| Currently,transnational trade and investment and innovation development are in an intricate and profound change,Chinese companies carrying out transnational management can expand their global business scope,but also help to seize the opportunity to expand the scale of the company,enhance their own reputation,promote cooperation and innovation between Chinese companies and internationally renowned companies,and further improve the international competitiveness of Chinese companies.Now,most companies in China are in a period of rapid technological development,and only through continuous innovation can they gain the upper hand in competition.2022’s "Government Work Report" has made the "innovation-driven strategy" an important element of China’s science and technology development strategy.As a result,Chinese companies are becoming more and more involved in technological innovation,so how to improve the innovation capacity of Chinese multinational companies is an urgent research issue.The digitalisation of the global economy is an inevitable trend,and therefore,an analysis of the role of fintech in the development of innovation in Chinese multinational companies will be of great reference importance.In this context,this paper takes the A-share listed multinational companies from 2013-2020 as the research object.Firstly,the impact of fintech on the R&D investment capacity of enterprises is examined through a two-way fixed effects model,and secondly,the mediating effect of financing constraints is verified based on whether fintech promotes enterprise innovation by alleviating financing constraints.Further,this paper conducts robustness tests by replacing the fintech index and using two methods with different regression models,in addition to selecting explanatory variables with one period lag to do endogeneity tests,and finally,it further investigates the heterogeneous role of firm nature and regional economic development in the impact of fintech on the R&D investment intensity of firms.This paper finds that: 1)Fintech can increase the intensity of enterprise R&D investment,specifically,every 1% increase in Fintech development index can promote the intensity of enterprise R&D investment by 0.051%;2)By replacing the provincial level Fintech development index with the city level and replacing the regression model,it is proved that Fintech has a positive impact on the intensity of enterprise R&D investment,further proving that(3)Through the intermediary effect test procedure,this paper finds that fintech development can enhance the ability of enterprises to obtain financing,alleviate the financing constraints faced by enterprises,and to a certain extent reduce the inhibitory effect of financing constraints on enterprise innovation,and financing constraints play a part in the intermediary effect in the path of fintech promoting enterprise innovation;(4)Using the nature of enterprises,the geographical location The heterogeneity analysis of enterprises,using the nature of the enterprise and the location of the enterprise,reveals that the innovation incentive effect of fintech is stronger for private enterprises and western enterprises.This paper lays the groundwork for the development of fintech in China to serve the practical needs of multinational companies by presenting strong evidence from the perspective of the financing constraints of Chinese listed multinational companies. |
