Fintech Borrowers: Lax Screening or Cream-Skimming?
利用个人层面数据，研究发现金融科技放贷人先向高风险借款人放贷以获取市场份额，随后转向安全借款人；其借款人违约率显著高于传统机构同类借款人，且债务增长更快，但放贷人定价策略可能已考虑此风险。
Abstract We study the personal credit market using unique individual-level data covering fintech and traditional lenders. We show that fintech lenders acquire market share by lending first to higher-risk borrowers and then to safer borrowers, and rely mainly on hard information to make credit decisions. Fintech borrowers are significantly more likely to default than neighbor individuals with the same characteristics borrowing from traditional financial institutions. Furthermore, they tend to experience a short-lived reduction in the cost of credit, because their indebtedness increases more than non-fintech borrowers after loan origination. However, fintech lenders’ pricing strategies are likely to take this into account.