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https://doi.org/10.62836/emi.v4i3.374
Minjian Qiao, Zhucun Wang, & Wenxiu Ma. (2025). Analysis of the Impact of Financial Technology on Capital Allocation Efficiency—Empirical Evidence from Chinese A-Share Listed Companies. Economics & Management Information, 4(3), 1–13. https://doi.org/10.62836/emi.v4i3.374
Volume 4, Issue 3, June 2025
Copyright (c) 2025 Minjian Qiao, Zhucun Wang, Wenxiu Ma
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This work is licensed under a Creative Commons Attribution 4.0 International License.

Analysis of the Impact of Financial Technology on Capital Allocation Efficiency—Empirical Evidence from Chinese A-Share Listed Companies

Improving the efficiency of corporate capital allocation is the microfoundation for promoting high-quality economic development. Starting from the Cobb-Douglas production function, this paper constructs a theoretical model of the impact of finance technology on capital allocation efficiency. Based on this, an empirical test of the impact and mechanism of financial technology on capital allocation efficiency is conducted using data from Chinese A-share listed companies from 2008 to 2023. The research indicates that: (I) The improvement of financial technology levels could significantly reduce the deviation of capital allocation from the ideal state and improve capital allocation efficiency; (II) Financial technology could enhance corporate governance levels, thereby improving the efficiency of corporate capital allocation; (III) The enhancement of financial technology levels could restrain excessive investment and underinvestment behaviors in enterprises, promoting the improvement of capital allocation efficiency; (IV) The higher the level of financial technology is, the more significant effect on improving capital allocation efficiency would be.

financial technology; capital allocation efficiency; development of the real economy

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Supporting Agencies

  1. Funding: 1. Project of Soft Science Research in Hebei Province: Research on the impact of overseas listing of enterprises in Hebei Province on the level of science and technology (No:23557639D). 2. Hebei Province Demonstration Project for Graduate Course Ideological and Political Education: Special subject of “The Belt and Road Initiative” (No: YKCSZ2024003).