency, and economic growth more broadly. It further suggests viable and technology-enabled solutions that can address structural deficiencies that currently hamper the ability of individual investors and SMEs. By rethinking the architecture of markets, and with the inclusion of new, transparent, and scalable mechanisms, the paper makes the case that increased participation in the corporate bond ecosystem isn't just desirable, but necessary, to create a more equitable, competitive, and future-ready U.S. financial system.

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This paper selects the data of A-share listed companies in Shanghai and Shenzhen from 2013 to 2023, and explores the impact and mechanism of enterprise financial technology level on green productivity based on the perspective of green technology innovation. It was found that improving enterprise financial technology levels significantly promotes enterprise green technology innovation, and this conclusion is still based on the discussion of endogeneity issues and a series of robustness tests. In terms of the mechanism of action, the increase in the level of enterprise financial technology increases the investment in scientific and technological innovation, which in turn effectively promotes the green technological innovation of enterprises. At the same time, the strengthening of market competition in the industry further enhances the green innovation effect. Heterogeneity analysis reveals that both the property rights and the industry have a significant impact on the improvement of the financial technology level to promote enterprise green technology innovation. This paper reveals the key role of financial technology in enterprise innovation strategy. It provides empirical evidence for the promotion of financial technology innovation and the optimization of green productivity development path.

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This study investigates the impact of digital finance on corporate sustainable development using panel data from Chinese A-share listed firms between 2011 and 2022. By constructing a multi-dimensional digital finance index and employing fixed-effect and instrumental variable regression models, the analysis reveals that digital finance significantly promotes firms’ sustainable growth. Among the sub-dimensions, the depth of use exerts the strongest effect. Further, total factor productivity mediates the relationship between digital finance and sustainability, while financial risk also plays a partial mediating role. Heterogeneity analysis indicates that the positive impact of digital finance is more pronounced in private enterprises, medium-sized firms, service industries, and western regions. These findings underscore the vital role of digital financial infrastructure in enhancing corporate sustainability and suggest that targeted financial innovation policies can foster more inclusive and balanced economic development. The study contributes to the literature by clarifying the mechanisms and boundary conditions through which digital finance affects sustainable business transformation.

As green development gains traction, digital finance, a major engine of the economy, plays a conducive role in improving green total factor productivity. Against this backdrop, avoiding corporate ESG decoupling is essential in the pursuit of green and quality development of enterprises. With data from Shanghai and Shenzhen A-share listed companies from 2016 to 2022, this study explores the impact of digital finance on corporate ESG decoupling, and the findings reveal that digital finance can suppress corporate ESG decoupling, and the effect is significant at the 1% level. Specifically, digital finance curbs corporate ESG decoupling by alleviating financing restraints on enterprises, increasing investment efficiency, improving the quality of information disclosure, and minimizing managerial myopia; the effect is more pronounced in non-state-owned enterprises, high-tech enterprises, and heavy-polluting enterprises; second, investor attention positively moderates the effect of digital finance on corporate ESG decoupling. The research findings are expected to provide an empirical basis and policy recommendations to allow digital finance to play a more effective role in leading enterprises to healthy and quality development.

Against the background of full implement of China’s “dual-carbon” strategy and the rapid expansion of the digital economy, clarifying the mechanisms through which digital inclusive finance (DIF) contributes to green consumption is of both theoretical and practical importance. Using a matched panel dataset of Chinese prefecture-level cities and listed firms from 2011 to 2019, this study develops an integrated analytical framework linking DIF, corporate green production, and residents’ low-carbon consumption preferences. Two-way fixed-effects models and firm-level mediation regressions are employed to examine the green effects of DIF. The results indicate that: (1) DIF significantly enhances residents’ low-carbon consumption preferences, and this effect remains robust after controlling for socioeconomic characteristics; (2) DIF strengthens corporate green production by increasing green total factor productivity, stimulating green technological innovation, and alleviating financing constraints; (3) Corporate green production further reinforces residents’ low-carbon consumption preferences through supply-side channels such as the expansion and upgrading of green products, as well as demand-side channels including environmental improvement and green information spillovers; (4) DIF exhibits a clear chain transmission mechanism, operating through the pathway “DIF → corporate green production → residents’ low-carbon consumption preferences.” The innovation of this paper lies in: constructing a green transmission mechanism identification framework covering both the urban and enterprise dimensions, and for the first time systematically verifying the path through which DIF influences residents’ preference for low-carbon consumption by promoting green production of enterprises, and revealing the formation logic of green consumption from both the supply and demand sides. The research conclusions provide empirical evidence for the coordinated design of digital finance and green development policies.

As one of the world’s largest economies and the biggest emitter of greenhouse gases, China plays a critical role in global environmental management. As China emphasizes new quality productive forces, understanding how green finance can enable green innovation quality (GIQ) is essential for projecting China’s influence in the sustainable development of the global ecological environment. This paper sets up a quasi-natural experiment using the Green Credit Policy (GCP) to examine the impact of green financial credit allocation on the enterprises’ GIQ. The findings demonstrate that the GCP has the potential to improve the GIQ of the green credit-restricted industries, compared to non-green credit-restricted ones. It is worth noting that as China speeds up its industrial digital transformation and productivity improvement, green financial credit allocation can elevate the digitization level and total factor productivity of green credit-restricted industries, leading to a higher GIQ by curbing corporate shadow banking. Further research shows that fintech and financial regulation can strengthen the positive influence of the GCP on GIQ. Moreover, regional intellectual property protection has a beneficial synergistic effect in combination with the policy.

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Total Factor Productivity (TFP) is a crucial indicator for measuring economic production efficiency and a key determinant of whether China's economy can achieve high-quality development. As a new form of technology-driven empowerment, digital finance serves as a cornerstone of digital economic development and exerts a significant impact on enhancing the TFP of Chinese enterprises. In order to explore the impact mechanism of digital finance in the total factor productivity of Chinese enterprises, this study utilizes data from A-share listed companies in Shanghai and Shenzhen, covering the period from 2011 to 2018. By employing two TFP estimation methods, namely the OP (Olley-Pakes) method and the LP (Levinsohn-Petrin) method, it explores the empowering effect of digital finance on enterprise TFP. The main research conclusions of this paper are as follows: Empirical results demonstrate that the development of digital finance has a positive empowering impact on enterprise TFP, and this conclusion remains valid even after addressing endogeneity issues and conducting robustness tests. Heterogeneity tests reveal that digital finance exerts a more pronounced empowering effect on the TFP of non-state-owned enterprises. Therefore, during this critical transition period, China should vigorously promote the development of digital finance, foster the integrated innovation of the digital economy and the real economy, and thereby advance the high-quality development of China's economy. The significance of this study lies in effectively expanding the theoretical boundary of the current research field and deepening the study on the external influencing factors of enterprise productivity theory. Specific recommendations put forward in this study include: strengthening the construction of digital financial infrastructure; enhancing the cultivation of talents in the financial sector; improving the digital financial regulatory system; and seizing development opportunities.

The improvement of total factor productivity (TFP) of enterprises is the key to achieving high-quality economic development. Digital finance, as a new form of financial services, has a significant impact on the total factor productivity of enterprises. Therefore, this article searched for data on A-share listed companies in Shanghai and Shenzhen from 2010 to 2021, and used a fixed effects model and instrumental variable method to empirically analyze the impact and mechanism of digital finance on TFP. Research has found that: (1) digital finance and its sub dimensions (especially the degree of digitization) significantly improve enterprise TFP;(2)Digital finance has a stronger TFP promotion effect on small-scale enterprises, non-state-owned enterprises, high-tech enterprises, and enterprises in western regions; (3) Digital finance promotes TFP growth through mechanisms such as increasing research and development investment, enhancing human capital, improving resource allocation, improving information disclosure quality, strengthening risk-taking ability, and optimizing corporate governance. Based on this, this article proposes policy recommendations to promote the healthy development of digital finance and enhance the TFP of enterprises.

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This study validates the financing constraints and enterprise innovation mechanisms while exploring whether digital finance development also affects enterprise total factor productivity (TFP) through supply chain finance mechanisms. This study uses Chinese A-share companies from 2011 to 2021 as samples and applies a fixed effects model to examine the impact of digital finance on total factor productivity and its transmission channels. Using data from A-share listed companies from 2011 to 2021 as the sample, this study verifies the impact of digital finance development on enterprise TFP. Enterprise total factor productivity is the dependent variable, while the level of digital finance development serves as the core explanatory variable. Control variables include asset-liability ratio, enterprise age, asset return rate, ownership structure, dual-role management, proportion of shares held by the largest shareholder, and enterprise size. This article utilizes data from Chinese A-share companies from 2011 to 2021 as samples to empirically examine the impact and mechanisms of digital finance development on enterprise TFP.

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India's financial technology (FinTech) industry has experienced rapid growth in recent years. This has led to a greater emphasis on the connection between FinTech and cost efficiency. This research paper aims to investigate if banks with greater FinTech adoption exhibit greater cost efficiency and compare this Fintech influence on cost efficiency across various banks. To accomplish the research objectives, a novel Fintech index to measure FinTech innovation from both supply and demand perspectives is developed using data mining techniques and web crawler technology for Indian commercial banks. Further, to evaluate the relationship between Fintech and cost efficiency, efficiency scores are calculated using DEA (Data Envelopment Analysis) and the empirical analysis is conducted using a two‐step system GMM (Generalised Method of Moments). The study reveals a positive association between Fintech development and cost efficiency. The higher the level of Fintech adoption, the greater the cost efficiency observed in banks. Additionally, the impact of FinTech on cost efficiency varies based on bank characteristics, with private sector banks experiencing a more substantial effect than Public Sector Banks (PSBs) and small banks benefiting more than large banks. This study pioneers the development of a Fintech index for scheduled commercial banks in India, offering valuable insights into the impact of FinTech on cost efficiency within emerging economies.

Abstract Research Purpose. The research aimed to assess the interrelationships among venture capital funding, financial innovation, and operating performance within Nigerian fintech firms. It sought to investigate both the direct associations between these variables and the potential mediating role of financial innovation on the connection between venture capital funding and operating performance, with a focus on understanding their collective impact on the Nigerian fintech landscape. This is essential because the way business is done could be transformed by encouraging fintech innovations which will increase productivity and efficiency. Design / Methodology / Approach. To accomplish this, the study employed a primary data collection method via a questionnaire distributed to senior management personnel in two hundred FinTech companies. 220 senior management participants were purposively selected, and the gathered data underwent meticulous analysis using Partial Least Squares-Structural Equation Modeling (PLS-SEM) alongside various methodologies, including weighted mean scores, Heterotrait-Monotrait Ratio (HTMT), Fornell-Larcker square’s average variance extracted, Cronbach alpha, composite reliability (CR), and percentage variance. Findings. The findings revealed that the direct influence of venture capital funding on financial innovation yielded non-significant results (R2=0.220, β=0.274, t=1.116, p=0.264). Conversely, the direct impact of financial innovation (FI) on operating performance (OP) exhibited significant results (R2=0.401, β=0.559, t=5.989, p=0.000). Notably, the study discovered that venture capital funding (VC) was statistically insignificant (β=0.274, t=0.3913, p=0.362) in predicting the operating performance of fintech firms in Nigeria. Originality / Value / Practical Implications. The research established that financial innovation plays a pivotal role in augmenting the operating performance of fintech firms in Nigeria. This study addresses a gap in the literature by investigating the impact of venture capital funding and financial innovation on Nigerian fintech firms’ operational performance. It concludes that financial innovation significantly drives operational excellence, while venture capital funding has an insignificant impact, with financial innovation not substantially mediating its influence on performance. The findings underscore the significance of introducing innovative financial products and services, fostering the adoption of a cashless economy, harnessing emerging technologies such as blockchain and Artificial Intelligence, and enhancing financial literacy and awareness. These factors collectively contribute to bolstering the operating performance of fintech enterprises.

The rapid integration of digital technologies into financial systems has reshaped the way sustainability objectives are pursued, giving rise to Green FinTech ecosystems that combine financial innovation with environmental responsibility. This study examined how Green FinTech ecosystems contributed to sustainable value creation by integrating digital innovation, finance, and environmental performance. Using a quantitative research design and secondary data from firms engaged in green finance activities, the study analyzed the effects of Green FinTech adoption and ESG integration on environmental and sustainability outcomes. The results indicated that Green FinTech adoption had a positive and statistically significant impact on environmental performance, demonstrating that digital financial technologies enhanced transparency, efficiency, and resource allocation toward environmentally sustainable initiatives. Furthermore, ESG integration was found to play a reinforcing role, amplifying the sustainability benefits of digital finance and translating technological capabilities into measurable environmental and governance outcomes. The findings also revealed that firm-specific characteristics influenced sustainability performance, with financial leverage constraining environmental investments, while firm size supported the adoption of green digital solutions. Overall, the study highlighted that sustainable value creation was maximized when digital financial innovation was embedded within robust ESG frameworks and supported by conducive institutional environments. By adopting an ecosystem perspective, this research contributed to the sustainable finance literature by providing empirical evidence on the synergistic role of Green FinTech and ESG integration. The study offered practical insights for policymakers, financial institutions, and practitioners seeking to leverage digital finance as a systemic driver of environmental sustainability and long-term value creation.

This study delves into the impact of technological advancements on firm performance within the Islamic banking sector in Saudi Arabia, focusing on the roles of Internet of Things (IoT) capabilities, Cloud Computing Capabilities (CCC), and Artificial Intelligence (AI) capabilities. It explores how these technological dimensions influence operational efficiency, customer engagement, and competitive positioning, thereby affecting overall firm performance. The research further investigates the mediating role of digital innovation in translating technological capabilities into performance outcomes and examines the moderating effects of digital capabilities and IT flexibility on this relationship. Through empirical analysis, the study demonstrates that IoT, CCC, and AI capabilities are crucial drivers of firm performance, offering significant opportunities for process optimization, service innovation, and market differentiation. Digital innovation is identified as a key mediator that enables Islamic banks to harness the full potential of these technologies, suggesting that the strategic integration of digital innovation practices is vital for realizing performance gains. Additionally, the findings highlight the importance of robust digital capabilities and a flexible IT infrastructure in maximizing the benefits of technological advancements, underscoring their role in facilitating adaptation to technological changes and fostering a culture of continuous innovation. The study contributes to the literature on technology management and banking performance by providing insights into the strategic value of technological capabilities and digital innovation within the Islamic banking context. It offers practical implications for banking executives and policymakers in Saudi Arabia, emphasizing the need for a comprehensive approach that encompasses technological adoption, innovation management, and capability development to achieve enhanced firm performance in the digital era.

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This study was conducted to identify the determinants of fintech adoption in UAE financial service firms, specifically in the banking sector. Towards this direction, the study identified a set of factors such as performance expectancy, effort expectancy, facilitating conditions, perceived trust, and perceived risk as the factors affecting fintech innovation adoption. The data for this study was primary in nature; the sample used consisted of  330 managers from UAE financial services firms. Factor analysis and regression analysis were performed to arrive at the study results, which confirmed that fintech adoption has a significant positive impact on performance expectancy, effort expectancy, and perceived trust, but it has a significant negative impact on perceived risk. The results of the study recommend training employees and engaging customers for better adoption of fintech technology.

This study examined the role of Artificial Intelligence (AI) integration in Financial Technology (FinTech) and its implications for international trade efficiency. The research investigated how AI-driven mechanisms such as automated document processing, enhanced risk assessment, fraud detection, and compliance systems contributed to transaction cost reduction and overall trade performance. Using quantitative analysis, the study evaluated relationships among AI adoption, operational efficiency variables, and international trade efficiency. The findings revealed that AI integration significantly improved trade efficiency by accelerating cross-border payment processes, minimizing financial risks, and enhancing regulatory transparency. Transaction cost reduction emerged as a critical mediating factor linking AI-enabled FinTech innovations to improved trade outcomes. The results indicated that predictive analytics and machine learning models strengthened credit evaluation and fraud monitoring, thereby reducing uncertainty and information asymmetry in global trade transactions. The study concluded that AI-driven FinTech solutions functioned as strategic enablers of competitiveness in international markets by enhancing speed, reliability, and cost-effectiveness of trade finance operations. The findings provided empirical support for digital transformation theories within financial inter-mediation and highlighted the importance of supportive regulatory frameworks and digital infrastructure development. The study offered practical recommendations for policymakers and financial institutions seeking to leverage AI technologies to improve global trade efficiency. References Ali, A., & Rafiq-uz-Zaman, M. (2025). 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The purpose of this study is to investigate the impact of digital orientation, digital capability and absorptive capacity on digital transformation. This study further examines how digital transformation, in turn, influences financial innovation and firm resilience in the context of Jordanian financial market. Data were collected through a questionnaire survey administered to financial firms in Jordan. A total of 162 valid responses were analyzed using partial least squares structural equation modeling to test and validate the proposed research hypotheses. The results of this study reveal that digital orientation and digital capability have a significant positive impact on digital transformation, whereas absorptive capacity does not exhibit a statistically significant effect. The findings of this study further confirm that digital transformation has a positive and significant influence on both financial innovation and firm resilience. Finally, this study validates that financial innovation positively impacts financial firms’ resilience. This is cross-sectional research and data were collected at a single time frame from financial firms in Jordan. Hence, the findings may not be fully applicable to other contexts. Furthermore, cross-sectional data restricts our ability to capture the dynamic and evolving nature of digital transformation, as it is a continuous process. The findings encourage financial firms to embrace digital transformation by investing in advanced technologies and strengthening their digital capabilities to foster innovation and resilience. Developing internal capacity through employee training, digital literacy and strategic FinTech partnerships is vital. When aligned with objectives such as regulatory compliance, customer trust and sustainable growth, these initiatives can accelerate innovation while enhancing firms’ ability to withstand market disruptions. To the best of the authors’ knowledge, this study is among the first empirical investigations to examine how digital transformation–driven financial innovation enhances the resilience of financial firms in the context of a developing economy such as Jordan.

ABSTRACT Fintech plays an important role in financial empowerment for the real economy, contributing to the development of regional trade. Based on the panel data of Chinese enterprises from 2012 to 2022, this article examines the impact and mechanism of Fintech on the improvement of export technological sophistication. The study reveals that Fintech development can enhance enterprises’ export technological sophistication by reducing financing constraints, correcting financial mismatches, optimizing the allocation of credit resources, and improving innovation capacity. Heterogeneity analysis shows that the effect of Fintech on the technological sophistication of enterprises’ export is more pronounced in samples with non-state-owned enterprises, lower levels of information disclosure, lower degrees of industry competition, and lower levels of regional financial development. Moderating effects analysis finds that the adaptability of financial regulations and the efficiency of financial contract enforcement contribute to strengthening the effect of Fintech on firms’ export technological sophistication enhancement. These findings highlight the role of technology-driven financial innovation in Chinese firms’ export upgrading and provide insights for promoting the development of financial services trade.

Small and Medium Enterprises (SMEs) are crucial drivers of economic growth, innovation, and employment, particularly in developing countries like India. However, these enterprises often face significant challenges in accessing financial resources and integrating advanced technologies into their operations. Financial Technology (Fintech) has emerged as a transformative force in the financial sector, offering innovative solutions to enhance the efficiency and accessibility of financial services for SMEs. This study explores the relationships among Fintech, financial inclusion, and the growth and development of manufacturing SMEs in India. By employing a quantitative approach and utilising Partial Least Squares Structural Equation Modelling (PLS-SEM), data from 366 manufacturing SME owners in India were analysed. The findings reveal that Fintech significantly enhances financial inclusion, which in turn supports the growth and development of SMEs. The results provide valuable insights for policymakers and stakeholders, highlighting the positive impacts of Fintech and financial inclusion on SME growth and development.

The revision of the new securities law (NSL) represents a market-oriented reform of China’s securities market centred on the registration-based system. On the basis of data from all A-share listed companies in China from 2015 to 2022, this study employs the NSL as a quasinatural experiment and uses the difference-in-differences (DID) method to evaluate the impact of NSL implementation on the effectiveness and efficiency of corporate innovation. The empirical results indicate that the implementation of the NSL has a significant positive effect on both the effectiveness and efficiency of corporate innovation. This conclusion remains robust after supplementary tests, such as changing the regression method, replacing the dependent variables, excluding municipalities directly under the central government, and accounting for the impact of the pandemic, are conducted. The mediation effect analysis reveals that NSL implementation significantly affects corporate innovation by alleviating financing constraints, enhancing firms’ risk-taking capacity, and strengthening corporate governance. Furthermore, the moderation effect analysis indicates that the corporate governance environment influences the effectiveness of the NSL on corporate innovation. In a poor corporate governance environment, the benefits of the NSL may not effectively translate into improved corporate innovation outcomes. This study provides important evidence for advancing capital market reforms and improving corporate governance while emphasizing the policy implications of strengthening legal protections to enhance corporate innovation capabilities.