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Fintech business and shadow banking practices

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  • Shi, Chenchen
  • Xu, Lei
  • Li, Bin
  • Cao, Ruiqing

Abstract

Through a proprietary dataset of listed non-financial firms on the Shanghai and Shenzhen Stock Exchanges, we establish a negative link between financial technology (Fintech) business and shadow banking practices (SBPs). Such a link is more pronounced among firms with better access to financial resources, or higher participation in financial activities, and those in regions of higher level of intelligent transformation. We also find that enhanced information transparency, investment efficiency, and internal control underlie the link. In addition, Fintech business may help lower firms' stock price crash risk and improve their total factor productivity (TFP). Our findings remain robust after various tests.

Suggested Citation

  • Shi, Chenchen & Xu, Lei & Li, Bin & Cao, Ruiqing, 2026. "Fintech business and shadow banking practices," Pacific-Basin Finance Journal, Elsevier, vol. 95(C).
    • Handle: RePEc:eee:pacfin:v:95:y:2026:i:c:s0927538x25003361
    DOI: 10.1016/j.pacfin.2025.102999
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