Does Fintech Help Enterprises Get Rid of the Real and Turn to the Virtual?—In Light of the Investigation of Listed Entity Enterprises in China from 2012 to 2023

Yueyao Gu

doi:10.54254/2754-1169/2025.BL31878

Article Information

Received: 11 November 2025

Published: 24 February 2026

DOI: https://doi.org/10.54254/2754-1169/2025.BL31878

Article Type: Research Article

Cite this article

Gu,Y. (2026). Does Fintech Help Enterprises Get Rid of the Real and Turn to the Virtual?—In Light of the Investigation of Listed Entity Enterprises in China from 2012 to 2023. Advances in Economics, Management and Political Sciences,255,92-101.

Data availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

Disclaimer/Publisher's Note

The statements, opinions and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of EWA Publishing and/or the editor(s). EWA Publishing and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content.

About this Volume

Volume Title: AEMPS Vol.255

Part of Series: Advances in Economics, Management and Political Sciences

ISSN: 2754-1169 (Print) / 2754-1177 (Online)

Copyright & License

[1]Zhang Dongyuan, Wang Yu. Analysis of the impact mechanism of Fintech on the stability of the real economy [J]. Scientific Management Research, 2025, 43(04): 161-168.

[2]Tan Zhongming, Liu Qian, Li Jie, Bu Ya. Empirical Study on the impact of Fintech on the high-quality development of real economy [J]. Statistics and Decision Making, 2022, 38(06): 139-143.

[3]Wang Hongjian, Cao Qing, Cao Yuqiang. Fintech empowerment and the repair of the real economy -- Based on the impact of the COVID-19 epidemic [J]. Nankai Business Review, 2024, 27(06): 16-26.

[4]Liu Min, Huang Canjie, Fang Jun. The development of Fintech and the "Disenchantment" of Enterprises -- from the perspective of the financialization of manufacturing enterprises [J]. Journal of Shanghai Business School, 2025, 26(02): 31-45.

[5]Chang Qing, Nie Fei, Li Jian. The impact mechanism of Fintech innovation on small and medium-sized manufacturing enterprises from real to virtual: a quasi-natural experimental analysis based on China's pilot policy to promote the integration of science, technology and finance [J]. Science and Technology Management Research, 2025, 45(04): 52-62.

[6]Dai Ying. Research on the impact of Fintech development on the financialization of real enterprises [J]. Market Modernization, 2023(14): 150-152.

[7]Zou Ying, Huang Qiqing, Chen Rui, Zhao Yaxuan. Big data application and the financial dilemma of real enterprises: Based on the dual principal-agent theory [J]. Financial Review, 2023, 15(03): 47-78+125-126.

[8]Li Zhen, Lin Maolin, Zhu Linran. Bank Fintech and enterprise financialization: Based on risk aversion and profit-seeking motivation [J]. The Journal of World Economy, 2023, 46(04): 140-169.

[9]Zhai Jun, Wang Shaohua. Fintech, monetary policy and enterprises' turning from virtual to real [J]. Dongyue Tribune, 2023, 44(03): 159-173.

[10]Liu Xiaohui, Liu Xiguo. Fintech, economic policy uncertainty and enterprise financialization [J]. Investment Research, 2022, 41(12): 41-66.

[11]Zhuang Xudong, Wang Renzeng. Fintech, financial investment motivation of enterprises and the problem of "disenchantment from reality to illusion" -- Empirical Evidence Based on micro data of Chinese enterprises [J]. South China Journal of Economics, 2023(02): 90-109.

[12]Xin Daling. Fintech and enterprises' "disenchantment from reality to emptiness" -- Evidence from China's A-share listed companies [J]. Contemporary Finance & Economics, 2021(07): 65-76.

[13]Wu Fei, Feng Jing, Xiang Hailing. Research on the governance of "Fintech-financial regulation" matching on enterprises from real to virtual [J]. Finance Forum, 2024, 29(08): 3-14.

[14]Zheng Yawen. Application of Fintech and financialization of real enterprises [J]. China Business Theory, 2023(03): 116-119.

[15]Yao Zhenghai, Li Haoze, Yao Peiyi. The Impact of ESG Performance on the Resilience of Enterprise Supply Chains [J]. Journal of Capital University of Economics and Business, 2025, 27(02): 95-112.