Based on the 2015-2019 data of high-tech companies listed in Shanghai and Shenzhen A stock market, this paper empirically examines the causes and solutions of high debt-financing costs for high-tech enterprises. The results show that the cost of debt financing would be higher if high-tech enterprises have a higher proportion of intangible assets and face a more severe problem of information asymmetry. Fintech could significantly reduce the cost of debt financing for high-tech enterprises

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... alleviating internal and external financing constraints, this effect would vary with different natures, economic environment, growth rates and company sizes. These conclusions provide empirical evidence and new ideas for the interpretation improvement of the high financing cost of high-tech enterprises.