监管沙盒和金融科技融资:来自英国的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Review of Finance Pub Date : 2023-04-24 DOI:10.1093/rof/rfad017

G Cornelli, S Doerr, L Gambacorta, O Merrouche

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引用次数: 0

摘要

50多个国家引入了监管沙盒来促进金融创新。本文首次评估了它们改善金融科技公司获得资本的能力及其实际效果。利用英国沙盒的交错引入，我们确定进入沙盒的公司在进入后筹集的资金增加了15%。他们筹集资金的可能性增加了50%。进入沙盒对存活率和专利申请也有显著的积极影响。通过对这一机制的调查，我们提出了与降低信息不对称和监管成本相一致的证据。

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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Regulatory Sandboxes and Fintech Funding: Evidence from the UK

Abstract Over fifty countries have introduced regulatory sandboxes to foster financial innovation. This article conducts the first evaluation of their ability to improve fintechs’ access to capital and attendant real effects. Exploiting the staggered introduction of the UK sandbox, we establish that firms entering the sandbox see an increase of 15% in capital raised post-entry. Their probability of raising capital increases by 50%. Sandbox entry also has a significant positive effect on survival rates and patenting. Investigating the mechanism, we present evidence consistent with lower asymmetric information and regulatory costs.

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来源期刊

Review of Finance Multiple-

CiteScore

7.80

自引率

2.30%

发文量

期刊介绍： The Review of Finance, the official journal of the European Finance Association, aims at a wide circulation and visibility in the finance profession. The journal publishes high-quality papers in all areas of financial economics, both established and newly developing fields: • •Asset pricing •Corporate finance •Banking and market microstructure •Law and finance •Behavioral finance •Experimental finance Review of Finance occasionally publishes special issues on timely topics, including selected papers presented at the meetings of the European Finance Association or at other selected conferences in the field.