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FinTech and Corporate Innovation Sustainability: Evidence from China

Author

Listed:
  • Jiqiang Tang

    (Institute of Chinese Financial Studies of SWUFE, Southwestern University of Finance and Economics, Chengdu 611130, China)

  • Jingzhen Pan

    (Institute of Chinese Financial Studies of SWUFE, Southwestern University of Finance and Economics, Chengdu 611130, China)

  • Liyuanxiang Dong

    (Institute of Chinese Financial Studies of SWUFE, Southwestern University of Finance and Economics, Chengdu 611130, China)

  • Haoyue Zhang

    (Institute of Chinese Financial Studies of SWUFE, Southwestern University of Finance and Economics, Chengdu 611130, China)

Abstract

Innovation drives long-term firm development, but not all innovations create lasting technological impact. This study investigates how financial technology (FinTech) fosters innovation sustainability by employing a fixed-effects Poisson regression framework and using data from non-financial A-share listed companies in China from 2012 to 2020. Innovation sustainability is measured by forward patent citations within a three-year window, capturing the persistence and external impact of innovations. Our results show that regional FinTech development significantly enhances both the quantity and sustainability of firm innovation. Mechanism analysis reveals that FinTech promotes innovation sustainability by alleviating financing constraints, facilitating digital transformation, and optimizing human capital allocation. These findings provide empirical evidence on the role of FinTech in sustaining firms’ technological contributions and offer actionable insights for policymakers and managers aiming to support high-quality, long-term innovation.

Suggested Citation

  • Jiqiang Tang & Jingzhen Pan & Liyuanxiang Dong & Haoyue Zhang, 2026. "FinTech and Corporate Innovation Sustainability: Evidence from China," Sustainability, MDPI, vol. 18(10), pages 1-17, May.
    • Handle: RePEc:gam:jsusta:v:18:y:2026:i:10:p:4788-:d:1940140
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