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Fintech, financial regulation and corporate financialization: Evidence from China

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  • Wang, Qi
  • Hu, Chan

Abstract

What are the connections among fintech, financial regulation and corporate financialization? Existing literatures support the impact of fintech on corporate financialization, but rare studies query the relationship among such three variables. We use the yearly data of A-share listed companies in China's manufacturing industry from 2011 to 2020 to empirically examines the relationship among fintech, financial regulation and corporate financialization. Overall, this research confirms that fintech can discourage corporate financialization, and financial regulation has a moderating effect between them. Moreover, the results support that the adverse effects are more significant for state-owned, non-heavy polluting and registered in lower marketization regions enterprises.

Suggested Citation

  • Wang, Qi & Hu, Chan, 2023. "Fintech, financial regulation and corporate financialization: Evidence from China," Finance Research Letters, Elsevier, vol. 58(PB).
    • Handle: RePEc:eee:finlet:v:58:y:2023:i:pb:s154461232300750x
    DOI: 10.1016/j.frl.2023.104378
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    References listed on IDEAS

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    Cited by:

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    2. Huang, Yijing & Xu, Zongyu, 2024. "The role of principal-agent in corporate financialization and green innovation," Finance Research Letters, Elsevier, vol. 63(C).
    3. Zhang, Yudong & Wang, Fengwen & Zhou, Yunxu & Zhao, Nannan, 2025. "Financial geographic structure, Market competition, and corporate financialization," Finance Research Letters, Elsevier, vol. 75(C).
    4. Tang, Song & Chen, Zejin & Chen, Jiawei & Quan, Lei & Guan, Kaiyang, 2023. "Does FinTech promote corporate competitiveness? Evidence from China," Finance Research Letters, Elsevier, vol. 58(PD).
    5. Guan, Yu & Wei, Qing, 2024. "Financial cycles and corporate financialization levels—Evidence from the cultural industry enterprises," Finance Research Letters, Elsevier, vol. 67(PB).
    6. Peng, Jia-Hui & Wang, Ke-Liang & Cheng, Yun-He & Miao, Zhuang, 2024. "How does digital inclusive finance affect energy justice? Evidence from China," Finance Research Letters, Elsevier, vol. 67(PA).
    7. Shen, Zhou & Sun, Sisi & Zhu, Yingtao, 2024. "Shadow banking, credit term structure, and financialization of manufacturing firms," Finance Research Letters, Elsevier, vol. 60(C).
    8. Xiao, Anran & Xu, Zeshui & Skare, Marinko & Xiao, JingLin & Qin, Yong, 2024. "Unlocking the potential of FinTech: A pathway to sustainable resource management in the EU," Resources Policy, Elsevier, vol. 98(C).
    9. Gao, Chengyin & Zhang, Shujun, 2025. "ESG performance and corporate financialization: A dual perspective of risk management and value creation," Finance Research Letters, Elsevier, vol. 71(C).
    10. Cheng, Xuanmei & Du, Anna Min & Yan, Chengnuo & Goodell, John W., 2025. "Internal business process governance and external regulation: How does AI technology empower financial performance?," International Review of Financial Analysis, Elsevier, vol. 99(C).
    11. Zhu, Fengzhan & Zhang, Dan & Li, Li, 2025. "Effects of digital media development on corporate financial behavior: Moderating role of corporate social responsibility," Finance Research Letters, Elsevier, vol. 74(C).
    12. Chenggang Wang & Guitao Qiao & Mahmood Ahmad & Zahoor Ahmed, 2023. "The Role of the Government in Green Finance, Foreign Direct Investment, Technological Innovation, and Industrial Structure Upgrading: Evidence from China," Sustainability, MDPI, vol. 15(19), pages 1-24, September.
    13. Mao, Fengfu & Yuan, Yue & Zhang, Fan, 2025. "Firm-level perception of uncertainty, risk aversion, and corporate real estate investment: Evidence from China's listed firms," Economic Analysis and Policy, Elsevier, vol. 85(C), pages 1428-1441.

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