Determinants of Performance in Technology-Finance Enterprises: A QCA-Based Analysis

Abstract

Using panel data from Chinese technology-finance enterprises between 2010 and 2020, this study applies Qualitative Comparative Analysis (QCA) to examine how six antecedent conditions-fintech investment, process-optimization construction, technological readiness, debt level, operational capability, and managerial capability-combine in different configurations to influence enterprise performance. The analysis identifies five distinct pathways that lead to high performance, which can be broadly categorized into debt-driven and fintech-investment-driven mechanisms. A comparative investigation of banking and non-banking technology-finance enterprises further highlights substantial heterogeneity in performance-enhancing pathways. Banking enterprises typically achieve superior outcomes through configurations featuring high debt levels coupled with strong managerial capabilities, whereas non-banking enterprises rely more heavily on pathways characterized by intensive fintech investment, enhanced process-optimization construction, and elevated technological readiness.