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Impact of COVID-19 on Financial Constraints and the Moderating Effect of Financial Technology

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  • Shixian Ling
  • Tianyue Pei
  • Zhaohui Li
  • Zhiping Zhang

Abstract

The sudden outbreak of COVID-19 has made enterprises in various countries face extreme financial constraints. Using the quarterly data of Chinese listed companies from 2011 to 2020, we examine the impact of COVID-19 on financial constraints and the moderating effect of financial technology. We find that while COVID-19 has increased enterprises’ financial constraints, the development of financial technology can mitigate its negative impact. The results still hold under various robustness checks. While the COVID-19 pandemic is still ongoing, there is scope for the future development of financial technology to help protect and revive the global economy.

Suggested Citation

  • Shixian Ling & Tianyue Pei & Zhaohui Li & Zhiping Zhang, 2021. "Impact of COVID-19 on Financial Constraints and the Moderating Effect of Financial Technology," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 57(6), pages 1675-1688, May.
    • Handle: RePEc:mes:emfitr:v:57:y:2021:i:6:p:1675-1688
    DOI: 10.1080/1540496X.2021.1904883
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    Cited by:

    1. Lv, Wendai & Ma, Wenhao & Yang, Xiandong, 2022. "Does social security policy matter for corporate social responsibility? Evidence from a quasi-natural experiment in China," Economic Modelling, Elsevier, vol. 116(C).
    2. Lim, King Yoong & Morris, Diego, 2023. "Business optimism and the innovation-profitability nexus: Introducing the COVID-19 adaptable capacity framework," Research Policy, Elsevier, vol. 52(1).
    3. Ke Xu & Peiya Zhao, 2023. "Does Green Finance Promote Green Total Factor Productivity? Empirical Evidence from China," Sustainability, MDPI, vol. 15(14), pages 1-26, July.
    4. Rajas Saroy & Sakshi Awasthy & Naveen K. Singh & Sonali M. Adki & Sarat Dhal, 2022. "The Impact Of Covid-19 On Digital Payment Habits Of Indian Households," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 25(Special I), pages 19-42, March.
    5. Bo Li & Zeshui Xu, 2021. "Insights into financial technology (FinTech): a bibliometric and visual study," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-28, December.
    6. Radeef Chundakkadan & Subash Sasidharan & Ketan Reddy, 2023. "The Role of Export Incentives and Bank Credit on the Export Survival of Firms in India During COVID-19," Working Papers DP-2023-12, Economic Research Institute for ASEAN and East Asia (ERIA).
    7. Yang Lyu & Zheng Ji & Xiaoqi Zhang & Zhe Zhan, 2023. "Can Fintech Alleviate the Financing Constraints of Enterprises?—Evidence from the Chinese Securities Market," Sustainability, MDPI, vol. 15(5), pages 1-21, February.
    8. Lianggui Liao & Chan Wang & Hong-Xing Wen & Pu-Yan Nie & Ying Huang, 2023. "The Impact and Mechanism of the COVID-19 Pandemic on Corporate Financing: Evidence from Listed Companies in China," Sustainability, MDPI, vol. 15(2), pages 1-21, January.
    9. Mansurali Anifa & Swamynathan Ramakrishnan & Shanmugan Joghee & Sajal Kabiraj & Malini Mittal Bishnoi, 2022. "Fintech Innovations in the Financial Service Industry," JRFM, MDPI, vol. 15(7), pages 1-19, June.
    10. Wei Xu & Mengting Zhang & Feng Wang, 2023. "Financing Efficiency and Influencing Factors of High-Tech Small and Medium-Sized Enterprises of Information Technology Industry in the China Yangtze River Delta," SAGE Open, , vol. 13(4), pages 21582440231, October.

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