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Can the synergy between FinTech and data element market development enhance credit allocation efficiency?

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  • Wu, Shan
  • Pan, Xiaoya
  • Wang, Fan

Abstract

Enhancing credit allocation efficiency constitutes a fundamental goal of financial system development. In the digital economy era, financial technology (FinTech) and data element markets have emerged as pivotal drivers of development. Employing a panel dataset of China's A-share listed firms traded on the Shanghai and Shenzhen exchanges from 2011 to 2021, this study systematically examines the effects and underlying mechanisms of the synergy between FinTech and data element market development on credit allocation efficiency. Results indicate that the synergy between FinTech and data element market development can significantly enhance credit allocation efficiency, with mechanism analysis revealing that this effect occurs by mitigating information asymmetry between banks and enterprises, reducing banks' reliance on collateral in credit lending, and intensifying competition within the banking sector. Heterogeneity analysis reveals that this synergistic effect has a more pronounced impact on enhancing credit allocation efficiency in samples of non-state-owned enterprises, eastern regions, regions with stronger intellectual property protection, and regions with more advanced digital infrastructure. These findings provide policymakers with valuable insights to harness the collaborative potential of FinTech and data market development to promote the efficient allocation of credit resources.

Suggested Citation

  • Wu, Shan & Pan, Xiaoya & Wang, Fan, 2025. "Can the synergy between FinTech and data element market development enhance credit allocation efficiency?," International Review of Economics & Finance, Elsevier, vol. 103(C).
    • Handle: RePEc:eee:reveco:v:103:y:2025:i:c:s1059056025006781
    DOI: 10.1016/j.iref.2025.104515
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    JEL classification:

    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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