Dual-Drive Mechanism Under Government Support: AConfiguration Analysis of High Performance in Chinese FintechEnterprises

Fintech enterprises are developing rapidly in China and have a profound impacton society. The study aims to explore the link between technology and other fac?tors in the development of the performance of Chinese Fintech enterprises. Usingthe TOE framework and fsQCA method, data from 72 listed Fintech enterprisesfrom 2017 to 2022 (with a total of 432 observations) were examined. There arethreefold findings:(1) There are three paths high-performance for Fintech enter?prises: organization-operation-led, organization-operation-environment?driven, and technology-environment-driven;(2) Technology alone play a limitedrole, operational factors are the most critical, and environmental factors cancompensate for the absence of other factors;(3)Most fintech companies priori?tize the development of specific pathways, while some adopt a more compre?hensive approach, developing across multiple pathways. This research offers anovel perspective on the impact of technology on the performance of Fintechenterprise. The analysis indicates that the high-performance development ofChinese Fintech companies has been supported by government initiatives andthe establishment of a digital economic environment. However, it is the syn?ergy between organizational operations and adaptive technologies that has beenprimarily achieved by micro-enterprises.