The Rise of Finance Companies and FinTech Lenders in Small Business Lending
研究发现2008年金融危机后，金融公司和金融科技贷款机构增加了对小企业的贷款，主要替代了银行信贷的减少，且对就业、工资和新企业创建无负面影响，表明它们在危机复苏中发挥了重要作用。
Abstract We document that finance companies and FinTech lenders increased lending to small businesses after the 2008 financial crisis. We show that most of the increase substituted for a reduction in bank lending. In counties in which banks had a larger market share before the crisis, finance companies and FinTech lenders increased their lending more. We find no effect of reduced bank lending on employment, wages, and new business creation by 2016. Our results suggest that finance companies and FinTech lenders are major suppliers of credit to small businesses and played an important role in the recovery from the 2008 financial crisis. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online