{"id":"https://openalex.org/W7225826360","doi":"https://doi.org/10.1186/s40854-026-00973-2","title":"The investment attraction effect of financial technology: evidence from China","display_name":"The investment attraction effect of financial technology: evidence from China","publication_year":2026,"publication_date":"2026-11-11","ids":{"openalex":"https://openalex.org/W7225826360","doi":"https://doi.org/10.1186/s40854-026-00973-2"},"language":"en","primary_location":{"id":"doi:10.1186/s40854-026-00973-2","doi":"https://doi.org/10.1186/s40854-026-00973-2","is_oa":true,"landing_page_url":"https://doi.org/10.1186/s40854-026-00973-2","pdf_url":null,"source":{"id":"https://openalex.org/S3034727917","display_name":"Financial Innovation","issn_l":"2199-4730","issn":["2199-4730"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","doaj","jufo-1","ki-jl-1","norway-1","poland-40","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310319965","host_organization_name":"Springer Nature","host_organization_lineage":["https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Nature"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Innovation","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://doi.org/10.1186/s40854-026-00973-2","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5101812994","display_name":"Fanghua Li","orcid":"https://orcid.org/0000-0003-3183-9995","observed_orcids":["https://orcid.org/0000-0003-3183-9995"]},"institutions":[{"id":"https://openalex.org/I24185976","display_name":"Sichuan University","ror":"https://ror.org/011ashp19","country_code":"CN","type":"education","lineage":["https://openalex.org/I24185976"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Fanghua Li","raw_affiliation_strings":["Business School, Sichuan University, Chengdu, Sichuan, 610065, China"],"raw_orcid":"https://orcid.org/0000-0003-3183-9995","affiliations":[{"raw_affiliation_string":"Business School, Sichuan University, Chengdu, Sichuan, 610065, China","institution_ids":["https://openalex.org/I24185976"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5045270056","display_name":"Haiyue Liu","orcid":"https://orcid.org/0009-0001-0305-5096","observed_orcids":["https://orcid.org/0009-0001-0305-5096"]},"institutions":[{"id":"https://openalex.org/I24185976","display_name":"Sichuan University","ror":"https://ror.org/011ashp19","country_code":"CN","type":"education","lineage":["https://openalex.org/I24185976"]}],"countries":["CN"],"is_corresponding":true,"raw_author_name":"Haiyue Liu","raw_affiliation_strings":["Business School, Sichuan University, Chengdu, Sichuan, 610065, China"],"raw_orcid":"https://orcid.org/0009-0001-0305-5096","affiliations":[{"raw_affiliation_string":"Business School, Sichuan University, Chengdu, Sichuan, 610065, China","institution_ids":["https://openalex.org/I24185976"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5065155842","display_name":"Dungang Zang","orcid":"https://orcid.org/0000-0003-1965-316X","observed_orcids":["https://orcid.org/0000-0003-1965-316X"]},"institutions":[{"id":"https://openalex.org/I37574244","display_name":"Sichuan Agricultural University","ror":"https://ror.org/0388c3403","country_code":"CN","type":"education","lineage":["https://openalex.org/I37574244"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Dungang Zang","raw_affiliation_strings":["College of Economics, Sichuan Agricultural University, Chengdu, Sichuan, 611130, China"],"raw_orcid":"https://orcid.org/0000-0003-1965-316X","affiliations":[{"raw_affiliation_string":"College of Economics, Sichuan Agricultural University, Chengdu, Sichuan, 611130, China","institution_ids":["https://openalex.org/I37574244"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5058240633","display_name":"Qianling Shen","orcid":"https://orcid.org/0000-0001-6822-8130","observed_orcids":["https://orcid.org/0000-0001-6822-8130"]},"institutions":[{"id":"https://openalex.org/I37574244","display_name":"Sichuan Agricultural University","ror":"https://ror.org/0388c3403","country_code":"CN","type":"education","lineage":["https://openalex.org/I37574244"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Qianling Shen","raw_affiliation_strings":["College of Economics, Sichuan Agricultural University, Chengdu, Sichuan, 611130, China"],"raw_orcid":"https://orcid.org/0000-0001-6822-8130","affiliations":[{"raw_affiliation_string":"College of Economics, Sichuan Agricultural University, Chengdu, Sichuan, 611130, China","institution_ids":["https://openalex.org/I37574244"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5045270056"],"corresponding_institution_ids":["https://openalex.org/I24185976"],"apc_list":{"value":0,"currency":"USD","value_usd":0},"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"12","issue":"1","first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.9794999957084656,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.9794999957084656,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13346","display_name":"Digital Transformation in Financial Services","score":0.00860000029206276,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11014","display_name":"Agglomeration and Urban Systems","score":0.004699999932199717,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[],"concepts":[{"id":"https://openalex.org/C2778364177","wikidata":"https://www.wikidata.org/wiki/Q2247133","display_name":"Attraction","level":2,"score":0.8521999716758728},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.753600001335144},{"id":"https://openalex.org/C191935318","wikidata":"https://www.wikidata.org/wiki/Q148","display_name":"China","level":2,"score":0.6028000116348267},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5378999710083008},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.5065000057220459},{"id":"https://openalex.org/C2778571376","wikidata":"https://www.wikidata.org/wiki/Q1355821","display_name":"Frontier","level":2,"score":0.45339998602867126},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.3763999938964844},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.35569998621940613},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.3239000141620636},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.31679999828338623},{"id":"https://openalex.org/C2164484","wikidata":"https://www.wikidata.org/wiki/Q5170150","display_name":"Core (optical fiber)","level":2,"score":0.296099990606308},{"id":"https://openalex.org/C103144560","wikidata":"https://www.wikidata.org/wiki/Q2670999","display_name":"Investment strategy","level":3,"score":0.2955000102519989},{"id":"https://openalex.org/C2776943663","wikidata":"https://www.wikidata.org/wiki/Q165687","display_name":"Human capital","level":2,"score":0.2921000123023987},{"id":"https://openalex.org/C89611455","wikidata":"https://www.wikidata.org/wiki/Q6804646","display_name":"Mechanism (biology)","level":2,"score":0.28940001130104065},{"id":"https://openalex.org/C169549615","wikidata":"https://www.wikidata.org/wiki/Q939134","display_name":"Return on investment","level":3,"score":0.2879999876022339},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.27810001373291016},{"id":"https://openalex.org/C2985722716","wikidata":"https://www.wikidata.org/wiki/Q4290","display_name":"Capital investment","level":2,"score":0.2759000062942505},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.2741999924182892},{"id":"https://openalex.org/C2778661386","wikidata":"https://www.wikidata.org/wiki/Q5035708","display_name":"Capital market imperfections","level":3,"score":0.27079999446868896},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.25589999556541443},{"id":"https://openalex.org/C181308471","wikidata":"https://www.wikidata.org/wiki/Q25245118","display_name":"Open-ended investment company","level":4,"score":0.2538999915122986}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1186/s40854-026-00973-2","doi":"https://doi.org/10.1186/s40854-026-00973-2","is_oa":true,"landing_page_url":"https://doi.org/10.1186/s40854-026-00973-2","pdf_url":null,"source":{"id":"https://openalex.org/S3034727917","display_name":"Financial Innovation","issn_l":"2199-4730","issn":["2199-4730"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","doaj","jufo-1","ki-jl-1","norway-1","poland-40","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310319965","host_organization_name":"Springer Nature","host_organization_lineage":["https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Nature"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Innovation","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.1186/s40854-026-00973-2","doi":"https://doi.org/10.1186/s40854-026-00973-2","is_oa":true,"landing_page_url":"https://doi.org/10.1186/s40854-026-00973-2","pdf_url":null,"source":{"id":"https://openalex.org/S3034727917","display_name":"Financial Innovation","issn_l":"2199-4730","issn":["2199-4730"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","doaj","jufo-1","ki-jl-1","norway-1","poland-40","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310319965","host_organization_name":"Springer Nature","host_organization_lineage":["https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Nature"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Financial Innovation","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":87,"referenced_works":["https://openalex.org/W1576166402","https://openalex.org/W1979132028","https://openalex.org/W2005355533","https://openalex.org/W2035921494","https://openalex.org/W2093421562","https://openalex.org/W2134633005","https://openalex.org/W2146142289","https://openalex.org/W2155694514","https://openalex.org/W2158454654","https://openalex.org/W2168474578","https://openalex.org/W2178828635","https://openalex.org/W2549365450","https://openalex.org/W2583919289","https://openalex.org/W2603785580","https://openalex.org/W2739050137","https://openalex.org/W2762041969","https://openalex.org/W2770743945","https://openalex.org/W2772606513","https://openalex.org/W2794962887","https://openalex.org/W2933605307","https://openalex.org/W2943908192","https://openalex.org/W2954859004","https://openalex.org/W2969796370","https://openalex.org/W2994745202","https://openalex.org/W3021074122","https://openalex.org/W3034748598","https://openalex.org/W3036791764","https://openalex.org/W3097353091","https://openalex.org/W3099834569","https://openalex.org/W3121370091","https://openalex.org/W3121658499","https://openalex.org/W3121904425","https://openalex.org/W3122090684","https://openalex.org/W3122843122","https://openalex.org/W3124376267","https://openalex.org/W3124948273","https://openalex.org/W3125822881","https://openalex.org/W3171594084","https://openalex.org/W3212176081","https://openalex.org/W3212199584","https://openalex.org/W4200634370","https://openalex.org/W4210300577","https://openalex.org/W4221116453","https://openalex.org/W4226507026","https://openalex.org/W4252846263","https://openalex.org/W4290931391","https://openalex.org/W4293096489","https://openalex.org/W4307488636","https://openalex.org/W4308882104","https://openalex.org/W4323035421","https://openalex.org/W4323656063","https://openalex.org/W4327904947","https://openalex.org/W4376109614","https://openalex.org/W4381376938","https://openalex.org/W4388962306","https://openalex.org/W4389060466","https://openalex.org/W4390569843","https://openalex.org/W4400224393","https://openalex.org/W4401689514","https://openalex.org/W4401973176","https://openalex.org/W4404322813","https://openalex.org/W4405972181","https://openalex.org/W4407049400","https://openalex.org/W4409092408","https://openalex.org/W4409576977","https://openalex.org/W4411919701","https://openalex.org/W4411991774","https://openalex.org/W4412453008","https://openalex.org/W4412684796","https://openalex.org/W4412720163","https://openalex.org/W4413292143","https://openalex.org/W4413444696","https://openalex.org/W4413776663","https://openalex.org/W4413843577","https://openalex.org/W4414032256","https://openalex.org/W4414445750","https://openalex.org/W4414825030","https://openalex.org/W4415218688","https://openalex.org/W4415785691","https://openalex.org/W4415799689","https://openalex.org/W4416199405","https://openalex.org/W4416814132","https://openalex.org/W7127922785","https://openalex.org/W7131265097","https://openalex.org/W7138838490","https://openalex.org/W7148642597","https://openalex.org/W7161772387"],"related_works":[],"abstract_inverted_index":{"Frontier":[0],"technologies,":[1],"such":[2],"as":[3,137],"artificial":[4],"intelligence,":[5],"when":[6,111],"deeply":[7],"integrated":[8],"with":[9],"traditional":[10],"finance,":[11],"give":[12],"rise":[13],"to":[14,70,165],"financial":[15],"technology":[16],"(Fintech),":[17],"which":[18,65],"continuously":[19],"influences":[20],"cross-regional":[21,37,168],"capital":[22],"flows.":[23],"We":[24],"examine":[25],"the":[26,46,102,112,134,138,143,148,153,161,166],"development":[27],"of":[28,51,106,123,159,163],"Fintech":[29,52,58,77,107,164,178],"in":[30,133],"Chinese":[31],"prefecture-level":[32],"cities,":[33],"using":[34],"data":[35],"on":[36],"investments":[38],"by":[39,82],"A-share":[40],"listed":[41],"firms,":[42,183],"and":[43,49,86,95,130],"empirically":[44],"analyze":[45],"attraction":[47,63,104,162],"effect":[48,105],"mechanisms":[50],"development.":[53],"The":[54],"results":[55],"indicate":[56],"that":[57,76,101,176],"has":[59,119,155],"a":[60,116,120,156],"significant":[61,110],"investment":[62,81,103,113,149,169,180],"effect,":[64],"can":[66],"attract":[67],"nonlocal":[68,79,182],"firms":[69],"invest":[71],"locally.":[72],"Mechanism":[73],"tests":[74],"show":[75],"attracts":[78,179],"firms\u2019":[80,84,139,188],"reducing":[83],"financing":[85],"business":[87],"costs,":[88],"while":[89],"also":[90,192],"improving":[91],"cities\u2019":[92],"innovation":[93],"levels":[94],"entrepreneurial":[96],"vitality.":[97],"Heterogeneity":[98],"analysis":[99,174],"reveals":[100],"is":[108,115,131,146,170],"more":[109],"destination":[114],"core":[117],"city,":[118],"high":[121],"level":[122,158],"human":[124],"capital,":[125],"possesses":[126],"high-speed":[127],"rail":[128],"connections,":[129],"located":[132],"same":[135],"province":[136],"registration.":[140],"Additionally,":[141],"if":[142,152],"firm\u2019s":[144,167],"CEO":[145],"from":[147,181],"destination,":[150],"or":[151],"firm":[154],"higher":[157],"diversification,":[160],"significantly":[171],"enhanced.":[172],"Further":[173],"demonstrates":[175],"after":[177],"it":[184],"not":[185],"only":[186],"enhances":[187],"market":[189],"value":[190],"but":[191],"promotes":[193],"income":[194],"growth":[195],"for":[196],"local":[197],"residents.":[198]},"counts_by_year":[],"updated_date":"2026-11-12T12:28:57.059296","created_date":"2026-11-12T00:00:00"}
