Bank Fintech and firm leverage adjustment speed: Evidence from China

被引：5

作者：

Liu, Haiming ^{[1
]}

Hu, Jikong ^{[1
]}

机构：

[1] Shandong Univ Finance & Econ, Jinan, Peoples R China

来源：

RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE | 2025年 / 73卷

关键词：

Bank fintech; Leverage adjustment speed; Financial constraints; Agency costs; CAPITAL STRUCTURE; CORPORATE GOVERNANCE; AGENCY COSTS; HOLD-UP; INFORMATION; FINANCE; DEBT; OWNERSHIP; CHOICE; DETERMINANTS;

D O I：

10.1016/j.ribaf.2024.102613

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The recent development of Fintech has greatly changed the operation and loan management of commercial banks, which has had a significant impact on firm financing and governance. This paper analyzes the impact of the rising use of bank Fintech on leverage adjustment speed. The results show that bank Fintech accelerates firm leverage adjustment speed. This effect is more pronounced for under-leveraged firms, high-growth firms, non-state-owned firms and firms located in regions with more developed institutions. Transmission channel tests show that bank Fintech can accelerate leverage adjustment speed by alleviating firm-level financial constraints and agency problems. Finally, bank Fintech improves firm performance by accelerating leverage adjustment speed. Our work extends the literature on Fintech and dynamic trade-off theory and has implications for banking regulations and Fintech development.

引用

页数：18

共 78 条

[1] Hold-up and the use of performance-sensitive debt [J].