Fintech, Financial Constraints and OFDI: Evidence from China

Kui Wang · Yang Hu · Jing Zhou · Feng Hu

60 citations0/0 files storedGlobal Economic Review

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International Business and FDI Corporate Finance and Governance FinTech, Crowdfunding, Digital Finance

Abstract

We examined how Fintech affects Chinese firms’ OFDI. By using the regional Fintech index, we identified potential channels through which Fintech affects firms’ OFDI. We show that firms that are more financially constrained exhibit a disproportionally higher OFDI level in cities with better-developed Fintech services. We further find that Fintech development promotes lending to firms and facilitates OFDI because Fintech intensifies bank loan competition. Our research emphasises the importance of financial innovation driven by technology on the behaviour of enterprise internationalisation.

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References

1981Credit Rationing in Markets with Imperfect Information 1997Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?2003Estimating Production Functions Using Inputs to Control for Unobservables 1988Financing Constraints and Corporate Investment 1998The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle 2007The determinants of Chinese outward foreign direct investment 2017Fintech: Ecosystem, business models, investment decisions, and challenges 2019Fintech and banking: What do we know?

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