jiang jiatong,a yang Lu B and Yin ZhenTao C

A SCHOOL of International Trade and Economics, University of International Business and Economics

B School of Public Policy & Management, Tsinghua University

C Institute of Finance and Banking, Chinese Academy of Social Sciences

　bet365 live casino games The Interplay BetWeen Financial Technology (Fintech) and Real Economy Firms Has Garneredment Attention. P and MeChanism Between Fintech and Corporate Zombification USING The Data of CHINESE A-SHARE LIRMS In CHINA FOM 2011 TO 2021. The Research Findings Reveal That FinTech Significantly Inchibits Firm Zombification, Andtech Breadth and depth both Play a significant root in restraining firm zombification., On the One Hand, Fintech Reduces Frict in the Financial Market, Inhibition Firm Zombification by Improving Firm Investment Efficience, Especially Allevialing Under-Investment. On the Other Side, FINTECH Indirectly Affects The TechNological Investment, Production, And Operation of firms, TheReby Inchibition Firm Zombification by Increasing Their Total Factor Productivity. Heterogeneity Analysis Suggests that the Inhibital EFF EFF ECT of Fintech on Corporate Zombification is more pronounded for non-state-owned firms and small-sized firms, As Well As a Those in Manufacturing Industries and Highly Competitive Industrial. of FinTech on Firms and Also Offers New Insights for Efficient Governance

　　Keywords: Fintech, zombie firms, Investment Efficience, Total Factor Productivity