{"title":"The impact of bank fintech on corporate debt default","authors":"Haiming Liu, Jikong Hu","doi":"10.1016/j.pacfin.2024.102462","DOIUrl":null,"url":null,"abstract":"<div><p>This paper investigates the impact of bank fintech on corporate debt default, and the results show that bank fintech can reduce corporate debt default. Specifically, bank fintech can reduce not only the default of debt issued by banks but also the default of debt issued by other creditors, suggesting a spillover effect of bank fintech in reducing firms' debt default. The heterogeneous results indicate that the mitigating effect of bank fintech on debt default is pronounced for small firms, non-state-owned firms, and firms located in regions with a high degree of marketization. The mechanism tests show that bank fintech can reduce corporate debt default through three channels: increasing new corporate borrowing, improving the efficiency of credit resource allocation, and reducing corporate agency costs.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"86 ","pages":"Article 102462"},"PeriodicalIF":4.8000,"publicationDate":"2024-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Pacific-Basin Finance Journal","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0927538X24002130","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
This paper investigates the impact of bank fintech on corporate debt default, and the results show that bank fintech can reduce corporate debt default. Specifically, bank fintech can reduce not only the default of debt issued by banks but also the default of debt issued by other creditors, suggesting a spillover effect of bank fintech in reducing firms' debt default. The heterogeneous results indicate that the mitigating effect of bank fintech on debt default is pronounced for small firms, non-state-owned firms, and firms located in regions with a high degree of marketization. The mechanism tests show that bank fintech can reduce corporate debt default through three channels: increasing new corporate borrowing, improving the efficiency of credit resource allocation, and reducing corporate agency costs.
期刊介绍：
The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.
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