Abstract: Under the traditional credit allocation model, collateral constraints lead to significant fluctuations in enterprise R&D investment, which influence the breakthroughs in their core technologies. Bank financial technology has provided a new paradigm for solving the above-mentioned difficulties by reshaping the traditional logic of credit supply. After verifying the basic conclusion that companies have cross period R&D investments, this study conducts empirical tests to examine the impact of bank fintech on the allocation of cross period R&D resources and breakthroughs in core technologies. The findings show that when a company’s operating income decreases, bank fintech significantly enhances the company’s cross period R&D investment, and this effect is particularly significant in high-tech enterprises. The mechanism analysis reveals that bank financial technology has reconstructed the logic of bank credit supply and pricing by expanding the boundaries of corporate collateral and improving corporate information transparency, thereby enhancing the ability and willingness of enterprises to invest in cross period research and development. Further analysis shows that the promotion effect of bank financial technology on the cross period R&D investment by enterprises is more significant in non-state-owned enterprises, enterprises with lower digital levels, enterprises with better information infrastructure, and enterprises in regions with strong government innovation awareness. The economic consequence analysis shows that bank financial technology can significantly promote the improvement of new quality productivity in enterprises. Based on this, government departments should actively guide banks to fully utilize financial technology, enhance their credit support for the cross period R&D financing of enterprises, bridge the regional digital divide, and consolidate the foundation of the cross period R&D investment for enterprises.

Key words: banking financial technology, cross period R&D investment, credit allocation, core technology breakthroughs