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Guidance or misguidance: Fintech policy and corporate innovation

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  • Wang, Jiaxin
  • Zhao, Mu
  • Huang, Xiang
  • Sun, Di
  • Song, Zilong

Abstract

This paper investigates the relationship between fintech policy and corporate innovation. With manually collected financial blockchain policy (FBP), We find that the implementation of FBP can encourage enterprises to increase their R&D investment. We provide two potential mechanisms: the provision of credit support and a transparent information environment. Heterogeneity analysis shows that the promotion effect of FBP is more pronounced in samples with non-SOEs, lower R&D manipulation, and high government intervention. This paper provides micro-level evidence of the ameliorative effects of fintech policy in financial ecosystems.

Suggested Citation

  • Wang, Jiaxin & Zhao, Mu & Huang, Xiang & Sun, Di & Song, Zilong, 2023. "Guidance or misguidance: Fintech policy and corporate innovation," Finance Research Letters, Elsevier, vol. 58(PD).
    • Handle: RePEc:eee:finlet:v:58:y:2023:i:pd:s1544612323010267
    DOI: 10.1016/j.frl.2023.104654
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