Abstract
Using panel data from Chinese listed manufacturing enterprises during the period from 2011 to 2020, this study empirically examines the mechanism by which banking industry competition affects the innovation output of manufacturing enterprises. The results reveal a "inverted U-shaped" relationship between banking industry competition and innovation output of manufacturing enterprises, with different turning points for different levels of innovation. The mechanism analysis demonstrates that banking industry competition affects the innovation output of manufacturing enterprises through financing constraints and channels for research and development (R&D) investment. Furthermore, the development of financial technology (fintech) positively moderates the impact of banking industry competition on innovation output of manufacturing enterprises. In the process of economic operation, it is important to fully consider the impact of fintech development on the real economy and achieve an organic integration of fintech and traditional finance, aiming to establish a modern financial system that effectively supports the development of the real economy.
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