Fintech, Information Heterogeneity, and the Regional Distribution Effects of Corporate Financing Constraints
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Our research titled "FinTech, Information Heterogeneity, and the Regional Distribution Effects of Corporate Financing Constraints" explores the dual role of Fintech in China's banking sector from 2010 to 2021. We utilize bank-enterprise relationship data to demonstrate how Fintech serves as a "double-edged sword." While it improves banks' ability to access standardized information, thereby easing financing constraints in less developed regions, it simultaneously hampers their capacity to handle non-standardized information, which could negate these benefits. The datasets used in this study include:Enterprise characteristic data, primarily from the Wind database, covering 2,514 non-financial A-share listed companies in central and western China.Per-loan data, sourced from the CSMAR database, featuring approximately 130,000 loan entries. Fintech data of banks, mainly from the "Peking University Chinese Commercial Bank Digital Transformation Index" (Xie and Wang, 2022), which includes digital transformation data for 221 Chinese banks. The study covers the period from 2010 to 2021. It is important to note that the primary dataset is sourced from the CSMAR database, containing bank loan information to listed companies. This is a paid resource, typically accessed through institutional subscriptions. For the Fintech data, we used the "Index of Digital Transformation of Chinese Commercial Banks" published by Peking University (Xie & Wang, 2022). Access to this dataset requires direct communication with Peking University's research team. Due to copyright and data privacy concerns, specific names of listed companies or their stock codes have not been disclosed. These details have been omitted from the data files in compliance with relevant laws and regulations. Finally, according to the Readme file and the provided code, the results presented in this paper can be replicated.
本研究题为《金融科技(FinTech)、信息异质性与企业融资约束的区域分布效应》，聚焦2010至2021年中国银行业领域金融科技的双重作用。 我们借助银企关联数据，论证金融科技实为一把“双刃剑”：一方面，其提升了银行获取标准化信息的能力，从而缓解欠发达地区的企业融资约束；另一方面，却同时削弱了银行处理非标准化信息的能力，这可能抵消前述利好。 本研究使用的数据集包括： 1. 企业特征数据：主要来自万得(Wind)数据库，涵盖中国中西部地区2514家非金融A股上市公司。 2. 单笔贷款数据：源自国泰安(CSMAR)数据库，包含约13万条贷款记录。 3. 银行金融科技数据：主要来自《北京大学中国商业银行数字化转型指数》(谢与王，2022)，该数据集覆盖221家中国商业银行的数字化转型相关数据。 本研究的时间跨度为2010至2021年。 需要说明的是，本研究的核心数据集源自国泰安(CSMAR)数据库，包含银行向上市公司发放的贷款信息。该资源为付费数据库，通常需通过机构订阅获取。 关于金融科技相关数据，我们采用了北京大学发布的《中国商业银行数字化转型指数》(谢与王，2022)。获取该数据集需直接与北京大学研究团队联系。 出于版权与数据隐私考量，本研究未披露具体上市公司名称及其股票代码。根据相关法律法规，数据文件中已省略此类细节。 最后，根据配套的Readme文件与代码，本论文呈现的研究结果可被复现。
