Does Fintech influence corporate R&D investment: Evidence from China

This study examines the influence of financial technology (Fintech) on corporate R&D investment. Taking 3335 Chinese listed companies in 31 provinces for the years 2012-2019 as a sample, we find that Fintech can significantly stimulate corporate R&D investment. Furthermore, the empirical results indicate that the positive impact of Fintech on corporate R&D investment is more pronounced for firms less accessible to finance in China including Non-SOEs, Non-SOEs without political connections and firms with higher financing constraints. The results of heterogeneity tests provide further evidence for enhanced equal access to finance through Fintech. Our results are confirmed through a variety of robustness tests.