“先买后付”的经济学：一个商人的观点

IF 10.4 1区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Economics Pub Date : 2025-05-26 DOI:10.1016/j.jfineco.2025.104093

Tobias Berg , Valentin Burg , Jan Keil , Manju Puri

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引用次数: 0

摘要

“先买后付”（BNPL）是消费者支付领域的一项关键创新。它将产品销售与补贴贷款捆绑在一起，有效地为低信用客户提供更低的价格。因此，BNPL允许商家在具有不同支付意愿的客户之间进行价格歧视。与价格歧视机制一致，我们表明BNPL在低信誉客户和市场力量较大的产品的推动下增加了20%的销售额。我们发现，提供BNPL的好处大大超过了商家的成本。我们的发现有助于解释BNPL在全球电子商务中的普及。

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The economics of “Buy Now, Pay Later”: A merchant’s perspective

“Buy Now, Pay Later” (BNPL) is a key innovation in consumer payments. It bundles the sale of a product with a subsidized loan, effectively offering lower prices to low-creditworthiness customers. BNPL thereby allows merchants to price-discriminate among customers with different willingness-to-pay. Consistent with a price-discrimination mechanism, we show that BNPL increases sales by 20%, driven by low-creditworthiness customers and products where market power is larger. We find that the benefits of offering BNPL significantly outweigh the costs for the merchant. Our findings help to explain the surge in popularity of BNPL in e-commerce around the world.

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来源期刊

Journal of Financial Economics Multiple-

CiteScore

15.80

自引率

4.50%

发文量

192

审稿时长

37 days

期刊介绍： The Journal of Financial Economics provides a specialized forum for the publication of research in the area of financial economics and the theory of the firm, placing primary emphasis on the highest quality analytical, empirical, and clinical contributions in the following major areas: capital markets, financial institutions, corporate finance, corporate governance, and the economics of organizations.