Financial Technology?Business Life Cycle And Technological Innovation

The development of Fin Tech has had an important impact on microeconomic entities.This article uses 2011-2017 data of A-share listed companies in Shanghai and Shenzhen to explore the impact of Fin Tech on enterprise technological innovation,and introduces the theory of corporate lifecycle to examine the differences of the technological innovation-driven effects of Fin Tech to enterprises at different stages in the lifecycle.Empirical research found that Fin Tech can indeed significantly promote the technological innovation activities of enterprises;after embedding the enterprise life cycle theory into the original paradigm,it is found that whether it is a growth enterprise or a mature enterprise,the support of Fin Tech can have a technological innovation-driven effect on it and the effect is obvious,but the recession-driven enterprises have led to the emergence of "innovation bubbles".Not only that,for the technological innovation activities of different types of enterprises,the innovation incentive effects produced by Fin Tech also vary widely.Further research on the mechanism shows that Fin Tech can improve the output of technological innovation of enterprises by releasing the financial constraints of enterprises,lowering the financial costs of enterprises,and reducing financial leverage.However,under the rigorous government financial supervision,it is difficult for Fin Tech to exert its due effect.In other words,the driving effect of Fin Tech on corporate technological innovation will be invalidated.In this regard,the conclusions and policy recommendations of this study can provide a reliable basis for the development path of Fin Tech,innovation-driven mechanisms,and regulatory measures.