The Impact of Fintech on Enterprise Innovation: Take Companies that Issue Fintech Concept Stocks as an Example

This study reviewed 151 Chinese enterprises that issued fintech concept stocks, and selected fintech-related company data from 2017 to 2021 as a sample. The study used crawler software to crawl relevant data and keyword word frequency from the company’s annual reports, use the CSMAR database and WIND database, and use econometrics software STATA for analysis. Through the enterprise R&D input and output, the enterprise innovation level is reflected. The method of establishing multiple linear regression formula, is used to reveal the current fintech development to help the innovation of Chinese enterprises. The fintech development level has more obvious effect on investment of enterprise innovation. After replacement of the explanatory variables, fintech affects the innovation output by indirectly influencing inputs. Through concept stock research, we found that fintech can help transform the fictitious economy into the real economy. Specifically improves the real economy through influence. Meanwhile, the profitability, debt, total assets and age also have different effects to the enterprise innovation.