Effectiveness of Regulatory Sandboxes in Financial Services: A Systematic Review
系统梳理了15篇同行评审研究和5篇灰色文献，发现监管沙盒最明显的收益是生态系统溢出效应，但企业层面的融资优势在考虑时间差异后大多消失，且整体证据基础较小且以英国为中心。
ABSTRACT Regulatory sandboxes have become increasingly prevalent over the past decade. In this paper we systematically review 15 peer‐reviewed studies and 5 gray literature sources (2016–2025) identified through structured searches of Scopus, Web of Science, and regulatory repositories. Treating effectiveness as contested and multidimensional, we combine existing studies to demonstrate when, how, and for whom sandboxes generate benefits and risks. Three patterns emerge. First, the clearest gains are ecosystem spillovers: once a sector has its first sandbox entrant, funding for non‐participating firms often rises, consistent with signaling and information diffusion. Second, direct firm‐level funding advantages largely fade after accounting for staggered adoption, with positive effects concentrated in smaller firms. Third, system‐level impacts depend on context, varying with supervisory capacity, complementary policies, and wider pro‐innovation reform bundles. Overall, the evidence base is small, UK‐centric, and methodologically heterogeneous, so findings should be read as indicative. We conclude with evaluation implications for regulators.