Financial statements vs. FinTech: A discussion of Minnis, Sutherland, and Vetter

IF 5.4 1区管理学 Q1 BUSINESS, FINANCE

Journal of Accounting & Economics Pub Date : 2024-11-01 DOI:10.1016/j.jacceco.2024.101716

Peter Demerjian

引用次数: 0

Abstract

Minnis, Sutherland, and Vetter (MSV) documents a sharp decline in lenders’ collection of attested financial statements (including unqualified audits, reviews, and compilations) over the period 2002 to 2017. They attribute this change to lenders adopting new technology and new non-bank lenders entering the lending market. In this discussion, I explore several dimensions of their findings. First, I provide a framework for usefulness of financial statement information in debt contracting. Using this framework, I consider how financial statements may be useful for the small and medium loans the authors study, and how this role could be disrupted. Second, I consider how financial technology (FinTech) has disrupted traditional lending and potentially changed the role of financial statements. Finally, I consider the implications for this change on the accounting profession.

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财务报表与金融科技：关于 Minnis、Sutherland 和 Vetter 的讨论

Minnis、Sutherland 和 Vetter（MSV）记录了 2002 年至 2017 年期间贷款人收集经证明的财务报表（包括无保留审计、审查和汇编）的情况急剧下降。他们将这一变化归因于贷款人采用新技术和新的非银行贷款人进入贷款市场。在本文的讨论中，我将从几个方面探讨他们的研究结果。首先，我为财务报表信息在债务契约中的有用性提供了一个框架。利用这一框架，我考虑了财务报表如何对作者所研究的中小型贷款有用，以及这一作用如何可能被打破。其次，我考虑了金融科技（FinTech）如何颠覆传统借贷并可能改变财务报表的作用。最后，我考虑了这一变化对会计行业的影响。

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

Journal of Accounting & Economics Multiple-

CiteScore

8.70

自引率

6.80%

发文量

期刊介绍： The Journal of Accounting and Economics encourages the application of economic theory to the explanation of accounting phenomena. It provides a forum for the publication of the highest quality manuscripts which employ economic analyses of accounting problems. A wide range of methodologies and topics are encouraged and covered: * The role of accounting within the firm; * The information content and role of accounting numbers in capital markets; * The role of accounting in financial contracts and in monitoring agency relationships; * The determination of accounting standards; * Government regulation of corporate disclosure and/or the Accounting profession; * The theory of the accounting firm.