FinTech and Corporate Digital Transformation——Structural Characteristics, Channel Mechanisms, and Policy Optimization in a Triple Helix System

As an emerging industry that integrates advanced digital technologies with finance in the era of the digital economy, FinTech effectively facilitates the transformation and upgrading of the real economy. This paper utilizes data from A-share mainboard companies in Shanghai and Shenzhen from 2011 to 2021 to explore the impact mechanism between FinTech and corporate digital transformation. The results indicate that FinTech empowers and accelerates corporate digital transformation and upgrading. Specifically, FinTech breaks through geographical and spatial constraints, creating spillover and synergistic effects that positively impact corporate digital transformation. Heterogeneity tests reveal that FinTech can correct "attribute mismatch" "field mismatch" and "stage mismatch" in financial services to the real economy, thereby better facilitating the acceleration of corporate digital transformation. From the perspective of channel mechanisms, the driving effect of FinTech on digital transformation is mainly realized through optimizing information asymmetry, alleviating financial distress, and enhancing risk management capabilities. Notably, a sound policy system and supporting tools are essential guarantees for fully unleashing the potential of FinTech. Under the "Finance-Openness-Technology" policy framework, FinTech can exert a greater driving force for digital transformation. The conclusions of this study provide empirical evidence and policy insights for optimizing FinTech development, promoting corporate digital transformation, and enhancing the policy toolbox.