Collateral Effects: The Role of FinTech in Small Business Lending
利用法国行政数据，研究发现小企业获得金融科技贷款后，银行信贷增加13%，且企业用金融科技贷款购买资产后抵押给银行，从而提升总借贷能力。
Abstract This paper investigates the impact of introducing junior unsecured loans (i.e., FinTech loans) into the small business lending market. Using French administrative data, we find that firms experience a 13% increase in bank credit after receiving a FinTech loan. We use propensity score matching procedures and a shift-share instrument to account for credit demand. The credit increase only occurs when FinTech borrowers invest in new assets, and Fintech borrowers are subsequently more likely to pledge collateral to banks. This suggests that firms use FinTech loans to acquire assets that they then pledge to banks, thereby increasing total borrowing capacity.