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Financial technology, financing constraints, and future industrial development

Author

Listed:
  • Liu, Xiaojing
  • Tian, Haiyan
  • Leng, Ziwen
  • Ma, Yue

Abstract

Financial technology (fintech) offers new solutions for industrial development financing challenges by providing more flexible and expedient financing channels that overcome the limitations of traditional financial systems. This subsequently enhances enterprises’ technological innovation and market expansion. Using data from 266 cities in China between 2009 and 2021, this study examines the relationship between fintech, financing constraints, and future industrial development. The findings reveal that fintech significantly boosts future industries’ development while financing constraints have a moderating influence. The heterogeneity analysis reveals that fintech has a more significant effect on promoting industrial robot penetration rates in eastern China. This study provides empirical evidence for researchers on the role of fintech in industrial development, particularly in alleviating financing constraints and promoting technological innovation. Policymakers can use these findings to optimize fintech policies and promote differentiated regional development.

Suggested Citation

  • Liu, Xiaojing & Tian, Haiyan & Leng, Ziwen & Ma, Yue, 2025. "Financial technology, financing constraints, and future industrial development," Finance Research Letters, Elsevier, vol. 73(C).
    • Handle: RePEc:eee:finlet:v:73:y:2025:i:c:s1544612324017008
    DOI: 10.1016/j.frl.2024.106671
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    More about this item

    Keywords

    Financial technology; Financing constraint; Industrial development; Market expansion; Traditional finance;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models

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