The “Halo” of Financial Innovation: Financial Technology and Total Factor Productivity Growth in Chinese Energy Companies

ABSTRACT This paper examines how financial technology (Fintech) development affects the total factor productivity (TFP) of energy companies in China using panel data from 2010 to 2022. The results show that Fintech significantly improves corporate TFP. Mechanism analyses indicate that Fintech enhances productivity by easing financing constraints, increasing policy support such as financial subsidies and tax incentives, and promoting R&D‐oriented innovation investment. The effect is stronger for mature firms and non–state‐owned enterprises, reflecting clear heterogeneity across firms. In addition, regional marketization and attention to the digital economy serve as important external moderators that reinforce the influence of Fintech on TFP. These findings deepen the understanding of digital financial innovation in the energy industry and provide new evidence on how Fintech contributes to high‐quality and low‐carbon development.