Journal of Korea Society of Industrial Information Systems (한국산업정보학회논문지)

Korea Society of Industrial Information Systems (한국산업정보학회)
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The Impact of FinTech Diffusion on Firm Performance: the Case of China

핀테크 확산이 기업의 성과에 미치는 영향: 중국 사례를 중심으로

  • Received : 2024.10.06
  • Accepted : 2024.10.16
  • Published : 2024.10.30
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Abstract

FinTech has been credited with generating positive economic outcomes by improving access to financial services through technological innovations. This study examines how FinTech diffusion impacts firm performance using the case of China-one of the world's fastest-growing FinTech markets. Moreover, given China's unique economic landscape-characterized by disparities between the eastern regions and the rest of the country, largely due to early policy decisions that prioritized efficient growth during the Reform and Opening-up period-regional variables (eastern vs. central-western) are incorporated into the model. A random effects model analysis was conducted using panel data collected over six years from listed companies in China. The hypothesis that the level of FinTech diffusion would have a positive impact on firm performance was not supported at the 5% significance level. However, statistical evidence was found for the moderating effect of regional disparities. Specifically, in regions with lower levels of economic development and underdeveloped financial infrastructure-where access to traditional financial services is constrained-the positive impact of FinTech diffusion was more pronounced. These findings suggest that while the economic benefits of FinTech diffusion may not uniformly enhance corporate performance, they can vary depending on contextual factors such as regional disparities.

핀테크는 디지털 기술 발전에 기반을 둔 금융 서비스 혁신을 통해 금융 서비스에 대한 접근성을 개선함으로써 다양한 긍정적 경제 효과를 유발하는 것으로 알려져 있다. 본 연구는 최근 핀테크 산업이 가장 빠르게 성장하고 있는 중국 사례를 통해 국민 경제를 구성하는 주요 축 중 하나인 기업의 성과에 미치는 핀테크 확산의 영향을 분석한다. 또한, 개혁개방 초기 효율적 성장을 위한 정책적 선택으로 인해 지역 간 경제발달 수준에 상당한 차이가 존재한다는 중국의 특수성을 고려하여, 지역(동부, 중·서부) 변수를 연구모형에 반영하였다. 중국 상장기업 대상으로 6년간 수집한 패널 자료에 대하여 확률효과모형(random effect model) 분석을 수행한 결과, 핀테크 확산 수준이 기업성과에 정(+)의 영향을 미칠 것이라는 가설은 유의수준 5%에서 지지되지 않았지만, 지역 간 발전 격차의 조절효과에 대한 통계적 유의성을 확인할 수 있었다. 구체적으로, 상대적으로 경제발달 수준이 낮고 금융 인프라가 열악하여 전통적인 금융 서비스 이용에 제약이 있었던 지역에서는 핀테크 확산의 긍정적 영향이 크게 나타날 수 있다. 이와 같은 연구 결과는 핀테크 확산의 경제적 효과가 모든 기업의 성과 전반을 제고하는 방식으로 작용하지는 않지만, 지역 간 발전 격차와 같은 맥락적 요인에 따라 달리 나타날 수 있음을 시사한다.

Keywords

Acknowledgement

이 논문은 2024년 전북대학교 연구기반 조성비 지원에 의하여 연구되었음.

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