中文摘要
借款人使用无现金支付提升了其从金融科技贷款机构获得资本的可及性,并预示着更低的违约概率。对于能够提供更精确信息的无现金技术以及对于资金流出而言,这些关系更强。无现金支付的使用与其他借款人质量信号互为补充。我们通过一个理论框架对上述实证发现进行合理解释:在该框架中,借款人通过选择支付技术来传递其挪用现金流可能性更低的信号,而信息互补性进一步增强了筛选的准确性。我们所揭示的信息协同效应为无现金支付与金融科技贷款的共同兴起以及开放银行的发展提供了理论依据。
Abstract
ABSTRACT Borrowers' use of cashless payments improves their access to capital from FinTech lenders and predicts a lower probability of default. These relationships are stronger for cashless technologies providing more precise information, and for outflows. Cashless payment usage complements other signals of borrower quality. We rationalize these empirical findings using a framework in which borrowers signal their lower likelihood of diverting cash flows through payment technology choice, and screening accuracy is further strengthened by informational complementarities. The informational synergy we uncover provides a rationale for the joint rise of cashless payments and FinTech lending, as well as for open banking.