Financial technology and high-quality corporate development: The role of supply chain management

This study examines the relationship between financial technology and high-quality corporate development among Chinese A-share listed companies from 2010 to 2023, comprising 26,864 firm-year observations. Using panel fixed-effects regression supplemented by instrumental variable estimation, propensity score matching, and Heckman two-stage correction, we establish that financial technology significantly promotes corporate quality development. We further identify data element capability as a partial mediator in this relationship, indicating that firms effectively leveraging data resources can better translate digital finance investments into developmental outcomes. Our analysis also reveals that supply chain management efficiency serves as a moderator, whereby firms with less efficient supply chains derive greater marginal benefits from financial technology adoption, suggesting that FinTech helps address operational weaknesses and provides catch-up opportunities for underperforming firms. Heterogeneity tests demonstrate that firms in non-pilot regions experience stronger FinTech effects compared to those in technology-finance integration pilot zones, suggesting diminishing marginal returns in mature digital environments. Additionally, supply chain network centrality critically shapes FinTech outcomes: firms occupying central network positions benefit substantially, while peripheral firms may experience adverse effects from FinTech investments. These findings contribute to digital finance literature by uncovering the internal mechanisms and boundary conditions governing the effectiveness of financial technology. Practically, the results suggest that corporate managers should strengthen data infrastructure and optimize supply chain operations alongside FinTech adoption, with particular attention to leveraging FinTech as a tool for operational improvement among less efficient firms. Policymakers should consider extending digital finance support beyond existing pilot zones and promoting supply chain integration as complementary strategies to maximize the developmental benefits of financial technology.