Guidance or Misguidance: Fintech Policy and Corporate Innovation

This paper investigates the relationship between fintech policy and corporate innovation. With manually collected financial blockchain policy (FBP), We find that the implementation of FBP can encourage enterprises to increase their R&D investment. We provide two potential mechanisms: the provision of credit support and a transparent information environment. Heterogeneity analysis shows that the promotion effect of FBP is more pronounced in samples with non-SOEs, lower R&D manipulation, and high government intervention. This paper provides micro-level evidence of the ameliorative effects of fintech policy in financial ecosystems.