FinTech Credit and Entrepreneurial Growth

• 成果类型: Article
• 署名作者: Hau, Harald; Huang, Yi; Lin, Chen; Shan, Hongzhe; Sheng, Zixia; Wei, Lai
• 署名单位: University of Geneva; Swiss Finance Institute (SFI); Fudan University; University of Hong Kong; Lingnan University
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.13384
• 发表日期: 2024
• 关键词: regression discontinuity designs; COMPETITION; determinants; manipulation; CONTRACTS; PRIVATE; MARKETS; finance; banks; lines

摘要

Based on automated credit lines to vendors trading on Alibaba's online retail platform and a discontinuity in the credit decision algorithm, we document that a vendor's access to FinTech credit boosts its sales growth, transaction growth, and the level of customer satisfaction gauged by product, service, and consignment ratings. These effects are more pronounced for vendors characterized by greater information asymmetry about their credit risk and less collateral, which reveals the information advantage of FinTech credit over traditional credit technology.