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Financial technology, population aging, and corporate innovation

Author

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  • Guo, Jing
  • Yu, Jiaqi
  • Tian, Ziqing

Abstract

This study uses city-level and enterprise data from 2011 to 2022 as the sample. Under the control of industry and year fixed effects, it employs a two-way fixed effects model to deeply explore the influences of financial technology (fintech),11FT is used as an abbreviation for financial technology (fintech) in this article. population aging, and their interaction on corporate innovation. The research findings indicate that fintech significantly promotes corporate innovation by alleviating financing constraints, while population aging hinders corporate innovation by increasing labor costs, and investment in educational resources can mitigate this negative impact. Furthermore, the study finds that the beneficial effects of fintech on innovation are weakened by aging factors. The research also reveals considerable variation in the effect of fintech on the innovation practices of firms with different management models and scales, and greater impacts are observed for enterprises adopting a dual-role separation model and large enterprises. Additionally, the effects of aging on innovation differ across degrees of digital transformation and enterprise type, with more severe negative impacts noted for enterprises with lower degrees of digital transformation and high-tech enterprises. The research findings provide valuable insights for researchers exploring the intersection of technology and demographic changes.

Suggested Citation

  • Guo, Jing & Yu, Jiaqi & Tian, Ziqing, 2025. "Financial technology, population aging, and corporate innovation," International Review of Financial Analysis, Elsevier, vol. 100(C).
    • Handle: RePEc:eee:finana:v:100:y:2025:i:c:s1057521925000432
    DOI: 10.1016/j.irfa.2025.103956
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