FinTech Credit and Entrepreneurial Growth
利用阿里巴巴平台上的自动信贷额度与信用决策算法的不连续性，研究发现金融科技信贷能促进卖家的销售增长、交易增长和客户满意度，尤其对信息不对称程度高、抵押品少的卖家效果更显著。
ABSTRACT Based on automated credit lines to vendors trading on Alibaba's online retail platform and a discontinuity in the credit decision algorithm, we document that a vendor's access to FinTech credit boosts its sales growth, transaction growth, and the level of customer satisfaction gauged by product, service, and consignment ratings. These effects are more pronounced for vendors characterized by greater information asymmetry about their credit risk and less collateral, which reveals the information advantage of FinTech credit over traditional credit technology.