We examine the impact of fintech on firm labor demand, job turnover, and firm performance. Occupations with higher exposure to fintech experience a net decline in job postings and employment, though both complementary and substitutive effects emerge across different sectors. Fintech blurs traditional industry boundaries, creating demand for workers with a combination of finance and technology skills. In response, firms upskill through hiring, reallocate talent internally, and pivot innovation to new areas. As a result, firms are better equipped to absorb the shock than individual workers, with innovative firms even experiencing growth in employment, sales, and productivity upon fintech disruption.

中文翻译：

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在金融科技颠覆中幸存下来

我们研究了金融科技对企业劳动力需求、就业流动率和公司绩效的影响。与金融科技接触较多的职业的职位发布和就业人数呈净下降，尽管不同行业同时出现互补和替代效应。金融科技模糊了传统行业的界限，创造了对兼具金融和技术技能的工人的需求。作为回应，公司通过招聘来提高技能，在内部重新分配人才，并将创新转向新领域。因此，公司比单个工人更有能力吸收冲击，创新公司甚至在金融科技颠覆后实现了就业、销售和生产力的增长。