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Abstract
In recent years, the application scenarios of digital technology have become more extensive, and the new business formats derived from Fin-Tech will also become a new driving force for the high-quality development of China's economy. Therefore, China has begun to attach importance to the development of environmental, social and governance (ESG). As Fin-Tech is a high-tech industry, product research and development will have a dual effect on enterprises. This article uses the stepwise regression methods to analyze the Fin-Tech companies from 2017 to 2019, and respectively explore the simultaneity effect of ESG and R&D investment on corporate value. The empirical results show that R&D investment is positively related to the corporate value. Beside, ESG is positively correlated with the corporate value in China Fin-Tech industry. However, both ESG and R&D investment does not have a significant impact on corporate value. Therefore, if Chinese Fin-Tech corporations can fulfill their ESG, they will become an intangible asset of the corporation, enabling the corporation to establish a new differentiated competitive advantage, thereby enhancing the corporate value.
Keywords: Fin-Tech, Environmental, Social Responsibility and Corporate Governance (ESG), Corporate Value, R&D Investment.
JEL classification: C87, M10, M14
(ProQuest: ... denotes formulae omitted.)
1.Introduction
1.1Research background
With the increasing maturity of information network technology and the in-depth development of the value of digital resources, the application scenarios of digital technology will become more extensive, and the new business formats derived from Fin-Tech will also become a new driving force for the high-quality development of China's economy.
The current development of Fin-Tech has formed a good situation with govern-ment support and in-depth cooperation between Internet companies and banks and other financial institutions. The People's Bank of China established the Fin-Tech Committee in 2017. In 2018, China's financial institutions invested as much as 67.52 billion yuan in cutting-edge technology funds such as big data and artificial intelligence. This shows the importance of Fin-Tech in the future.
But while the people enjoy the new way of life brought about by technological progress and modern production, they are also facing multiple pressures caused by resource shortages, ecological and environmental coercion, and prominent social problems. Therefore, the issue of how fin-tech companies achieve sustainable development has received wider attention. In 2016, "Guidelines for Establishing the...