主讲人：刘春波 西南财经大学金融研究院 副教授
主 题：FinTech Credit, Information Spillover and the Riskiness of Bank Loans
The expansion of FinTech credit could generate new information that helps with banks’ borrower screening. However, the potential migration of good borrowers to FinTech lenders could lead to adverse selection in the bank loan market. We exploit an exogenous entry of Alibaba Micro-Credit Program in 2012 that extends credit only to corporate borrowers in a specific loan market segment. Using difference-in-difference analysis, we show that the bank loan segment exposed to FinTech penetration experiences a significant decline in default rate after the FinTech entry. Consistent with the information spillover hypothesis, the decline in default risk is more pronounced for borrowers for which the FinTech lender has more information advantage. Moreover, we find that banks lower the collateral requirement and increase credit supply in response to FinTech penetration. Our findings suggest that the information spillover from informationally advantageous FinTech lenders expands the bank loan market.
刘春波，西南财经大学金融研究院副教授。于2016年博士毕业于挪威经济学院，研究领域包括公司金融、银行信贷、金融科技、资本市场等。研究成果发表于Journal of Management Accounting Research, Journal of Futures Markets等国际学术期刊，学术论文被NFA、CICF、FMA等国际学术会议接收。