Proceedings of the 2022 International Conference on Bigdata Blockchain and Economy Management (ICBBEM 2022)

Fintech, High-Tech Enterprises and Debt-Financing Costs—Evidence from Chinese a Stock Market

Authors
Ruike Zhang1, *, Shiqi Huang1
1Zhongnan University of Economics and Law, Wuhan, China
*Corresponding author. Email: rachaelz7286@163.com
Corresponding Author
Ruike Zhang
Available Online 20 December 2022.
DOI
10.2991/978-94-6463-030-5_55How to use a DOI?
Keywords
Fintech; High-tech Enterprises; Big Data; Financing Cost
Abstract

Based on the 2015–2019 data of high-tech companies listed in Shanghai and Shenzhen A stock market, this paper empirically examines the causes and solutions of high debt-financing costs for high-tech enterprises. The results show that the cost of debt financing would be higher if high-tech enterprises have a higher proportion of intangible assets and face a more severe problem of information asymmetry. Fintech could significantly reduce the cost of debt financing for high-tech enterprises through alleviating internal and external financing constraints, this effect would vary with different natures, economic environment, growth rates and company sizes. These conclusions provide empirical evidence and new ideas for the interpretation improvement of the high financing cost of high-tech enterprises.

Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2022 International Conference on Bigdata Blockchain and Economy Management (ICBBEM 2022)
Series
Atlantis Highlights in Intelligent Systems
Publication Date
20 December 2022
ISBN
10.2991/978-94-6463-030-5_55
ISSN
2589-4919
DOI
10.2991/978-94-6463-030-5_55How to use a DOI?
Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

TY  - CONF
AU  - Ruike Zhang
AU  - Shiqi Huang
PY  - 2022
DA  - 2022/12/20
TI  - Fintech, High-Tech Enterprises and Debt-Financing Costs—Evidence from Chinese a Stock Market
BT  - Proceedings of the 2022 International Conference on Bigdata Blockchain and Economy Management (ICBBEM 2022)
PB  - Atlantis Press
SP  - 549
EP  - 555
SN  - 2589-4919
UR  - https://doi.org/10.2991/978-94-6463-030-5_55
DO  - 10.2991/978-94-6463-030-5_55
ID  - Zhang2022
ER  -