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Impact of FinTech on Stock Price Liquidity

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  • Irfan Ullah
  • Khalil Jebran
  • Mohib Ur Rahman

Abstract

We examine whether and how financial technology (FinTech) influences stock price liquidity. FinTech was measured using the digital finance index from the Institute of Digital Finance of Peking University (PKU‐digital finance IIC), the Shanghai Finance Institute and Ant Financial Services Company. By using a sample of Chinese listed firms from 2011 to 2022, results from ordinary least squares regression indicate that FinTech is positively associated with stock price liquidity. The relationship between FinTech and stock price liquidity is more pronounced in the presence of higher media coverage, analysts' following, and in non‐state‐owned enterprises but weaker when economic policy uncertainty is higher. The findings remain consistent with alternative measures of FinTech, omitted variables problems and endogeneity issues. Results provide insights that the development of FinTech increases financial transparency, which promotes the information environment, thereby increasing stock liquidity. Findings contribute to the literature on the governance role of FinTech in influencing stock liquidity.

Suggested Citation

  • Irfan Ullah & Khalil Jebran & Mohib Ur Rahman, 2026. "Impact of FinTech on Stock Price Liquidity," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 31(2), pages 2332-2364, April.
    • Handle: RePEc:wly:ijfiec:v:31:y:2026:i:2:p:2332-2364
    DOI: 10.1002/ijfe.70047
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