TITLE:
Research on the Mechanism of FinTech Empowering New Quality Productive Forces in Enterprises
AUTHORS:
Xinyi Feng, Yinxin Ding, Xinyi Cui, Guo Chen, Qinghuan Zheng
KEYWORDS:
FinTech, New Quality Productive Forces, Total Factor Productivity, Digital Transformation, Green Innovation
JOURNAL NAME:
Modern Economy,
Vol.17 No.5,
May
26,
2026
ABSTRACT: Cultivating New Quality Productive Forces is a core engine for achieving high-quality economic development, yet structural contradictions in the traditional financial system constrain corporate innovation capacity. Using a sample of Shanghai and Shenzhen A-share listed companies from 2015 to 2023, this paper empirically examines the impact of FinTech on corporate New Quality Productive Forces and the transmission mechanisms underlying this effect. The results show that FinTech significantly enhances corporate New Quality Productive Forces. This finding remains robust after excluding municipalities, replacing the explanatory variable, and employing instrumental variable approaches. Mechanism analysis reveals that FinTech empowers New Quality Productive Forces through two pathways: promoting corporate digital transformation and stimulating green innovation. Together, these pathways form a complete framework for technology-enabled and green-driven growth. Heterogeneity analysis further indicates that the enabling effect of FinTech is more pronounced in the central region, state-owned enterprises, high-tech sectors, technology-intensive industries, and large-scale firms. From the perspectives of production factor reconfiguration and resource allocation optimization, this paper uncovers the micro-mechanisms through which FinTech drives New Quality Productive Forces, providing empirical evidence for the design of differentiated financial policies and the precise allocation of financial resources.