Abstract
ABSTRACT This study uses a fixed effect model to examine the impact based on a sample of non-financial A-share listed companies in the Shanghai Stock Exchange and Shenzhen Stock Exchange from 2010 to 2019. The empirical results show that regional fintech development has a significantly positive effect on enterprise innovation, while heterogeneity analysis results indicate that this effect is more significant for small and medium-sized enterprises and secondary industry fields. Further research finds that regional fintech development not only has significant spatial autocorrelation, but it also has spillover effects on enterprise innovation. Additionally, the mechanism test shows that financing constraints are part of the mediating factor between regional fintech and enterprise innovation. We conclusively present three recommendations for enriching the development of regional fintech, thus allowing for increased innovation potential and the sustainable growth of companies.
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