The effect of fintech financing on firm performance: Evidence from emerging economies
研究了金融科技融资对新兴经济体受融资约束企业绩效的影响，发现依赖外部融资的企业在金融科技资金更多的国家表现更好，且P2P借贷和众筹的作用强于表内贷款。
This paper rigorously examines the relationship between fintech financing and the financial and real performance of financially constrained firms in emerging countries. Using data from 45,770 firms across 20 countries for 2012–2020, we find that the performance of external-finance dependent firms is disproportionately higher when they operate in countries that receive more fintech funds. A host of robustness tests confirm our main finding. We further find that: (i) P2P lending and crowdfunding have greater implications on firm performance than balance sheet lending (ii) the relationship is particularly strong in young firms, and financially developed emerging countries with deeper disclosure of credit information, and (iii) specifically, in countries with greater banking penetration, there is evidence of a substitution effect between bank lending and fintech. Additionally, fintech finance increases capital investment, lowers borrowing costs, and boosts total factor productivity (TFP) to improve firm performance.