Collateral Effects: The Role of FinTech in Small Business Lending

• 成果类型: Article
• 署名作者: Beaumont, Paul; Tang, Huan; Vansteenberghe, Eric
• 署名单位: McGill University; University of Pennsylvania; Centre for Economic Policy Research - UK; European Central Bank; Bank of France
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454; 1465-7368
• DOI: 10.1093/rfs/hhaf080
• 发表日期: 2026-07
• 页码: 2064-2114
• 关键词: G21; G23; G30; debt; credit; determinants; constraints; maturity; CHOICE

摘要

This paper investigates the impact of introducing junior unsecured loans (i.e., FinTech loans) into the small business lending market. Using French administrative data, we find that firms experience a 13% increase in bank credit after receiving a FinTech loan. We use propensity score matching procedures and a shift-share instrument to account for credit demand. The credit increase only occurs when FinTech borrowers invest in new assets, and Fintech borrowers are subsequently more likely to pledge collateral to banks. This suggests that firms use FinTech loans to acquire assets that they then pledge to banks, thereby increasing total borrowing capacity.