金融科技与企业成长——基于长三角地区的实证分析

FinTech and Enterprise Growth—An Empirical Analysis Based on the Yangtze River Delta Region

摘要: 本文选取长三角城市群26个城市2011~2021年中国A股上市公司为研究样本，运用双向固定效应模型实证检验金融科技发展水平对企业成长的影响。研究发现，区域金融科技发展水平对企业成长具有显著的促进作用。进一步通过异质性研究发现，金融科技对企业成长的作用存在企业所有制和规模差异，民营企业和较大规模企业从金融科技发展中受益更大。

Abstract: This paper selects Chinese A-share listed companies of 26 cities in the Yangtze River Delta Region from 2011 to 2021 as the research sample, and uses the fixed-effect model to empirically examine the impact of FinTech on enterprise growth. The findings show that the development level of regional FinTech has a significant promoting effect on enterprise growth. Further heterogeneity test shows that there are differences in ownership and scale in the role of FinTech in enterprise growth, with private enterprises and larger scale enterprises benefiting more from the development of FinTech.