Abstract
Employing both panel and spatial econometric models, this study scrutinizes Fintech's multifaceted repercussions on capital misallocation across 284 prefecture-level Chinese cities from 2012 to 2020. Results unveil an intriguing inverted "U" pattern: initially, Fintech magnifies capital misallocation, yet this intensification attenuates with its maturation. Remarkably, Fintech evinces a pronounced spatial spillover, sequentially tempering and then amplifying capital misallocation in adjacent regions. This underscores the paramountcy of adopting both dynamic and spatial lenses when dissecting and charting the economic ramifications of Fintech evolution.
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