Abstract:Based on the Baidu search data of 365 Chinese prefecture⁃level cities,this paper searches frequency of fintech keywords by Python and build Fintech Index of China′s regional cities from 2011 to 2018 by Factor Analysis. And then,it tests the promoting effect of fintech on the real economy and the path of its effect on the real economy by multiple regression analysis and cross⁃level mediating effect model. Results show thatfintech plays an important role in promoting the real econo⁃ my,but there exists regional and industrial heterogeneity. Fintech boosts the development of the real economy by easing fi⁃ nancing constraints and improvingtherealeconomy′s investment efficiency.

Keywords: fintech; real economy; financing constraint; investment efficiency; multiple mediation models