Fintech, information heterogeneity, and the regional distribution effects of corporate financing constraints

IF 4.2 2区经济学 Q1 ECONOMICS

Economic Modelling Pub Date : 2024-05-24 DOI:10.1016/j.econmod.2024.106777

Yao Lu , Lu Li , Huanqi Zhan , Minghua Zhan

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引用次数: 0

Abstract

Considering the transformative impact of Fintech on financial structures, this paper examines Fintech's role in promoting equitable development in developing countries from the lens of credit constraints. While existing research acknowledges that Fintech reduces information asymmetry and thereby alleviates financing constraints, it overlooks the varied impacts on different types of information. This study categorizes information into two types: standardized information that can be codified and non-standardized information that requires “tacit understanding.” Using bank-enterprise relationship data in China from 2010 to 2021, we find that Fintech acts as a “double-edged sword.” It enhances banks' abilities to access standardized information, mitigating financing constraints in less developed areas, but also weakens their capability to process non-standardized information, potentially undermining these benefits. Additionally, the impact of Fintech varies depending on company size and ownership. Our study also shows that refinancing policies are more effective than fiscal subsidies in overcoming the limitations of Fintech.

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金融科技、信息异质性和企业融资约束的地区分布效应

考虑到金融科技对金融结构的变革性影响，本文从信贷约束的角度探讨了金融科技在促进发展中国家公平发展方面的作用。虽然现有研究承认金融科技减少了信息不对称，从而缓解了融资约束，但却忽视了其对不同类型信息的不同影响。本研究将信息分为两类：可以编码的标准化信息和需要 "默契 "的非标准化信息。利用 2010 年至 2021 年中国的银企关系数据，我们发现金融科技是一把 "双刃剑"。它增强了银行获取标准化信息的能力，缓解了欠发达地区的融资限制，但同时也削弱了银行处理非标准化信息的能力，可能会削弱这些优势。此外，金融科技的影响因公司规模和所有权而异。我们的研究还表明，在克服金融科技的局限性方面，再融资政策比财政补贴更有效。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Economic Modelling ECONOMICS-

CiteScore

8.00

自引率

10.60%

发文量

295

期刊介绍： Economic Modelling fills a major gap in the economics literature, providing a single source of both theoretical and applied papers on economic modelling. The journal prime objective is to provide an international review of the state-of-the-art in economic modelling. Economic Modelling publishes the complete versions of many large-scale models of industrially advanced economies which have been developed for policy analysis. Examples are the Bank of England Model and the US Federal Reserve Board Model which had hitherto been unpublished. As individual models are revised and updated, the journal publishes subsequent papers dealing with these revisions, so keeping its readers as up to date as possible.