近日，金沙官网叶智强研究员与西班牙IESE商学院Xavier Vives教授合作的论文《Fintech entry, lending market competition, and welfare》在国际金融学顶级期刊Journal of Financial Economics（JFE）在线发表。这是继双方合作的另一篇金融科技领域论文《Information technology and lender competition》2025年1月在JFE正式发表后，叶智强研究员在金融科技研究领域的又一重要成果。

论文标题：Fintech entry, lending market competition, and welfare

摘要：We provide a spatial framework to study competition between banks and fintechs in the lending market and examine the impact on investment and welfare. Based on the key differences between banks and fintechs, we derive results consistent with the empirical evidence available. We find that fintechs with inferior monitoring efficiency can successfully enter because of their superior flexibility in pricing and that higher bank concentration leads to higher fintech loan volume. If fintechs and banks have similar funding costs, fintech borrowers pay lower loan rates and have higher default rates than bank borrowers with similar characteristics; however, the result will flip if fintechs have much higher funding costs than banks. The advantage of fintechs in offering convenience can also induce them to charge higher loan rates than banks. Fintech entry will improve welfare if fintechs have high monitoring efficiency and inter-fintech competition intensity is intermediate. Fintech entry may induce banks’ exit and reduce investment; however, it will increase investment if inter-fintech competition is intense enough.

关键词：Digital technology; Monitoring; Credit; Artificial intelligence; Big data; Price discrimination

论文链接：https://doi.org/10.1016/j.jfineco.2025.104040

期刊简介：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。