Research On Technological Innovation Efficiency Of Listed Fintech Enterprises

Fintech is one of the main means for financial digital transformation and building a modern financial system in the era of digital economy,and it has become a new driving force for financial transformation and upgrading.At the same time,fintech is also a new opportunity to promote the development of inclusive finance.With technological innovation has greatly broadened the scope of financial information,it is important to promote the reform of management system and update management technology,and improve the ability and efficiency of technological innovation.Therefore,under this development trend,this paper uses the three-stage DEA-Malmquist index and Tobit model to select a total of 35 financial technology enterprises in five categories: Internet finance,financial industry technical services,financial security,electronic payment and financial information services from the sample stocks of China’s Xiangmi Lake Fintech Index and the Wind Database Fintech Listed Enterprise Index as research samples,and discusses the technological innovation efficiency and its influencing factors of China’s listed fintech enterprises based on empirical analysis.After combing the relevant literature,this paper uses the three-stage DEA model to statically analyze the technological innovation efficiency of fintech listed enterprises,and in the second stage,the impact of environmental factors and random interference is fully considered,appropriate environmental indicators are selected,similar SFA models are used to remove the influence of environmental factors,and the results of the first and third stages are compared and analyzed from three aspects:comprehensive efficiency,pure technical efficiency and scale efficiency.Then,the DEA-Malmquist index is used to analyze the total factor productivity of enterprises from the overall efficiency and inter-firm efficiency.Finally,the Tobit model analysis is carried out by using the comprehensive efficiency value of the third stage and the influencing factor index of technological innovation efficiency,and the explanations are given for different influencing factors.It is found that:(1)the technological innovation efficiency of fintech enterprises is affected by internal and external environmental factors;(2)After removing the influencing factors,scale efficiency is the primary factor causing the inefficiency of technological innovation;(3)The technological progress index is an important factor restricting the improvement of total factor productivity;(4)Factors such as equity concentration and corporate profitability have a significant impact on the efficiency of technological innovation.Finally,according to the conclusion,corresponding suggestions are given to improve the technological innovation efficiency of China’s listed fintech enterprises,including:(1)Central and local linkage to create a good ecological environment for fintech.The central bank plans and deploys top-level planning,and local governments support financial technology enterprises from talents,finance,science and technology and other fields to create a good environment conducive to the development of financial technology.(2)Strengthen the integration of resources and elements and promote the scale of agglomeration.Integrate the financial technology industry chain,improve industrial concentration,gather resources,complement each other’s advantages,and fully flow redundant elements,avoid waste of resources caused by repeated R&D of enterprises,improve the efficiency of resource allocation within the entire industry,give full play to the scale advantages of enterprises,and promote the efficient and healthy development of the industry.(3)Increase investment and promote technological progress.By increasing investment in human and financial resources,we will supplement and improve the technical level of the enterprise itself to promote the efficiency of technological innovation.(4)Optimize the personnel structure and enhance the profitability of the enterprise.Through the optimization of personnel structure,retaining core teams and talents,streamlining personnel through competition,eliminating redundant personnel,etc.,so as to promote the high-quality development of enterprises,improve corporate profitability,and promote technological innovation efficiency.