Can Bank Regulatory Technology (RegTech) Boost Corporate Investment Efficiency? Evidence From Matched Bank–Firm Loan Data

IF 2.7 3区经济学 Q2 ECONOMICS

Managerial and Decision Economics Pub Date : 2025-05-07 DOI:10.1002/mde.4552

Yawen Li, Yufei Xia, Huiyi Shi, Na Li, Zhengxu Shi

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引用次数: 0

Abstract

Banks are dedicated to serving the real economy. In recent years, regulatory technology (RegTech) has served as a prime focus in the banking sector and may further spillover to external parties. This paper aims to investigate whether bank RegTech enhances corporate investment efficiency (CIE) through its influence on lending activities. Using novel matched bank–firm loan data from 2013 to 2023, we empirically demonstrate that bank RegTech improves CIE. A 1% rise in the standard deviation of bank RegTech corresponds to a maximum of approximately 18.13% improvement in average CIE. Specifically, bank RegTech enhances CIE by mitigating financing constraints, strengthening governance capabilities, and reducing operational risks. The beneficial effects of bank RegTech on CIE are further amplified by information transparency and media coverage, while industry competition weakens this effect. The impact of bank RegTech on CIE exhibits heterogeneous characteristics, varying with different dimensions of bank RegTech and firm-level characteristics. Our results still hold after alleviating endogeneity concerns and performing robustness checks. Furthermore, we find that improvements in CIE enhance firm performance, stimulate innovation, and promote job creation.

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银行监管科技（RegTech）能提高企业投资效率吗？来自匹配的银行-公司贷款数据的证据

银行致力于为实体经济服务。近年来，监管技术（RegTech）已成为银行业的主要焦点，并可能进一步溢出到外部各方。本文旨在探讨银行监管技术是否通过其对贷款活动的影响来提高企业投资效率（CIE）。使用2013年至2023年的新型匹配银行-公司贷款数据，我们实证证明银行监管技术改善了CIE。银行监管技术的标准偏差上升1%，相当于平均CIE的最大改善约为18.13%。具体而言，银行监管技术通过缓解融资约束、加强治理能力和降低操作风险来增强CIE。信息透明和媒体报道进一步放大了银行监管技术对CIE的有利影响，而行业竞争则削弱了这种影响。银行监管科技对CIE的影响呈现异质性特征，随银行监管科技维度和企业层面特征的不同而变化。我们的结果在缓解内生性问题和执行鲁棒性检查后仍然成立。此外，我们发现CIE的改善提高了企业绩效，刺激了创新，并促进了就业的创造。

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

Managerial and Decision Economics Multiple-

CiteScore

1.40

自引率

18.20%

发文量

242

期刊介绍： Managerial and Decision Economics will publish articles applying economic reasoning to managerial decision-making and management strategy.Management strategy concerns practical decisions that managers face about how to compete, how to succeed, and how to organize to achieve their goals. Economic thinking and analysis provides a critical foundation for strategic decision-making across a variety of dimensions. For example, economic insights may help in determining which activities to outsource and which to perfom internally. They can help unravel questions regarding what drives performance differences among firms and what allows these differences to persist. They can contribute to an appreciation of how industries, organizations, and capabilities evolve.