近日，金沙官网叶智强研究员的合作论文被金融学国际顶刊 Journal of Financial Economics(JFE)在线发表，论文合作者是西班牙IESE商学院的Xavier Vives教授。 

   论文摘要：We study how information technology (IT) affects lender competition, entrepreneurs’ investment, and welfare in a spatial model. The effects of an IT improvement depend on whether it weakens the influence of lender– borrower distance on monitoring costs. If it does, it has a hump-shaped effect on entrepreneurs’ investment and social welfare. If not, competition intensity does not vary, improving lender profits, entrepreneurs’ investment, and social welfare. When entrepreneurs’ moral hazard problem is severe, IT-induced competition is more likely to reduce investment and welfare. We also find that lenders’ price discrimination is not welfare-optimal. Our results are consistent with received empirical work on lending to SMEs.

论文链接：https://doi.org/10.1016/j.jfineco.2024.103957

Journal of Financial Economics（金融经济学杂志，简称JFE）是金融学理论与实证研究领域领先的同行评议学术期刊，与Journal of Finance和Review of Financial Studies被公认为全球三大顶级金融期刊。

作者简介：

叶智强，9999js金沙老品牌“百人计划”研究员，博士生导师。2024年博士毕业于西班牙IESE商学院金融系。此前，他分别于2016年和2013年获得中国人民大学硕士学位和西南财经大学学士学位。主要研究领域为金融中介、金融科技、金融市场信息。