Could Bank Fintech Development Reduce Firms'Credit Default Risk?
How bank Fintech could enhance the efficiency of traditional financial services to entities better and reduce systemic financial risks is the focus of attention of all parties.This paper uses the combined data of the patent application of Chinese commercial banks from 2010 to 2021,as well as the data of firms'bank loan data,to calculate a bank Fintech index,and analyzes the impact of bank Fintech development on the firm's debt default risk of enterprises.It is found that,first,bank Fintech can significantly reduce the risk of firms'debt default.Second,from the perspective of impact mechanism,on the capital demand side,bank Fintech can improve the financial quality of enterprises;on the capital supply side,banks'information screening capacity will be enhanced through information sharing mechanism.Heterogeneity analysis shows that for the smaller banks and the banks other than six largest state-owned banks,the effect of bank Fintech on debt default reduction is more significant,while the effect on growth enterprises is relatively weak.Further analysis shows that bank Fintech can significantly improve the operating profit margin of enterprises,reduce operating risks,enhance the efficiency of investment and financing of enterprises,and effectively solve the negative impact of disorderly competition among banks.The conclusion of this paper expands the empirical evidence of information asymmetry,financial mismatching and corporate debt default theories,and has important practical significance on promoting financial services to better serve real enterprises and reduce credit default risk under the new banking mode.
bank Fintechcorporate credit default riskfinancial qualityinformation sharing
NETL
NSTL
万方数据
