一、主题： The Real Impact of FinTech: Evidence from Mobile Payment Technology

二、主讲人：钱文澜
博士毕业于美国加州大学伯克利分校，现为新加坡国立大学商学院金融系的终身副教授以及房地产研究院的副主任。同时，钱文澜教授也是国际知名期刊Real Estate Economics的主编以及Financial Management的副主编，并担任美国房地产与城市经济协会(American Real Estate and Urban Economics Association)的理事。她的研究领域为家庭金融、金融科技、房地产金融以及金融中介等。她在American Economic Review, Journal of Financial Economics, Review of Financial Studies, Review of Economics and Statistics, American Economic Journal: Economic Policy, Management Science, Real Estate Economics, Journal of Financial and Quantitative Analysis以及Review of Finance等国际顶级期刊发表论文数十篇。曾多次获得国际顶级会议的最佳论文奖并数次获得过专项研究经费。 

三、时间：2020年12月15日星期二，上午10:00-11:30
四、地点：腾讯会议【450 400 554】
五、主持人：郭俊杰，金融学系讲师
六、摘要

We utilize the introduction of a mobile payment technology by the largest bank in Singapore in 2017 to study how mobile payment technology reshapes economic activities and stimulates business creation. After the introduction, business-to-consumer industries witnessed a higher growth rate of business creation by 8.9% per month relative to business-to-business industries, with the effect driven by small firms and more pronounced among industries with a higher cash handling cost. Underlying this pattern is consumers’ strong adoption of mobile payment and reduction in ATM cash withdrawals in the post-shock period. The reduced transaction cost also increases consumers’ spending capacity, which justifies the business growth. Interestingly, part of the increased consumer demand shows up as credit card spending. The pattern of changes is consistent with the bank’s response to the technological change: it reduces ATM machines and allows more credit card opening and higher credit limit. We develop a model that captures the interaction of the consumers, merchants, and banks to rationalize the responses and extend the empirical evidence to understand the key structural parameters that drive the effects of mobile payment technology.