Venture Capital, Credit, and FinTech Start-Up Formation: A Cross-Country Study
基于国家创新系统框架，研究了53个国家的风险投资和信贷市场如何以不同方式影响金融科技创业，发现风险投资在金融科技创业达到一定规模后才有显著正向作用，且两者存在替代关系。
Growing FinTech entrepreneurship is a recent global phenomenon. Drawing on the national innovation systems framework, we examine how countries’ venture capital (VC) and credit markets differently affect FinTech entrepreneurship across countries. We argue that with their established and globally diffused norms and practices, VC investors—but not banks—require a critical mass of FinTech entrepreneurship in a country to more positively influence FinTech entrepreneurship. Moreover, we argue that VC and credit markets are substitutes, especially in countries with more FinTech entrepreneurship. Using quantile regressions on data from 53 countries, we find support for our hypotheses.