Fintech,Financing Constraints And Enterprise Insufficient Investment

Under the interaction of scientific and technological innovation and financial innovation,they have been integrated into a new research field,namely fintech.Fintech continues to heat up in the wave of global economy,because it can help traditional financial industry reduce risk,improve financial efficiency,and promote the healthy and sustainable development of the real economy.With the rapid development of fintech in the global economic tide,the efficiency of financial industry is constantly improved by its technological innovation,so as to promote the development of real enterprises.At present,China's economy is in the stage of high-quality development,and we must adhere to the supply side structural reform as the main line.Therefore,the improvement of the investment efficiency of real enterprises has an important strategic significance for China's economic transformation.However,at present,Chinese enterprises are facing serious financing constraints and insufficient investment.Whether the emergence of fintech will ease the financing constraints and investment deficiencies of enterprises needs to be studied urgently.Based on this,this paper focuses on the research and analysis of fintech,financing constraints and insufficient investment.First of all,by combing the financing theory,it shows that financing constraints will affect the investment behavior of enterprises.By combing the investment theory,it shows that the enterprises will deviate from the optimal investment level due to the existence of information asymmetry and agency problems.By combing the relevant theories of finance,it shows that fintech are highly adapted to the theories of financial intermediary,financial function and financial innovation,which can act on the financing constraints of enterprises.Therefore,the research idea is to improve the level of financial science and technology to ease the financing constraints faced by the development of enterprises,and then to curb the insufficient investment.And then,it constructs the fintech index,and discusses the influence of fintech on corporate financing constraints and investment deficiencies.The results show that the higher the development level of fintech,the more effective it is to alleviate the financing constraints faced by enterprises,and the more effective it is to restrain the insufficient investment of enterprises.Through the construction of the intermediary effect test model,we find the path role of financing constraints in the insufficient investment of fintech affected enterprises,and finally put forward the corresponding policy recommendations.This paper has the following innovations:Firstly,we have built a more comprehensive fintech index.In order to reflect the specific situation of the development of fintech during the research period,and considering the availability of data,there are three first-class indicators under the fintech indicators,namely,the fintech investment and financing index,the fintech social cognition index and the fintech social output index.Secondly,we use the "cash-cash flow sensitivity test model" to empirically analyze the impact of fintech on corporate financing constraints,and we find that there are generally financing constraints in Chinese enterprises,and the development of fintech has a certain degree of easing effect on corporate financing constraints.Moreover,compared with state-owned enterprises,this kind of mitigation effect is more significant in private enterprises.Thirdly,the paper studies the influence of fintech on the insufficient investment of enterprises,uses the absolute value of the negative residual of Richardson investment efficiency model to measure the insufficient investment,and empirically analyzes the restraining effect of fintech on the insufficient investment of enterprises.Moreover,compared with the state-owned enterprises,the inhibitive effect is more significant in the private enterprises.Fourth,this study discusses the path of fintech affecting the insufficient investment of enterprises,and confirms that financing constraints are the path of fintech affecting the insufficient investment of enterprises.At present,the research on the path of the impact of fintech on the lack of investment in enterprises is almost blank.Therefore,this study deeply explores the path of the impact of fintech on the insufficient investment in enterprises,and expands the relevant research on the impact of fintech on the insufficient investment.