Abstract
Exploiting a large sample of Chinese listed companies and provincial panel data over the period from 2011 to 2018, this study investigates whether and how FinTech improves the investment efficiency of listed firms. We find that corporate investment efficiency is positively associated with the level of FinTech, and this relation is concentrated in areas with low urbanization rates and low marketization, indicating the inclusive nature of FinTech. Moreover, both diversified ownership of enterprises and the separation of ownership and management significantly strengthen the positive association, which reflects a complementary effect between the influence of FinTech on corporate investment efficiency and the two governance mechanisms.
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