Fintech disclosure: true statement or exaggerated statement?

--Research based on total factor productivity of enterprises

DOI

10.2991/978-94-6463-270-5_8How to use a DOI?

Keywords

Fintech; Text Manipulation; Total Factor Productivity; Financing Constraint

Abstract

Based on the research background that Chinese governments at all levels actively promote the Fintech strategy, this paper collects and sorts out the Fintech related information disclosed in the annual reports of A-share listed companies from 2010 to 2021. Via python crawler and text analysis techniques, this paper estimates the heterogeneous influence of the exaggeration effect of financial technology on total factor productivity by using two-way fixed effect model and quantile regression. The study finds that the higher the degree of financial technology exaggeration in corporate text, the stronger the promotion effect on corporate productivity. However, this promotion effect is constrained by certain conditions, and only when the firms are in the early stage of the life cycle, the above effect will be significant. Further research finds that the impact of fintech text manipulation on productivity is different in different enterprise sizes, and it has a positive impact on large enterprises. Through the research mechanism, we find that the impact of corporate fintech exaggeration is transmitted through corporate financing constraints and internal value deviation degree. Finally, according to the internal motivation of enterprises to conduct text manipulation, this paper puts forward relevant suggestions for enterprises, financial institutions, governments and other market participants, in order to provide rational thinking for the development of fintech.

Copyright

© 2023 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Yongfang Ding
AU  - Haonan An
AU  - Yu Wang
PY  - 2023
DA  - 2023/10/29
TI  - Fintech disclosure: true statement or exaggerated statement?
BT  - Proceedings of the 3rd International Conference on Internet Finance and Digital Economy (ICIFDE 2023)
PB  - Atlantis Press
SP  - 60
EP  - 73
SN  - 2667-1271
UR  - https://doi.org/10.2991/978-94-6463-270-5_8
DO  - 10.2991/978-94-6463-270-5_8
ID  - Ding2023
ER  -