题目：Finance and Firm Volatility: Evidence from Alibaba Fintech Loans to Millions of Small Firms in China
报告人：Tao Chen, Assistant Professor in Finance, Nanyang Technological University, Singapore
The online trading platform Alibaba provides financial technology (FinTech) credit for two million micro, small, and medium enterprises (MSMEs). Using an internal credit score threshold that governs the allocation of credit, we apply a Regression Discontinuity Design (RDD) to explore the causal effect of credit access on firm volatility. We find that credit access significantly reduces firm sales volatility and that the effect is strongly countercyclical. We also find that the negative effect on firm volatility is concentrated in firms that are in regions with lower economic growth and poorer legal environment and contract enforcement, and that are in more competitive industries. We further use natural disasters as an exogenous shock and find that firms with access to FinTech credit are more resilient to external shocks. Overall, our findings contribute to a better understanding of the role of FinTech credit in MSMEs.
陈涛现为新加坡南洋理工大学助理教授，博士毕业于香港中文大学，曾在Journal of Financial Economics、Journal of Financial and Quantitative Analysis 等国际顶级期刊发表论文，研究兴趣为公司财务和公司治理等。