Research On The Impact Of Financial Technology On The Financing Constraints Of Listed Companies In Our Country

In recent years,with the development of emerging technologies such as big data,cloud computing,artificial intelligence and blockchain,the application scenarios and fields of financial technology have been continuously expanded and deepened,and penetrated into all walks of life.It goes without saying.While impacting the traditional financial industry,fintech has promoted the transformation and upgrading of financial institutions such as banks,and improved the efficiency of financial services for the real economy.On the other hand,Chinese companies have always faced the problem of difficult and expensive financing,facing financing constraints,which restrict the development and innovation of companies.We should fully grasp the development opportunities of fintech,use fintech to ease corporate financing constraints,promote corporate development,and help economic growth.This paper sorts out the literature and theories related to fintech and corporate financing constraints,believes that fintech can alleviate the financing constraints of listed companies in my country by reducing corporate financing costs,and puts forward the hypothesis that the development of financial technology can effectively alleviate corporate financing constraints.Taking my country’s Shanghai and Shenzhen A-share listed companies as the research object,the hypothesis is empirically tested based on models such as fixed effects and mediation effects.The empirical results show that the development of fintech can reduce the financing cost of companies and further alleviate the problem of corporate financing constraints.The main reason is that fintech can provid’e companies with more financing channels and diversified financial products,and can effectively reduce transaction costs,supervision costs,and information costs in the process of corporate financing.In addition,it is found that there is heterogeneity in the mitigation effect of fintech development on corporate financing constraints,that is,the mitigation effect of fintech on the financing constraints of state-owned and large companies is significantly better than that of private and small and medium-sized companies.This is mainly because large banks have strong economic strength and have obvious advantages over small and medium-sized banks in the process of transformation and upgrading,which makes the digital transformation of large banks faster and stronger,and fintech has not changed my country’s large banks.It is suitable for serving small and medium-sized companies,so that large banks can better serve large state-owned companies.However,small and medium-sized financial institutions are constrained by their own weaknesses,and their transformation is slow.In addition,small and medium-sized and private companies are often at a disadvantage in the credit market,and their financing problems have not been significantly improved.It can be seen that solving the problem of corporate financing requires multiple efforts,not only the support of the state,but also the improvement of the service level of banks,and the strengthening of corporate governance and profitability.Based on this,this paper puts forward the following suggestions:First,at the national level,the country should establish a flexible financial technology regulatory system to guide the healthy development of fintech;in the post-epidemic era,continue to relieve difficulties,support the development of small and medium-sized and private companies,and effectively To reduce the comprehensive financing cost of companies.Second,at the bank level,Chinese banks and other financial institutions,especially small and medium-sized banks,should combine their own advantages to accelerate the pace of digital transformation and upgrading,and improve the level of serving the real economy;third,Chinese companies should grasp the development trend of fintech,strengthen corporate governance,and improve information.Transparency and profitability,make up for its own shortcomings in the credit market,solve financing problems.