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Does technology innovation in finance alleviate financing constraints and reduce debt-financing costs? Evidence from China

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  • Han Chen
  • Soon Suk Yoon

Abstract

We use Chinese listed firms from 2011 to 2018 to explore whether and how financial technology impacts corporate debt-financing constraints and costs. Using two forms of financial technology cases in China, we explain why technology innovation in the financial industry flourishes and contributes to alleviating debt-financing constraints and reducing debt-financing costs. We empirically document that financial technology helps alleviate firms’ financing constraints and reduce firms’ debt-financing costs. We also find that financial technology plays a more significant role for private-owned firms, small firms, growth-stage firms, and firms under intense financial supervision.

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  • Han Chen & Soon Suk Yoon, 2022. "Does technology innovation in finance alleviate financing constraints and reduce debt-financing costs? Evidence from China," Asia Pacific Business Review, Taylor & Francis Journals, vol. 28(4), pages 467-492, August.
    • Handle: RePEc:taf:apbizr:v:28:y:2022:i:4:p:467-492
    DOI: 10.1080/13602381.2021.1874665
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    Cited by:

    1. Jia Guo & Lixuan Chen & Ge Gao & Sijia Guo & Xiuting Li, 2022. "Simulation Model-Based Research on the Technology Support System for China’s Real Estate Financial Risk Management," Sustainability, MDPI, vol. 14(20), pages 1-12, October.

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