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This paper explores the influence mechanism of the marketization process and financial technology on corporate investment preference using panel data from 2013 to 2019 for China's A-share listed companies. The study finds that both the marketization process and FinTech can facilitate increased R&D innovation and foreign equity investment by companies but discourage investment in their fixed assets, and FinTech has a "U-shaped effect" on corporate R&D and innovation. At the same time, the marketization process and FinTech show different threshold effects on corporate investment preferences with government subsidies as the threshold variable. It is found that market-based processes in small-scale enterprises are better able to promote investment in innovative R&D by companies—the marketization process for large enterprises has a greater impact on outward equity investment in the heterogeneity analysis. From the perspective of the nature of property rights, it is found that the marketization process and FinTech have a greater impact on non-state enterprises. As a result, in an era of rapid FinTech development, this paper enriches the relevant research on the impact of the marketization process on corporate investment preferences, which has important practical significance for policy formulation and corporate future development. [ABSTRACT FROM AUTHOR]

Based on the data of China's listed companies from 2007 to 2020 and the financial license of the China Banking and Insurance Regulatory Commission, this paper analyzes the influence of bank competition on enterprise innovation investment and its mechanism. It is found that bank competition can improve the enterprise innovation investment, which still holds true after endogenous treatment and robustness test. Further research demonstrates that bank competition plays a stronger role in enterprise innovation for non-state-owned enterprises and small-scale enterprises. The mechanism analysis shows that bank competition can promote enterprise innovation investment and enterprise financialization by easing financing constraints. Moreover, enterprise financialization has a crowding-out effect on enterprise innovation investment. Therefore, moderately intensifying bank competition, further improving the financial system, and deepening the financial marketization reform have profound effects on driving enterprise innovation and its high-quality development. [ABSTRACT FROM AUTHOR]

Sustained and stable external financing, affected by the financial environment, is a necessary condition to support the green technological innovation of enterprises. This paper focuses on the impact of bettering the financial environment of digital finance on enterprise green technological innovation, as well as the mediating role of financing costs and financial flexibility in this process. Using China's data on manufacturing enterprises listed in Shanghai and Shenzhen from 2011 to 2018, the hypotheses are tested. The result suggests the following: (a) digital finance effectively promotes enterprises to carry out green technological innovation, specifically, the coverage and depth of digital finance can promote enterprises' green technological innovation, but the degree of digitization has no significant impact; (b) digital finance improves the financial environment by making up the shortage of traditional financial system through reducing financing problems such as "financing difficulty," "matching difficulty," and "supervision difficulty," which make effective contributions to enterprise green technological innovation; (c) financing costs negatively mediate the relationship between digital finance and enterprise green technological innovation, while financial flexibility positively mediates the relationship. Overall, our findings shed light on the role digital finance plays in shaping corporate environmental behavior—and ultimately innovation in sustainability—in financing constraint setting. [ABSTRACT FROM AUTHOR]