How Valuable Is FinTech Innovation?
利用2003至2017年的专利数据，通过机器学习识别金融科技创新并评估其价值，发现区块链等创新对创新者价值巨大，但颠覆性技术对金融行业有负面影响。
We provide large-scale evidence on the occurrence and value of FinTech innovation. Using data on patent filings from 2003 to 2017, we apply machine learning to identify and classify innovations by their underlying technologies. We find that most FinTech innovations yield substantial value to innovators, with blockchain being particularly valuable. For the overall financial sector, internet of things (IoT), robo-advising, and blockchain are the most valuable innovation types. Innovations affect financial industries more negatively when they involve disruptive technologies from nonfinancial startups, but market leaders that invest heavily in their own innovation can avoid much of the negative value effect.ReceivedMay 31, 2017; editorial decision September 30, 2018 by Editor Andrew Karolyi.